The platform makes it easy to set up a payment system of up to 1,500 cryptocurrencies

In November 2017, the price of bitcoin crossed the US$10,000 mark and the world was never the same again.

Sure, bitcoin was already around since 2009 but the general public either didn’t have an idea what it was, didn’t care what it was, or think it’s a scam.

The atmosphere changed, and after its price rollercoaster by the end of 2017, bitcoin’s popularity soared so much that regulators have started to look into it more aggressively.

Another significant thing that happened is that it put not just bitcoin but cryptocurrency in general on the radar of a larger part of the population. More and more people and businesses are now looking at cryptocurrency as alternative for fiat currencies.

But even with the increasing popularity of cryptocurrencies, they are still largely perceived as too complicated for the average user and something that can be used and understood only by a niche group.

Of course, it doesn’t help that similar to fiat currencies, there are many different types of cryptocurrency and no easy way to access all of them.

This is the problem that Fiiipay is designed to address.

One terminal, a thousand possibilities

FiiiPay is a cryptocurrency e-wallet that is capable of multi-currency transactions and can carry over 1,500 cryptocurrencies.

This goes a long way into inclusiveness, given that bitcoin is far from the only cryptocurrency launched and in circulation right now. For cryptocurrency companies or projects launching their own coin, this means that FiiiPay is another method to circulate their coins to the market as the app can allow said coins to be acceptable payment cryptocurrency within their network of users and merchants.

Also read: Indonesia adds cryptocurrency into commodity futures trade category

FiiiPay makes it easy for users to store and manage their money – whatever cryptocurrencies they choose – and accessing it whenever they need it. Easy access to cryptocurrency accounts is a significant feature of FiiiPay, because it elevates the FiiiPay app from being just an e-wallet and into a convenient payment tool.

Through the app, users are able to make peer-to-peer transfers, merchant payments, and even offline payments using FiiiGroup-issued terminals (called FiiiPOS).

Paving the way for crypto payments

While cryptocurrencies were created to bypass centralised systems and enable peer-to-peer exchange, the transaction confirmation times are usually long (bitcoin block confirmation, for example, takes ten minutes), which means that if you want instant payment, then cryptocurrency may not be the way to go.

FiiiPAY, however, has created a workaround the long transaction confirmation times by creating a hybrid payment network (HPN) that uses machine learning to employ risk mitigation strategies to analyse user behaviour and raise alerts when necessary. Through the HPN, validation work can be reduced to make payments the easier and faster.

One of the issues that arose when cryptocurrencies became popular is its usage on a daily basis; using it to purchase goods that people need the same way fiat currencies are used. After all, money is only good for what it can buy and any monetary resources that are unused are virtually useless.

Also read: Cryptocurrency may be sexist, but it is for women, too

Through FiiiPay, both users and merchants have the capability of using cryptocurrencies on a daily basis. Users will no longer be limited to just a few online merchants accepting cryptocurrency as payment, while more merchants will now have the option to accept a wide range of cryptocurrency.

While cryptocurrencies are gaining more recognition and interest, and businesses are looking into it as an alternative payment method, exploration on its daily use has been limited. FiiiPay aims to change the perception that cryptocurrencies are complicated by making it accessible for use of the average person, and creating a platform that allows businesses to utilise it.

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FiiiPay is a product of FiiiGROUP, a company that develops blockchain-based solutions.

Disclosure: This article is produced by e27 content marketing team, sponsored by FiiiPay

Featured image credit: artmagination / 123RF Stock Photo

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