Investors interested in paying with cryptocurrencies must install and set up a wallet for each of more than 1,000 cryptocurrencies they wish to use, but a new technology from Social Pay USA (OTC:SPLY) could simplify this process with its universal wallet and payment process.
For five years after its introduction in 2008, bitcoin was the only game in town for early adopters of blockchain technology. However, with almost 1,500 cryptocurrencies currently available, potential users want a unified solution that allows easy and seamless transactions across different cryptocurrency platforms.
Bitcoin’s market cap of nearly $200 billion — a 34.7% share of the entire cryptocurrencies market — makes it leader in the cryptocurrency arena. However, competing currencies are closing in and could pose a threat to bitcoin’s unchallenged supremacy of the past. According to coinmarketcap.com, the total cryptocurrencies market exceeded $550 billion, as of January 24, 2018.
When the traveling public uses multiple conventional currencies, most people put notes and coins of all their currencies in the same wallet. If cryptocurrencies wish to enhance market penetration and adoption, they must offer the same convenience. Here is where Social Pay USA’s mobile payments startup Spot and Pay Inc. enters the stage.
As a universal payment platform, Spot and Pay leverages unique QR code technology that quickly and easily transform any mobile phone device into an electronic wallet and a payment processing terminal. The Spot and Pay technology has a pending patent and touts a checkout process of only five seconds. Additionally, the technology can be adapted to work with established payment systems, such as retail point of sale (POS) terminals and payments for online purchases. The Spot and Pay system is flexible and allows for easy addition of new interfaces if there is a need to take advantage of short-range connection technologies, such as near-field communication (NFC) or Radio-frequency identification (RFID).
The core idea of cryptocurrencies is that they are decentralized and non-standardized. However, some level of standardization and interoperability is necessary to transform cryptocurrencies and the blockchain technology from novelties for tech-nerds and anarchists into truly disruptive technologies. According to research conducted by Allied Market Research, the global mobile payments market could grow at an average rate of 33% per year and exceed $3 trillion by 2022. The research also indicates that the crypto currencies and blockchain technologies market could be 10 times larger by 2021. Therefore, the payment platform from Spot and Pay Inc. and it future competitors could be crucial for driving this growth.
Ned Piplovic is the assistant editor of website content at Eagle Financial Publications. He graduated from Columbia University with a Bachelor’s degree in Economics and Philosophy. Prior to joining Eagle, Ned spent 15 years in corporate operations and financial management. Ned writes for www.DividendInvestor.com and www.StockInvestor.com.