Cryptocurrencies allow secure global transactions, but businesses avoid them due to high fees, price changes, and technical issues.
SpacePay aims to fix this by making cryptocurrency payments as simple as using cash.
Let's look at the various problems SpacePay is solving and the solutions it provides.
Various Crypto Problems That SpacePay Is Solving
Many business owners avoid using cryptocurrencies for payments because they find them confusing. Paying with crypto can be tiring for customers since they have to do things like move money between wallets and figure out confusing exchange rates.
High Transaction Fees
The high transaction fees associated with crypto payments (mainly on the most popular Ethereum network) have also been a significant challenge. The fee makes small business owners skeptical about accepting crypto, as it could reduce their profit.
Therefore, it is common that businesses decide to stick to the mode of payment they are used to.
Volatility Concerns
No merchant is ready to go on a loss. The wide volatility common to cryptocurrency has prevented many merchants from using it to run transactions.
The fact that a crypto payment can lose value between the time the transaction is made and the time the merchant converts it to fiat currency makes it more discouraging to use.
Lack of Support for Multiple Cryptocurrencies
Many crypto payment systems only work with a few cryptocurrencies, so businesses can't serve all their customers. For customers, being unable to pay with their favorite cryptocurrency makes the process harder.
How SpacePay Solves These Problems
One of SpacePay's standout features is its seamless integration with existing card machines. Business owners don't need to purchase new hardware or navigate complicated setups to start accepting crypto.
SpacePay allows merchants to accept cryptocurrency payments from over 325 different wallets while still receiving payouts in their local currency. This eliminates the technical complexity, making it as easy to accept crypto as it is to process a credit card payment.
Users can easily make payments by scanning a QR code at checkout and even pay with their preferred cryptocurrency wallet without transferring funds or handling complex steps.
Low Transaction Fees
The project has low transaction fees for both merchants. SpacePay only charges 0.5% per transaction, making it a cheaper option for businesses that may have been discouraged by the high fees of other crypto payment options.
Another compelling feature of SpacePay is its instant settlement. The project ensures merchants do not have to wait an extra second before confirming payments.
This helps businesses, especially stores, keep checkout fast and easy.
SpacePay protects merchants from price changes. This means that even if the market goes up or down a lot, merchants will still receive the agreed amount in their local currency when the transaction happens.
This allows merchants to feel safe accepting cryptocurrency without being afraid of losing money because of price changes.
Support for Multiple Cryptocurrencies
The crypto project lets customers pay with their favorite cryptocurrency, as it works with over 325 crypto wallets. Users have many choices, like Bitcoin, Ethereum and many other cryptocurrencies, or stablecoins like Tether (USDT), making SpacePay a flexible option for businesses with different types of customers.
SPY, the SpacePay Ecosystem Token
SPY, SpacePay's native token, powers the ecosystem. It is designed to incentivize users to participate in the project and foster engagement.
Active platform users will be rewarded with monthly loyalty airdrops, and SPY holders will have the chance to shape the future of the SpacePay ecosystem through monthly voting on critical proposals.
SPY holders will also have the chance to access new features earlier before they are released to the general public.
SpacePay also has a revenue-sharing plan that creates a direct link between the platform's growth and the financial benefits enjoyed by its users.
Additionally, SPY holders will be able to take part in a quarterly connect webinar with SpacePay's leadership team, and the project has a social responsibility initiative where part of the revenue is allocated to matching donations made by SPY token holders to pre-selected charities.
SpacePay's Plans for Growth
SpacePay has created a well-laid plan to encourage participation and spread the word about its project. The presale is currently underway, during which the team will conduct a contract audit and develop NFC technology. They will also finalize the beta version and prepare for listings on Centralized Exchanges (CEX).
After that, they will proceed to the launch and community engagement phase, where the presale will conclude, and the project will officially launch on Centralized Exchanges (CEX). During this stage, SpacePay will establish payment partnerships, engage the community with rewards, and integrate APIs.
The final stage includes a global expansion and establishment phase. The project will expand its market reach through strategic marketing, scaling its operations, and enhancing features to support broader adoption.
To participate in the project, visit the SpacePay presale page and connect your wallet. You can then purchase your SPY token using ETH, BNB, MATIC, AVAX, BASE, USDT, or USDC.
JOIN SPACEPAY COMMUNITY NOW
Disclaimer: The above is a contributor post, the views expressed are those of the contributor and do not represent the stand and views of Outlook Editorial.
