BayPay, a technology-based company, has built an economic infrastructure for blockchain that guarantees to offer simple, fast, and safe payments. People don’t necessarily want to use physical money, specifically with the anticipated growth in token-based commerce during the COVID-19 pandemic.
Scofield Yeh, BayPay’s Founder and CEO, has planned to make the best use of the opportunity to receive the benefits of growth in the token economy. He expressed, although blockchain-related businesses are growing faster than the other economy, only 0.3 percent of global commerce is happening on the “chain” today.
“Regulatory complexity, a byzantine global financial system, and a shortage of engineers are constraining the impact of the token economy. Removing the barriers to token commerce helps more new businesses get started, expedites growth for existing companies, and increases economic output and trade globally. BayPay combines a payments platform with applications that put blockchain data at the heart of business operations,” Yeh said.
“Businesses of every size, from new startups to public companies, use our software to accept payments and manage their token businesses on-chain,” he added.
The top BayPay’s blockchain platform applications like the token, wallet, and cashier manage the blockchain’s lifecycle and transfer money into user bank accounts irrespective of location. With a powerful API engine, it becomes easy for BayPay to transfer asset ownership quickly. For it, Yeh adds, “Our SaaS (Software as a Service) infrastructure provides reliability, scalability, and security.”
With “NO-KEY” terms
According to BayPay, the biggest obstacle for any user is entering the blockchain world with concerns about establishing a wallet of their own such as managing private keys and remembering recovery phrases.
Separating the two roles of identity authentication and authorization, BayPay facilitates users to use wallets most. It also enables companies to integrate token services with existing products to give a consistent user experience.
With “NO-FEE” terms
Yeh said the tokens issued by BayPay support fees by designated service providers, making it easy for consumers to use ordinary points. “All transactions have costs. For example, the use of VISA cards incurs a fee charge of about 2%. When the consumer’s transaction fee is determined and paid by the consumer using a token, it will confuse and inconvenience consumers. This is the current state of the token economy,” he said.
With “PAY-AS-YOU-GO” terms
Hundreds of application programming interfaces are available with the BayPay cloud service. It helps in assisting token economy operations and dozens of third-party integrated applications that help enterprises operate, including discount coupons, vouchers, meal coupons, gift certificates, points, loyalty programs, redemption coupons, and much more. The services are priced based on usage, without expensive program development costs and lengthy launch times.
BayPay also contributes to helping ICO issuers improve the liquidity of their tokens. “Users can set the buyback price of their tokens and we will collect the tokens for them. There is no need to allocate manpower to work with your vendors, and no more marketing subsidies need be spent on low-impact efforts,” he added.
The end-to-end business also allows clients to combine their purchasing power from different sources and transfer their money via the wallet to whomever they want, as in other wallets, no irritating private keys.
“No annoying private keys like with other wallets. All of the assets on BayPay are safeguarded by a hardware key vault.” Besides, B2B lets businesses build secure coins as checks and deposit their customers with cash. This lowers accounting costs by implementing the blockchain’s distributed ledger services.
BayPay’s creative services have made it earn the Taiwan Tech Arena (TTA) company selection amongst the 100 Taiwanese startups featured at CES 2021.