Two former Ripple executives are planning to launch a micropayment network.
The startup aims to enable customers to make payments in small amounts ($ 20 or less) by significantly reducing the fees associated with such transactions.
Jeremy Light, former VP of Strategic Accounts at Ripple, and Richard Bell, former Senior Director of Payments Network, founded pingNpay with the belief that the network would be a good fit for the Web 3.0 infrastructure and ecosystems.
“No one has yet succeeded in hacking the sub- $ 20 digital payments market,” Bell said. “Major card networks can process tens of thousands of payments per second, but even so, the cheapest debit card payments cost retailers at least 20p ($ 0.33) per payment, which is 20% of a £ 1 payment. sterling ($ 1.38). … “
According to the press release, customers will be able to pay for services and products offline, including food and drinks, and will also be able to pay for online products, including subscriptions.
In particular, pingNpay will cap transaction fees at 1% of the assessed value of each transaction. The fees will be shared between digital wallet software providers as well as wallet providers who issue wallets to users.
Commissions will be paid in real time at the time of the transaction and will be borne by the payer if it is not a transaction between the consumer and the business, in which case the recipient pays, according to the release.
According to the startup’s website, pingNpay is currently targeting the fourth quarter of 2021 with its core technology “up and running” with plans to launch first in the UK by 2022 and will use a stablecoin backed by the pound. Other countries are also expected to be connected with their own stablecoins pegged to their local currency.
The company said the stablecoins to be used in each country of operations will be “100% backed” by liquid fiat assets and will have published proof of reserve in accordance with regulatory requirements.