Real World Crypto Payments

Traditional payment terminals On-chain

HIPS envisions a future of cryptocurrency payments as a replacement to the current
payment system. Having been in the card payment industry for over twenty years, they have
supported countless merchants provide a seamless shopping experience of their customers
through providing point of sales (POS) terminals and associated services. This includes
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 the allure that cryptocurrencies have had on consumers. The freedom to acquire
and hold currencies that have no external factor or third party deciding on how to use it. This is evidenced by the uptake and interest of the public towards DeFi. Various studies show
that this is likely to increase and in the obvious user case, they will be used to pay for goods
and services. HIPS sees a future where a customer has a choice of paying for goods and
services at a local store using cryptocurrency of their choice and also enjoy consumer
protection just like when using credit or debit cards that are provided by the centralized card
payment industry.

In as much as we are in the beginning days of crypto payment, point of sales terminals can
already be configured to accept crypto payments. More development will be needed to
include consumer protection 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 the community control instead of being under a centralized entity.

A shopping experience should be fun and not stressful. A typical modern shopping
experience at a supermarket is concluded with a shopping cart and a credit card in hand.
This is what is expected from any average shopper when the point of paying comes up.
Payment at the counter or at a point of sales terminals as of now is still under the traditional
card payment industry and hasn’t moved significantly into the next phase of payment
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 but
also simplify the whole process so that your average user has good shopping experience
without suffering with the technicalities that are demanded with the current usage of crypto.

The customer will have the choice of using the Merchant Token wallet where they will be
able to use their preferred cryptocurrency for payment and if they desire consumer
protection, they will be able to pay for with even an auto-swap function already provided for a
seamless shopping experience.

HIPS through the Merchant Token Protocol aims to provide the POS systems and software
to all merchants to easily integrate payment of cryptocurrencies within their systems. This
will reduce device costs, the time of implementation, and simplify updating these systems.
Through this, the next generation of shopping and consumer protection with the use of
crypto in a decentralised system is already beckoning through the Merchant Token project.