Cryptocurrency wallets have many features that elevate them above the status of bank accounts. For starters, anyone can open a crypto wallet — they don’t have to succumb to invasive KYC/AML checks and have an intermediary pore over their credit history.
By owning their private keys, users can also take sole custody of their funds and do with them as they wish, transacting on any continent using a variety of devices.
What’s more, digital wallets hold more than just cryptocurrency; they also hold non-fungible tokens (NFTs) and fiat-pegged stablecoins. Oh, and no-one can shut your crypto wallet down or confiscate your assets.
But What About Direct Debits?
Despite the many benefits offered by crypto wallets, it’s fair to say that historically they’ve been unable to compete with bank accounts in certain areas. This shouldn’t really be a surprise; the legacy banking system has had decades to refine its products, and crypto wallets are still evolving.
One of the areas in which bank accounts have traditionally excelled — at least compared to cryptocurrency wallets — is recurring payments. Whether it’s a gym membership, car insurance, Netflix/Amazon subscription or monthly mortgage repayment, automated direct debits are part and parcel of modern banking, saving customers time and hassle and giving service providers peace of mind that they will, on a stipulated date, receive payment for services rendered.
Because blockchain wallets rely on pull-only technology, using your crypto to cover a subscription was — until very recently — a pipe dream. Sure, you could pay a company for products and services; but it would require you to physically transfer funds to their wallet address every single time.
In the world we live in, precious few crypto users were going to endure such a painstaking process simply to cut banks out of the picture. Better to keep a hold of a little fiat to cover such payments — right?
8Pay, a new defi platform for automatic trustless crypto payments, is changing all that. 8Pay gives cryptocurrency wallets functionality akin to a bank account, enabling users to make single, recurring and on-demand payments at the touch of a button.
Multi-chain based with an initial focus on Binance Smart Chain (BSC), 8Pay lets users grant authority to trusted accounts to directly charge their wallet based on pre-agreed conditions. At the same time, each party has the right to cancel a subscription at any time.
How 8Pay Enhances Crypto Payments
This is possible thanks to 8Pay’s smart contract architecture, with users able to approve subscription-based payments directly within the web or mobile application. And the great thing is, the benefits of crypto wallets are fully preserved: no email or personal data is required, and users retain ownership of their private keys.
Users can also set spending limits on their account, just as they would with a regular bank account.
One might think that it would be necessary to deposit currency in order to take advantage of these benefits. But because 8Pay is decentralized and noncustodial, that’s not the case at all: users simply use their own personal wallet to approve subscriptions, pay for goods and services, send currency to friends and family, etc.
As 8Pay likes to say, “your funds, your rules.”
Of course, the benefits don’t just flow in the direction of the user. Merchants, too, get to enjoy lower fees than those charged by a third-party processor. Moreover, they don’t have to worry about being censored or “canceled” thanks to 8Pay’s decentralized framework.
It’s worth highlighting this particular benefit due to the encroaching censorship we have seen in the tech space, with platforms like Patreon and YouTube demonetizing content creators due to their political affiliations or even comments on social media. Such overreach is not possible with 8Pay.
Thus, content creators can run subscriptions or crowdfunding campaigns on 8Pay without worrying about being shut down. The payment protocol can also be used to handle payroll for small businesses paying staff in crypto. A few years ago, this idea might have provoked a few chuckles. But even companies like Twitter are now considering paying employees in Bitcoin.
The days when banks outshone crypto wallets — at least in terms of their functionality — are coming to an end. Thanks to protocols like 8Pay, push technology has arrived in crypto and trade-offs are no longer necessary. That’s something we should all be celebrating.
More about 8PAY
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