Recently, PingNpay, a global micropayment network backed by blockchain technology revealed that it will make its network operational next year.
The startup, co-founded by industry veterans Richard Bell and Jeremy Light of Fourdotzero, has moved out of stealth mode, and aims to provide customers the ability to conduct low-value payments (below $20) by significantly reducing fees associated with such transactions.
PingNpay plans to develop a new category of high frequency, and low-value payments - aimed at unlocking new digital retail services which will be based on the next development of the internet, Web 3.0. The project will initially launch in the UK, using a digital coin backed by the pound.
Well, the company plans to use stablecoins in every country in which it operates, that will be fully backed by liquid fiat assets with a published proof-of-reserve to meet regulatory expectations. Interestingly, customers and merchants will not necessarily need to know that they are paying or receiving stablecoins because they simply will see payments and balances in their local currency.
Source: PNP
The startup also aims to cap transaction fees at 1% of the assessed value of each transaction. The transaction fees will be distributed among software providers for digital wallets and wallet providers who issue the wallets to users.
PingNpay is an open and moatless project, meaning unlike most other payment systems it is permissionless to access and innovate, as well as is available to everyone, everywhere.
PingNpay will enable users to pay for services and products offline including food and beverages along with the ability to pay for online products including subscriptions.
The former vice president of strategic accounts at Ripple - Jeremy Light and former senior director at the payments network - Richard Bell co-founded pingNpay on the belief the network will be a good fit for Web 3.0 infrastructure and ecosystems. Bell has specialization in bringing new product innovations to market including at Visa, Santander, and Vodafone; while Jeremy Light formerly led Accenture’s payment consulting business in Europe for several years advising a bunch of the biggest banks and processors in the sector.