Imagine for a second that you could use your crypto wallet just like a regular bank account. Suddenly you can use your hard-won digital tokens to make one-off payments for goods and services, settle your monthly subscriptions or even send currency to friends and family. All without accepting the centralization trade-off that comes with a regular bank account.
This isn’t a vision of the future. Believe it or not, a decentralized solution currently exists which can help you manage incoming and outgoing payments, whether you’re a merchant or customer. Built on the Ethereum network, controlled by automated smart contracts, and able to handle in-store and online purchases, the protocol gives virtual currencies a utility that was previously unavailable.
That protocol is 8Pay.
The Limitations of Regular Crypto Wallets
At present, there are severe limitations hampering wider adoption of crypto wallets. Up to now, their functionality has been exclusively pull-only: in other words, a lack of automation means that if you have to pay for goods, or send money to friends, you must manually do so. You must physically “push” the funds to the relevant account, since the user must authorize each payment sent from their wallet by signing transactions with the corresponding private key.
Because of this, regular crypto wallets are suitable only for one-off payments. Imagine if this were the case with your bank account, and you had to manually log into your online bank to process every transaction. Your electricity bills, your mortgage, your car insurance, your Netflix subscription — all required some action on your part. You’d be searching for a solution pretty quickly.
A Better Way to Pay
8Pay is a new kind of crypto payment gateway, one built to overcome these limitations. By integrating push functionality, it is now possible for customers to make — and merchants to receive — one-time and recurring payments in virtual currency. As with a direct debit, each party retains the right to unilaterally cancel a subscription at any time, or to maintain it on a rolling basis.
From the customer’s point of view, the benefits are obvious. Those who cannot open a bank account (or simply don’t want to) are able to transact business using their crypto holdings, while merchants need not rely upon a third-party processor who might charge exorbitant fees or suspend an account.
Of course, there are various possible use-cases where 8Pay offers advantages. It is easy to imagine it being employed by content creators who rely upon donations, for example, or those running crowdfunding campaigns. It can also be used to handle payroll for small businesses paying staff in crypto.
8Pay’s web and mobile applications can be utilized to send and receive tokens, check the balance of supported tokens stored in the wallet, create billing plans (fixed recurring, variable recurring, on-demand), generate payment buttons to be embedded on a merchant’s website, and access a detailed overview of earnings. Everything’s viewable, at a glance.
In essence, 8Pay supercharges your crypto wallet, making it more dynamic and useable in the real world. Truly, a better way to pay.