Major e-commerce sites and retail stores are gradually integrating cryptocurrency payment systems, but the user experience and efficiency aren’t yet on par with services like Apple Pay.
In a exclusive chat with CryptoMoon, Stijn Paumen, the CEO of expanding cryptocurrency payment company Helio, describes the crypto payments industry as being in its early stages.
The CEO and founder pointed out that Bitcoin and Ethereum are trailblazers in the decentralized blockchain technology scene. However, the fundamental structures of these chains don’t match up to the speed and versatility of conventional financial systems.
“According to Paumen, Apple Pay sets a high standard for convenience with just a tap of the phone to make a payment in mere seconds. How will you surpass this?”
Newer blockchain networks are starting to close the divide, although they bring along some initial challenges, as Paumen pointed out.
“Now with the second generation of blockchains like Solana, even though there’s a lot of talk about congestion, we actually have the engineering resources to figure it out.”
In March 2022, Helio was established by Paumen and tech chief Jim Walker. They had previously succeeded in starting a business and then moved into the cryptocurrency field. Paumen shared that they were drawn to Solana’s impressive transaction processing speed (TPS) and quick confirmation times as the foundation for creating a fresh crypto payment system.
“Since that famous transaction of 10,000 Bitcoins for a pizza, cryptocurrency payments have gained popularity. However, the experience left much to be desired. You’d often face lengthy waits of up to 20 minutes or worse, failed transactions,” explained Paumen.
Using Helio’s platform, merchants and small e-commerce businesses can effortlessly receive cryptocurrency payments. As stated by Paumen, this platform processes approximately $30 million in transactions monthly, with a primary focus on catering to the Web3 community on both the user and merchant ends.
In the dynamic Solana community, Helio has generated significant buzz. It played a pivotal role in selling approximately 80,000 Solana mobile phones through its payment plug-in. Notable collaborations for Helio include overseeing the Solana Pay plug-in on Shopify and its WooCommerce plug-in.
This platform is capable of handling transactions in Bitcoin (BTC), Solana (SOL), USD Coin (USDC) backed by Solana, and SPL tokens, in addition to Ethereum payments. Helio also plays a role in selling tickets for the Ethereum Community Conference (EthCC) through their Bizzabo event software integration.
In simpler terms, Paumen thinks that the possibility of Web3 payments disrupting traditional market leaders is a hurdle for the entire Web3 payment ecosystem.
“If you possess a phantom wallet and are proficient in its use, you can make payments on Helio checkout just as swiftly as with Apple Pay through a simple tap. However, keep in mind that being crypto-literate is a requirement for this, which is a relatively small group.”
Users new to cryptocurrency are expected to start adopting Web3 wallets and making transactions with their preferred tokens at a steady pace. According to Paumen, enhancing the onboarding process is crucial for making this technology approachable to a diverse range of potential users.
Internally at our company, we refer to the idea of a “crypto-savvy grandmother.” This term signifies a scenario where a grandmother can purchase a Bored Ape hoodie for her grandson, all without having any crypto or understanding the underlying blockchain technology herself.
Helio’s CEO expressed his belief that companies like Apple Pay might one day manage transactions directly on their own blockchains. Nevertheless, he strongly advocated for a decentralized method of transferring funds globally “without the need for intermediaries, ensuring quick or instant settlement at minimal costs.”
“I think it’s just a really powerful technology. We’re still early. The fact that Visa is partnering with Solana is a great signal, though.”
When it comes to expanding the reach of crypto payments, joining popular e-commerce sites is a great initial step. However, according to Paumen, streaming platforms such as Vimeo and even niche sites like OnlyFans offer promising opportunities for crypto transactions as well.
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2024-04-22 16:36