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Blog|News|It doesn't matter how decentralized cryptocurrencies are, they still demand additional processes and more costs in the same way that their more centralized counterparts do
Published May 31, 2022|3 min read

It doesn't matter how decentralized cryptocurrencies are, they still demand additional processes and more costs in the same way that their more centralized counterparts do

The capacity of any business owner to take cryptocurrency as part of their usual processes is the key to addressing these issues. A retailer can't take cryptocurrencies without a thorough understanding of the asset's volatility and the difficulties with cryptocurrency storage.

Using digital payment gateways has become a popular alternative since they can duplicate the regular debit and credit card acceptance procedure for decentralized currencies. The only issue that remains addressed is the capacity to accept the many tokens that have sprung up due to the lack of scalability on the larger-named cryptocurrencies.

To fill this need, the team is developing a payment ecosystem that fits the requirements of rapid translation rates, strong security, and sufficient incentives. PayBolt has swiftly cemented collaborations with Kee Song, one of the major chicken suppliers in Southeast Asia, and Zingmobile JV, a Telco VAS (value-added service) provider, due to the various possible advantages.

PayBolt has implemented Polygon (MATIC), and the team feels that the layer-2 solution's speedy and cost-effective transactions are just what payment gateways need to achieve universal popularity. The team notes that there are other places throughout the globe that may benefit from a crypto alternative payment option that is safe, quick, economical, and resistant to censorship.

PayBolt, a project developing a Web3 crypto payment gateway, is at work to alter the way business is conducted. A mobile wallet, a merchant site, point-of-sale (PoS) devices, and e-commerce plugins are part of their ecosystem that promises to connect users who want to spend crypto with businesses that can accept it.

By the end of 2025, PayBolt aims to have processed 10 billion transactions. In comparison, PayPal generated $311 billion in volume during the second quarter of 2021, barely a percentage of the global payment market.

The fiat payment system is broken. In a Web3 world, we all know that crypto will be the best transfer of value in the future. At PayBolt, we are making it happen.

To create a memorable and rewarding experience.

PayBolt's environment was created for merchants' payment difficulties. Support for over 150 fiat currencies and user-friendly business apps show their emphasis. PayBolt provides decentralized payments for Ethereum (ETH), Binance Smart Chain (BSC), and Polygon tokens as they are incorporated into the system and offer the most scalable processor on the market.

The PayBolt crypto app makes PayBolt payments simpler. Users may store, stake, and pay using cryptocurrency.

PayBolt's business application solves the PoS situation for in-store transactions. Here, users may produce the transaction amount, decide whether they want a receipt, and generate a QR code for the consumer to scan from a PayBolt wallet. These methods enable a single-click bitcoin payment. Since then, over 1,500 firms have signed up in two weeks.

PayBolt's incentive scheme uses its native token, PAY, to encourage ecosystem and industry adoption. PAY, the first payment token with bridging and cross-chain capabilities, is an incentive for ecosystem investors, users, and enterprises.

Supporting Multi-Chains

PayBolt Business and linked cryptocurrency applications were the project's primary achievements for the year, laying the door for future blockchain integrations such as the most recent one in the Polygon ecosystem, which have advanced the team's goal of globalising cryptocurrency payments. The Avalanche (AVAX) and Solana (SOL) blockchains are thus still on the team's plan.

Continual developments to the two freshly published apps and reward enhancements with tiers, nonfungible tokens (NFTs), and staking are further areas of emphasis.