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While the stats and technical indicators show that the crypto economy is booming, the reality is different when you visit a store. Ask a merchant to accept payment in Dogecoin or Litecoin and see their mind spin. They have just not grown receptive to it.
Exchanges like Crypto.com and others have tried to make the crypto payment mode more streamlined with the aid of crypto credit cards, but they haven’t been successful. Since their functionality and appeal largely hinge on how the crypto market is doing, many of their features, like the “cashbacks,” have fallen short of expectations. Other than a few purists, no one is trying them out.
SpacePay is a project that understands this shortcoming, allowing it to take a “terminal agnostic route” toward this issue.
The purpose of this article is to reveal how SpacePay offers a better payment system than a “run of the mill” card system.
Crypto Credit Cards – Lots of Promise But Lack of Faith
The initial days of decentralized finance created a wild west in the financial ecosystem. The wild west wasn’t because of a lack of regulations, but because of wild expectations. The technology was so groundbreaking that people thought crypto would become the staple mode of payment.
If that had happened, we would have never had a crypto winter, and the world would have grown more diverse and economically independent. But that didn’t happen. Cryptocurrency cards started to emerge around 2016, with BitPay introducing the world’s first Bitcoin credit card. Global expansion started in 2017, but it all fell flat on its face when people understood the sheer volatility of the market.
No safeguards were built back then for this untested technology. This resulted in people getting less and less excited as years went by. Most of it came to a head in 2022 when Crypto.com decided to reduce the cashback rewards people received. Like a box of dominoes, the interest in these cards has fallen. And the reasons are many:
- Volatility of the crypto market meant people were not encouraged to use it as payment.
- Regulatory issues have always kept things on the fence about crypto payments. With no regulations on how these cards could operate, cards couldn’t function the way people intended.
- Security risks grew bigger and bigger as hackers salivated over who tried to use these payment systems.
- No more lucrative rewards for users means people are now less incentivized to use crypto credit cards.
While crypto credit cards were a brilliant idea, another reason they failed is that they took a bottom-up approach to fix the issue. SpacePay is taking things top-down, tackling the core of merchant-customer relationship – the payment card system.
This cryptocurrency project has created terminal-agnostic software that could be integrated with card machines. With payment companies not needing to pay any additional costs to get this system integrated, the appeal of this ecosystem is massive.
On the customer’s side, the same payment-agnostic system can be integrated with cryptocurrency wallets. This will essentially turn the said wallet into an interface of a common payment app. Think Google Pay-like interface, but with the core of a crypto wallet.
When the interaction begins, the merchant will be able to show the code on their card machines that the customers will scan with their wallets. With the agreed-upon fiat price as the basis of the transaction, the payment will go through.
The “agreed-upon fiat price” is how SpacePay is tackling the volatility issue of the crypto space. If the price of a token drops while the transaction is taking place, a larger number of tokens will be deducted from the customer’s side.
Next comes the regulatory issues. Since payment companies can integrate the SpacePay system without any cost, the regulatory issues are curtailed.
Addressing security issues comes easy for SpacePay since it has been created at a time when the blockchain ecosystem is developed far enough to accommodate traditional systems inside its architecture. Therefore, the strong security features of the Web2 space can now be easily implemented in the Web3 space.
Now comes the issue of rewards. Cashback on credit cards was the honey that attracted customers like bees. And when the supply ran dry, these customers left. SpacePay has removed this issue using its SPY token, which offers rewards based on how often people use the app.
SPY Token – Incentivizing Users in More Ways than One
All the elements that watched over the crypto credit card ecosystem were centralized. As a result, people didn’t have any say in what kind of rewards they would get. With SpacePay, the tables have been turned with the aid of the SPY token.
This is an ERC-20 asset, a reward token given to those who interact with the SpacePay token ecosystem the most. These rewards are dispensed in the form of loyalty airdrops.
Next, there is voting power. Holders of SPY token become stakeholders of the SpacePay ecosystem, becoming the decision-makers that decide how the SpacePay ecosystem grows. Additional perks include early access to features, revenue sharing, and quarterly webinars where holders will directly interact with the team.
This reward structure is far more than what “crypto credit cards” have accomplished in the past, making SpacePay a worthy investment.
Invest in SpacePay Presale
People don’t have to wait long to enjoy the perks that SpacePay brings. With its native token available on presale, people have a chance to grab an investment asset that could change the face of the world’s economic ecosystem for the better.
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