Facepay plans to launch its own cryptocurrency

The company plans to fight high commissions in the market

02.03.2022 - 08:10

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What’s new? Facepay, a blockchain-based relational payments platform, has announced plans to launch its own Ethereum-based cryptocurrency. This move, according to the company’s representatives, should reduce transaction fees. The owners of the stores in the US will be able to directly receive payments from customers in digital currencies.

Facepay’s announcement

How will the new payment system work? There will be no chargeback on Facepay as the transactions take place on the blockchain. Consequently, there can be no vulnerabilities for scammers.

Facepay already operates on a subscription model instead of receiving 2-3% revenue from transactions like other traditional payment systems. In addition, the platform will eliminate credit card payment fees.

What do the platform’s representatives say about the project? Mark Hale, the founder of Facepay, stated:

“I see Facepay as a way to keep crypto payments from being incorporated into the antiquated transaction model offered by the Credit Card Processor oligopoly. And when it is an integral part of shop workflow, shops start seeing huge savings. On top of that, 63% of consumers prefer this type of payment relationship with their service providers anyway.”

Hale claims that there is no other blockchain technology that allows for direct and low-cost banking transactions.

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