AMEPAY: A Frictionless blockchain-based payment gateway

mylane (44)in #blockchain • 4 years ago (edited)

INTRODUCTION
Online shopping has made it easy to buy goods and services right from the comfort of one's home with just a click of a button and this has become possible owing to the recent development in technology. People can now order anything online, such as groceries, kitchen utensils, mobile phones, laptops, bag packs, cars, clothing materials etc. In 2017, eCommerce was responsible for around $2.3 trillion in sales, and it’s been rising ever since. The market is expected to hit $4.9 trillion by 2021. The Corona virus pandemic has further helped to strengthen the industry. According to the New York Times, in the U.S. alone, eCommerce sales went up by 38% in April 2020.

Following the evolution of eCommerce, platforms around the world such as Amazon and Google have risen to the challenge of reducing the risks for all parties involved, adopting new technologies and hoping to provide customers and retailers with a more secure environment. Sales are processed through traditional methods such as credit cards, which has been providing a decent medium of exchange for the past decades. But this method of payment has it's own shortcomings as the card's sensitive information could be stolen by hackers and millions of dollars catered away. Other payment gateways such as Paypal still needs a bank account connected to the account, the bank's approval to carry out transactions and also attracts high transaction fees each time a user uses this service.

THE GROWTH OF THE INDUSTRY IS CALLING FOR A DIFFERENT PAYMENT METHOD
Cryptocurrency can be leveraged to make online payments more secure. That’s because cryptocurrency provides anonymity and relies on no intermediary – the transaction is done between the shopper and the retailer. This bypasses the need for banks, which remain the central part of most of our operations nowadays. The blockchain is a highly efficient mode for online data storage. Using blockchain and cryptocurrencies in the e-commerce sector is highly advantageous as it dramatically reduces data storage and data handling costs. The benefits of low-cost transactions can be shared by the business as well as the consumer, and its extremely enticing for online merchants and shoppers.

INTRODUCING...... AMEPAY!

AMEPAY is an innovative payment solution provider that utilizes the power of blockchain technology and cryptocurrency to offer merchants and customers around the world a completely decentralized and optimized transaction mechanism. AMEPAY is a leading provider of Point-of-Sale (POS) software and hardware, web and mobile applications and as so far wielded 8 years of experience in the industry and its services is greatly sought after in businesses like retail, restaurant, finance business management, healthcare and cloud services. AMEPAY is developed using the Ethereum-based ERC-20 protocol and helps in the storage of customer and merchant financial records, storage of KYC details, customer and merchant private data, cross-boarder transactions, cryptocurrency and fiat currency data, tokenization of assets.

"AMEPAY is on an expedition to innovate the digital payments landscape by assuming a consumer and business-centric approach. Our efforts will be powered by a blockchain-backed platform and dedicated cryptocurrency. This will offer our users a decentralized marketplace, where they can execute payments easily without compromising their security or incurring additional costs".

HOW DOES AMEPAY STANDS OUT FROM THE CROWD?

AMEPAY is powered by blockchain technology which is a digitized decentralized ledger that boost of a tightly secure, peer-to-peer encryption method of performing transactions. All transaction data are stored in a time-stamped series of immutable records that is managed by a network of computers that is not owned by a single entity. It uses a distinct protocol for verifying transactions, thus false operations are easily detected. Transparency and user's privacy is very paramount to us and as such, all records entered on the blockchain are immutable and temper-proof and users identities are replaced with a personalized, encrypted digital identity. In addition, AMEPAY is designed with a simple user-friendly interface so that anyone can easily execute transaction and eliminates intermediaries as well as the high fees involved in performing transactions.

The AMEPAY platform is highly flexible and built to maximize utility. The AMEPAY wallet supports both crypto and fiat currency and enable users to securely store their private and public keys. Each wallet comes with a dedicated dashboard for customers and merchant, allowing them to manage their account efficiently. By offering Individuals and merchants the ability to execute instant crypto-to-fiat transactions, AMEPAY strengthens their trust in cryptocurrency-based transactions. The enterprise oriented offering of a blockchain-enabled POS software and hardware solution offers merchants a competitive advantage and enable them to accept crypto-to-fiat payment easily. AMEPAY also provides supplementary equipments such as POS devices, scanners, swiping machines and businesses can take advantage of its supplementary services like loyal programs, fraud detection, data analytics, inventory management etc. to widen their experience and at the same time delivering the best services to their customers. Individuals staying or working abroad can send money back to their loved ones or families in a secured manner and at a very cheap fee. It is interesting to note that AMEPAY charges a nominal fee of just 1% on every transaction which is really cheap when compared to other payments gateways. Another benefit derived by merchant is the access to a versatile inventory and data management system, as it gives merchants superior record keeping, immutable transaction records and transparent data respository. AMEPAY also features a built-in loyalty program that rewards the user every time they employ the AME token. This way, the user can accumulate AME tokens over time at no cost and can be redeemed any time.

AMEPAY TOKEN

AME is an Ethereum-based ERC-20 token that will power the AMEPAY network. It will be used as the primary medium of payment settlement and fund transfer on the platform and also offered as cashbacks in AMEPAY’s incentive program that enables merchants and customers to earn rewards on every transaction.

CONCLUSION

AMEPAY project is at the forefront of the new global economy. It is a hassle-free payment solution provider that supports a wide range of approved cryptocurrencies and fiat currency and makes it simple for users to easily track, manage and execute transactions from their dashboards. By utilizing blockchain technology, all transactions are encrypted and processed in real-time, giving merchants and users the comfort of low transaction fees that can not be seen anywhere, guarantees safety from fraud and chargebacks, instant transaction confirmation (even on an international level), and the highest level of security. AMEPAY is indeed an innovative crypto payment gateway that takes the burden off users and merchants by providing a single solution to everyone.