PlayPay: using blockchain technology to revolutionize the traditional online exchange system
NEW YORK, July 1, 2018 -- Recently, the market cap of cryptocurrency has hit 254 billion dollars and it has been growing at a rapid rate. PlayPay, an online exchange system backed by blockchain technology, is planning to release its digital token to better serve their customers. Blockchain technology has quietly brought revolution to the banking industry and will shortly influence people's day to day transaction.
Digital Token—Play Coin
To best serve their customer needs, playpay is planning to release digital token—play coin. The customer can use any currency to purchase the token and use playcoin to exchange different currency. Eventually, customers will be able to freely exchange their currency with playcoin. The entire exchange process will be supported by the smart contract, constructed by the professional computer programmer to eliminate safety issues.
Playpay uses Smart Contract to ensure safety
To ensure safety, all transactions take place in playpay are backed by smart contract in the blockchain. A smart contract is "a computerized transaction protocol that executes the terms of a contract". A blockchain-based smart contract is visible to all users of the blockchain. Playpay guarantees the safety of the transactions because all transactions are carried out on the blockchain, so regulators and agencies can check the status of transactions and the identity of both parties in real time. "In order to build trust with our customer, we only provide the safest service," said Nami Kuang head of the Playpay China Region.
Playpay is aiming for the best.
"Our goal is to provide the safest, cheapest and most efficient way for people to exchange their currency in real time. That's why we build playpay and its digital token play coin. Apparently, we exclude almost all the intermediaries from the transaction and bring the cost down. That may not be beneficial to the banks but will be beneficial to the public" Nami Kuang, head of the Playpay China Region, said.
William Ko is an active user of playpay. The benefit is clear. He could potentially save more than 90% transaction fees for his exchange.William works for a U.S. company to support his family in Japan. He has to send money to Japan every month to support the basic needs of his wife and 10 years old son. For a salary of $5000, he needs to send $3000 back home. By using the services playpay offered, William could potentially save more than 90% transaction fees from his $3000 international wire. With the release of playcoin, he could potentially save more money.
Playpay: an innovation to revolutionize the industry
"We understand there will be early adapter and laggard in the market. It will take time for people to get used to the service and see the advantages of this technology. Once they recognize the advantages, they will not switch back to banks. "Nami said
Strong user base and customer retention rate demonstrate bright future for the company. By far playpay has more than 10,000 active customers worldwide and the service has 95% customer retention rate. Compared to the traditional centralized system, playpay uses decentralized data storage system and stored the data on multiple nodes, ensuring the privacy and safety of customer data.
When new technologies are introduced to the market, acceptance is a test. This is especially true in industries where finance is a high barrier and is more traditional. PlayPay is not a new startup company. The capital behind her is composed of complex management models. The most famous partners are AVJET, Manchuria International Investment Co., Ltd., Coincheck, Standard Chartered Bank, etc.
"Actually, the global market has not received as high a level of blockchain acceptance. When we promoted it, we said that it was a blockchain, and people didn't bother to deal with us, but if it did, it would help it save costs and increase efficiency. We are still willing to listen to what is going on. So we are willing to try this new future." said Vinness Irgengioro, Chairman of Manchuria International Investment Co., Ltd., one of PlayPay's capital investors.
The future of blockchain technology and Playpay
Playpay does not value banks as their competitors. Instead, playpay values them as their future business partners. "We just want to provide the cheapest, safest and the most efficient service to our customers. Banks are not our competitors. On the contrary, we will provide service to banks to build their own blockchain network and their system to save more money worldwide. We are open to all kinds of cooperation to benefit our customers. Nami Kuang said.
At present, in the international arena, blockchain commercial applications such as Ripple, R3, and other blockchain alliances all serve large banking institutions. Many banks, such as China Merchants Bank and Ping An Bank, have also joined these alliances. Playpay is currently negotiating with HSBC Japan and Standard Chartered PLC regarding potential cooperation opportunities in this area.
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SOURCE Playpay
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