Real World Crypto Payments
Traditional payment terminals On-chain
HIPS envisions a future where cryptocurrency payments replace the current payment system. Having been in the card payment industry for over twenty years, they have supported countless merchants in supporting a seamless shopping experiences for their customers, by providing point of sales (POS) terminals and associated services. This includes the provision of POS systems, PCI licensing and EMI licensing, cloud-based management of the provided systems and custom-made payment solutions tailored to the merchant.
There is an allure that cryptocurrencies have had on consumers. The freedom to acquire and hold currencies that have no third parties that decide how they should be used. This is evidenced by the uptake and interest of the public towards DeFi. Various studies show that this is likely to increase, and the most common user case, they will be used to pay for goods and services. HIPS sees a future where the customer has a choice of paying for goods and services at a local store using the cryptocurrency of their choice, while also enjoying consumer protection, in just the same way as when using credit or debit cards that are provided by the centralized card payment industry.
Although we are at the beginning of crypto payments usage, point of sales terminals can already be configured to accept crypto payments. However, more development is needed in order to include consumer protection into the system, which is what the Merchant Token project is currently developing. This will be a turning point in the crypto payment industry, since it will be decentralized and under community control instead of being run by a centralized entity.
A shopping experience should be fun and not stressful. A typical modern shopping experience at a supermarket concludes with a shopping cart and a credit card in hand. This is what is expected by any average shopper when it comes to the moment to pay. Right now, the payment process used at the counter or by point of sales terminals is still managed by the traditional card payment industry, and hasn’t made any significant progress to the next phase of payment, which should be involving cryptocurrencies. This is something that the Merchant Token project wants to change for good. To provide consumer protection for consumers that opt to use crypto and also to simplify the whole process. This way, the average user will have good shopping experiences without suffering from the technicalities that come with the current implementation of crypto payments.
The customer will have the choice of using the Merchant Token wallet, where they will be able to use their preferred cryptocurrency for payment, including the choice of opting for consumer protection. They will even be able to pay with an auto-swap function that’s already available for a seamless shopping experience.
HIPS, through the Merchant Token Protocol, aims to provide POS systems and software to all merchants in order to easily integrate cryptocurrencies payments into their systems. This will reduce device costs, the time of implementation, and simplify the updating of these systems. Through this, the next generation of shopping and consumer protection through the use of crypto in a decentralized system is already beckoning thanks to the Merchant Token project.
Updated 10 months ago