Although the Internet was the catalyst for eCommerce, it still relies on the centralised financial system to make payments. With the proliferation in the use cases of crypto and DeFi, it won’t be wrong to expect that crypto projects will tap into eCommerce to create a new shopping model that benefits all stakeholders.
The blockchain allows for seamless integration of eCommerce applications with DeFi mechanisms, which negates the legacy financial service’s high interest rate. Users can benefit from greater personalisation by being involved in governance decisions that influence the quality of the products and services on the network.
@Pay, an international platform providing payment solutions for merchants, shoppers and markets, is working to create such an eCommerce network.
@Pay, Shop and Save, Get Reward Points
@Pay, a DeFi platform is unique in that it integrates smart contract technology and blockchain with a Buy Now/Pay Later system. @Pay users are able to repay in 4 tranches, over 3 months, and not be charged any late or interest. This will be applicable across online and in-store purchases of products from the platform’s list of onboarded merchants.
Users who repay their debts in the agreed time frame are entitled to @Pay governance tokens. These tokens are the native token of @Pay and have been programmed to provide a variety of critical utility services. Users can use @Pay tokens to increase their credit limit, purchase products and services from @Pay merchants in the marketplace, and vote on critical decisions that can shape the platform’s future.
Approved users receive a $250 credit line immediately upon registering. This credit can be increased with @Pay governance token later. If a user has 20 @Pay tokens they are able to exceed their credit limit and make $1200 in purchases. The platform’s business model is based upon the idea of BNPL. It acts as a fiat to crypto bridge between merchants, users, and the other side.
A staking system has been developed by the platform that lets users stake approved crypto currencies like USDT and USDC. The variable yield will be earned by the staker. A stable coin staker will earn a variable yield depending on how much they make over time.
@Pay has created a synergistic mechanism to ensure that users are rewarded for participating in the network’s governance and staking. It allows users to increase their transaction limits and earn rewards for financial responsibility when they purchase products. This same philosophy is followed by onboarding merchants, who wish to take advantage of DeFi and develop personal relationships with customers.
Shopping redefined
In an era of increasing competition between businesses across all industries, any innovation that provides more value for the customer is considered a competitive advantage. @Pay can redefine shopping by incorporating a DEFI layer for eCommerce via BNPL. This makes the business sustainable and resilient, owing to the user’s increased propensity to contribute to the network’s long-term well-being.