A pair of ex-Ripple executives have introduced their newest enterprise out of stealth, unveiling plans for a worldwide micropayment community backed by blockchain know-how.
Referred to as pingNpay, the startup plans to create a brand new class of excessive frequency, low worth funds (beneath $20 per transaction) geared toward unlocking new digital retail companies which can be on the centre of the subsequent improvement of the web, Internet 3.0.
The enterprise is the brainchild of Richard Bell, a former Ripple, Visa and Santander government, and Jeremy Mild, who labored at Ripple and led Accenture’s cost consulting enterprise in Europe.
The community plans to launch subsequent yr, initially within the UK, utilizing a digital coin backed by the pound.
Ultimately, the community will use stablecoins in every nation of operation, denominated and anchored within the native currency, 100% backed by liquid fiat property with a broadcast proof-of-reserve to satisfy regulatory expectations.
However shoppers and retailers won’t have to know they’re paying or receiving stablecoins since they merely will see funds and balances of their native currency.
Says Bell: “In a world the place micropayments have gotten frequent place, retailers are nonetheless discovering monetising digital grazing a problem, and plenty of potential companies they may supply have but to see the sunshine of day.
“No-one has but to crack the sub-$20 digital cost market. The most important card networks can course of tens of hundreds of funds per second, besides the most affordable debit card funds price retailers at the least 20p per cost, which represents 20% of a £1 cost.
“pingNpay solves this drawback and can unleash a brand new wave of ecommerce innovation for shoppers and the subsequent stage of the web’s evolution, Internet 3.0.”