Paycent Wants to Serve the Unbanked, Popularize Cryptocurrency Usage
It is important that you always have cash on hand. That money you can take out of your wallet immediately when you need it the most. A trip to the nearby fast food chain? You need cash on hand. Taking the bus? That also needs your paper bill.
But there are some transactions that can be replaced by apps such as Paymaya, Gcash, or Coins.ph. By offering rebates, the incentive to reload your mobile credits is higher when you use Paymaya than taking the effort to go to the nearest Sari-Sari Store. And if you’re in one of those high towers in Makati, you just can’t take the trip down the elevator and buy load when the boss is looking at you.
Paycent wants to be that app you use for cashless transactions. You add your funds, and then do transactions within the app – from buying your mobile load, paying bills, and even shopping online.
I describe the Paycent App for users. There’s also the Paycent App for merchants. This enables them to generate invoices.
Raising funds from more than 800 investors, Paycent’s PYN pre-ICO has been successful. The Public ICO is currently ongoing.
Perhaps what’s different here from others is that the app allows conversion between fiat and different virtual currencies in real time. The fiat will depend on the currency of the country where the sender is in. The company is aiming to launch in multiple countries at once in order to facilitate remittance transactions in the blockchain.
The subject of remittance is back again on our site, and this time, in this article. The Philippines is the world’s third largest recipient of remittances abroad. It’s only natural that people look for ways to dabble in this industry since the blockchain can do what the other systems cannot – cheaper and faster transactions.
The premise above is almost similar to other cashless system apps. But whereas Coins.ph supports bitcoin and Peso, Paycent will support the currency of the country where it is launched plus Bitcoin, Ethereum, and Dash. The whitepaper suggests that users can also use any tokens built from the Ethereum blockchain. Also from the whitepaper, the coins above can be used to fund your Paycent Wallet, but you can convert fiat and other coins to Bitcoin and Ethereum only.
When is the Paycent ICO?
The Paycent ICO has started on November 2, 2017 to November 30, 2017.
I heard the ICO will happen in phases?
Correct, the ICO will happen in phases. The first phase is happening right now. Phase 2 will happen in May 2018, and the third phase in November 2018. For a full list of the schedule, please check out Paycent’s whitepaper here.
Paycent’s goal is not just about bringing cryptocurrency usage on the ground level (with people using cryptocurrency on real case situations). It also claims to empower the unbanked. If the company is successful, they will add to the growing list of apps in the Philippines that deal with cashless payments. Let’s see who will emerge on top in the end. But of course, if the app can aid in facilitating such transactions, what matters is that it serves its purpose, right?
Sources: Cointelegraph, Entrepreneur, Philstar