Launching Non-Custodial Payment platform by a Thai Startup
Atomicpay company, a payment startup registered in Thailand, has started the official launch of non-custodial payment platform for the merchants across the world.
Benz Rif, founder, and developer, stated that: “this platform which supports cryptocurrencies such as Bitcoin, Bitcoin cash, Litecoin, etc. removes a third processor intervention and lets the merchants directly receive cash from the customers.”
Cryptocurrency is an encrypted and secure money which is still recognized as electronic money, virtual money, and currency crypto. In fact, Blockchain or a blockchain which is a distributed database as well as information registration and report system owns an encrypted data structure, and it is the basic technology of cryptocurrency.
Peer to Peer Payment Technique with the Benefits of Payment Processor
In an interview with news.Bitcoin.com on January 12, Benz Rif pointed out that although cryptocurrencies are decentralized, Blockchain-based payment processors are still centralized; it leads to the same old problems in costly processing fees, hidden charges, slow settlement, hacking, illegal game, privacy and censorship issues.
The applied technology in Atomicpay platform enables store owners to immediately distress the capital each time the user pays in cash. This platform doesn’t work as a financial custodian like Paypal and Bitpay. No capital will be destroyed, and the processor will not keep any price owned by the sellers in the process of payment. This is a P2P payment system solution and has the same facility and benefits of a payment processor.
News.Bitcoin.com tested this platform wherein the process of creating a user account is very easy. During these stages, you enter your full name and Email address, and you can comfortably continue after your Email address has been authenticated. The setting available on the website helps you set your selected wallet addresses to the payments carried out later.
The atomicpay platform is not a wallet service or an exchange and cryptocurrency conversion service; rather, it has been designed for the merchants to keep and store their money opposite to the techniques including an intermediary. When all settings are done, the website asks you to create an account and specify fiat money you prefer for the payment process. 156 fiat cryptocurrencies are supported in this platform. Afterward, the user should scan a QR code and enter the existing Bitcoin wallet from which the payments are directly created for the merchants. Featured payment keys are Quickpay and Pay URL.
Benz Rif remarked that more than 1700 merchants from various regions of the world such as Thailand, Venezuela, Turkey, and Colombia are active on this platform. The processing fee is calculated at 0.9% per transaction; however, you can decrease it to 0.8% in case of knowing your customers’ compliance. Some discounts have been offered for heavy users too.
The riff followed that:
“Atomicpay platform doesn’t have access to the merchants’ private keys, and the money directly goes to their physical (cold)wallet. Our services allow receiving directs payment without any third party from their customers; hence, these transaction fees are not subtracted from transactions. Our plans are based on after-payment charge model, and the merchants pay the charges of using it only at the end of the month.