Paytomat: Payment made easy
May 28, 2018 6:49 am,
Paytomat is a platform that incentivizes transactional usage of Cryptocurrencies by use of a decentralized network of point of sale (POS) terminals. Basically, Paytomat will streamline the process of accepting the payment in crypto for the merchant, and give an extra incentive for the customer to pay in crypto of their choice with no extra conversion. Till now it is successfully deployed on 150 merchants.
Paytomat connects the core teams of various cryptos to merchants from both the online and physical worlds. These merchants are people who are willing to accept crypto as a payment for their goods and services. The end customers willing to pay with crypto are guided by designing a comfortable customer journey and providing assistance during all the major touch points. That means the target audience of this platform consists of three layers of customers, who are:
Core teams of crypto, Merchants willing to accept crypto, and End customers paying with Crypto.
The Paytomat uses the following system to achieve the objective of high penetration of cryptocurrencies as the payment method in the market:-
- The PTM coin which is a loyalty coin used for stimulating and encouraging the merchants to accept cryptocurrencies.
- The PTX token is a reward system that rewards customers who use cryptocurrencies to make payments. It is similar to the loyalty cards used in grocery or pharmacies that accumulate rewards and special bonuses each time a customer spends money on the service provider premises. For this token sale, the company has introduced the PTI token based on Waves Platform.
This platform provides a reliable source of payment and brings transparency between merchants and customers. Each time a merchant wants to get paid in crypto, she/he should first present an invoice to the customer. An order contains an order ID (which is unique and is generated by the merchant POS software), type of crypto to be used for payment and the amount to be paid.
Basically Paytomat replaces the single method of transaction that is by cash through decentralized cryptocurrencies.