A pair of ex-Ripple executives have introduced their newest enterprise out of stealth, unveiling plans for a world micropayment community backed by blockchain know-how.
The enterprise is the brainchild of Richard Bell, a former Ripple, Visa and Santander govt, and Jeremy Gentle, who labored at Ripple and led Accenture’s cost consulting enterprise in Europe.
The community plans to launch subsequent yr, initially within the UK, utilizing a digital coin backed by the pound.
Finally, the community will use stablecoins in every nation of operation, denominated and anchored within the native forex, 100% backed by liquid fiat belongings with a broadcast proof-of-reserve to satisfy regulatory expectations.
However customers and retailers is not going to must know they’re paying or receiving stablecoins since they merely will see funds and balances of their native forex.
Says Bell: “In a world the place micropayments have gotten frequent place, retailers are nonetheless discovering monetising digital grazing a problem, and plenty of potential providers they may supply have but to see the sunshine of day.
“No-one has but to crack the sub-$20 digital cost market. The main card networks can course of tens of 1000’s of funds per second, besides the most cost effective debit card funds price retailers at the least 20p per cost, which represents 20% of a £1 cost.
“pingNpay solves this downside and can unleash a brand new wave of ecommerce innovation for customers and the following stage of the web’s evolution, Internet 3.0.”