René van der Hoofd
Freelance ICO Communications advisor / Creative Strategist for Spotcoin. Spotcoin makes digital currencies work for everyone. More info at
www.spotcoin.comJul 13
Spotcoin Close-up: Introducing Spotpay
making digital currency payments work for everyone
It’s great to have digital currencies, but where do you spend them?
That important question brings us to Spotcoin’s final business line: Spotpay. In our Close-up series, we’ve reviewed our OTC business line, our mining operation, and our digital exchange with our Spotcore engine. As a finale, we want to share a bit of insight into Spotcoin’s very own webshop and retail payment concept. As part of our mission to makedigital currencies work for everyone, Spotcoin wants business transactions to become easy, integrated, and open to everyone.
What is Spotpay?
Spotpay is a merchant payment system built on a customizable digital asset payment API. Digital wallets provide consumers with fast, low-cost, and secure point of sale (POS) transactions, and merchants the freedom to select the payment structures that fit their unique needs.
Spotpay will integrate directly with Spotcore, giving users a one-stop-shop. Gone are the days of switching currencies from wallets to exchanges and back, in order to pay with the desired currency and balance. Spotpay digital wallets will integrate with Spotcore to provide instantaneous payouts at the current market price.
Where can you use it?
At Spotcoin, we envision a world where digital currency payments are just as integrated and accepted as a bank transfer or credit card payment. Spotpay opens the door, a simple widget that opens access to business worldwide.
Spotpay will provide a secure POS solution for brick and mortar retail establishments as well as an easy to use, drop-in payment widget for all major shopping cart platforms. Support will be provided in the form of open source API libraries in the following languages: PHP, Ruby, Python, Java, .NET, and NodeJS.
What currencies are supported?
In our digital exchange close-up, we reviewed the regional and standard fiat currencies as well as digital currencies supported in our exchange. These same currencies will be available for payments via Spotpay. Those include: Georgian Lari (GEL), Ukrainian Hryvnia (UAH), Romanian Lei (RON), Moldovan Leu (MDL), Russian Rubles (RUB), Bulgarian Leva (BGN), Turkish Lira (TRY), Armenian Dram (AMD) and international standard currencies Euros (EUR) and US Dollars (USD). All currencies will be paired with four core digital currencies: GAS (GAS), Ethereum (ETH), Bitcoin (BTC) and SIBCoin (SIB), with other digital currencies potentially supportable as we scale and grow.
Full flexibility
Both consumers and merchants will have the capability to indicate their preferred fiat currencies and digital currencies, and the ratio in which they wish to spend or receive them. Spotcoin’s Spotcore technology and digital asset exchange will do the math and provide an instantaneous exchange and payout in the merchant’s desired allocation. Transactions occur at the current market price, ensuring each party receives the best exchange rate on the market.
The sheer amount of currency combinations means everyone has an avenue of participation. And even better, all fees will be clearly displayed to the buyer and the seller; no unpleasant surprises.
When will it be live?
Spotpay integrates with the exchange, the mining, and the OTC. As detailed in our Whitepaper, Spotcoin is targeting a complete Spotpay launch by early 2020, the final puzzle piece that unlocks the smart economy for everyone.
As a SPOT token holder, will this bring me dividends?
Yes! Our SPOT dividend token provides 51% of exchange fees from our digital exchange as weekly dividends, as well as quarterly dividends of 12% of the net profits across all other Spotcoin business lines. And we do mean ALL business lines. This includes our Spotpay merchant payment system. The quarterly dividend will start the first profitable quarter and continue moving forward. Maybe you can use some of those dividend payments to get something shiny and new through Spotpay. How’s that for providing simple liquidity to the world?
If you are interested in learning more about the exchange, or our other business lines: Check out our Whitepaper.
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