Startups

Paypex – An Ethereum-Based Money Transfer Platform

As the prevalence of digital currencies is booming on the global scale, the use of crypto platforms to carry out business operations using digital coins have been increasing exponentially. With more and more platform emerging with the goal of fulfilling these needs, Paypex seems to be of great interest.

Paypex is an ethereum-based platform with aims at fulfilling the payment needs of individuals and businesses using blockchain technology. It is aimed at providing a platform more efficient than others and decrease the cost of money transfers for the businesses and individuals involved in its network. Cross border payments are also supported by the platform making it of ultimate use by bigger organizations.

Paypex, the U.S. based platform also tackles the problem of fraud involved with its current framework of payment. The platform also connects directly to payment service providers. It is stated in the white paper that:

The Pауреx Platform соnnесtѕ directly tо рауmеnt ѕеrvісе рrоvіdеrѕ, frаud mаnаgеmеnt, сrурtосurrеnсу аnd оthеr рауmеnt-rеlаtеd ѕоlutіоnѕ, hеlріng уоu tо рrоtесt rеvеnuеѕ, іnсrеаѕе ѕаlеѕ, rеduсе рауmеnt соѕtѕ. All ѕоlutіоnѕ аrе fullу іntеgrаtеd lеаdіng tо a better сuѕtоmеr еxреrіеnсе, more еffісіеnt сhаrgеbасk mаnаgеmеnt аnd еnrісhеd bасk оffісе rероrtіng

Paypex token is the way to transfer and receive money on the platform. Paypex tokens act as a bridge between the paypex wallet and other crypto/fiat currencies. The price of this token is expected to change as per demand and supply matrix just like other digital currencies of the world. The token provided by paypex can be stored in MyEtherWallet or Mist.

The wallet provided by paypex also provides the necessary functionalities needed for business/ecommerce payment solution. As opposed to the other cryptos of the world, the value of paypex wallet remains unchanged. The major reason for paypex to popularize in the modern world of business seems to be the zero transaction fee it offers.

Features

Following are the main features that Paypex provides to the modern world.

1- Security

Paypex boasts the security that it provides being on a blockchain network. All the financial information is kept secured and locked on the platform immune from external sources. Either the user is paying or transferring money online, the entire system is kept safe from outside interference. Online shopping is also securely performed on the platform.

2- Fast-Paced

The entire process of paying and transferring money is kept streamlined by the platform. There is no need for the user to expose its financial information each time a payment is made. The transfer of money to friends and family can be done instantly with just a single tap.

3- Ease in Sending Money

Paypex boasts the ease it provides to its users in terms of sending money to someone. The major issue faced today in the crypto world is to remember the address of the digital receiver at the other end. With Paypex, sending money to someone is as easy as to send a message to someone in a chat. Paypex provides an instant payment feature to send money through self-regulated smart contracts.

4- Shopping Bills Payment

Paypex provides one of the most time and cost efficient platform for performing transactions. Also, the transaction charges for each transactions are either less than others or are absolutely zero. This makes paypex one of the most alluring project when it comes to digital platforms. Paying shopping bills with digital currencies are no more a difficulty.

5 – Online Shopping

In the modern world, as we are witnessing an interest towards shopping through online means, paypex provides a stable and secure platform to make this happen securely through the use of digital currencies. Paypex accounts can be used for online shopping transactions, collecting donations, accepting or sending payments etc.

6- Ease of Use

Paypex also celebrates the ease of use it provides to its users. The entire process starting from sign up and usage has been made simpler for the users.

Source: Paypex

Retailer/Shop-keeper Framework

With paypex digital payments are made more easy than ever. Merchant accounts can be created instantly with an email and password. No setup fees or upfront costs are required and verification is also done instantly. Without the needs of additional documents and extra costs, accounts can easily be set up and payments can be made instantly. It is stated on its official website that:

Whеn dealing wіth оthеr payment methods, customers аnd businesses tаkе rіѕkѕ аnd соѕtѕ оf payment fraud. Wіth Pауреx tоkеn, сuѕtоmеrѕ can рау wіthоut handing оvеr sensitive personal іnfоrmаtіоn, and rеfundѕ аrе made оnlу thrоugh the mеrсhаnt — і.е., nо chargeback. Once a sale is mаdе, thе trаnѕасtіоn is fіnаl. Our rеѕроnѕіvе сhесkоut раgе реrfесtlу fіtѕ any screen from desktops to smartphones and supports аll mаjоr lаnguаgеѕ tо ассоmmоdаtе glоbаl customers.

Timeline

Paypex project started with its digital wallet and study of blockchain technology in July, 2017. In the month of October, 2017, paypex token was generated and published on blockchain. In past November, the paypex token got listed on exchanges and sale started.

The Q1 goal of 2018 included the release of paypex wallet API for ecommerce wallet. Q2 included the launch of a B2B marketplace for merchants to register and list their product to reach customers on a global level. The Q3 goal for paypex included the development of white label products for financial institutions. The progress levels of these goals are not yet listed on the website.

No Team Details & No Open Sourcing

The major issue in Paypex seems to be its secrecy. On the original website of Paypex, no team members are listed at all. This raises questions regarding the level of authenticity and security that is associated with it. Also, the entire project is not open source, which goes against the common convention of making crypto projects open source. Questions are definitely raised as a result of this secrecy shown by Paypex.

All in all, Paypex seems to be a good platform for digital payment solutions. It seems to be well adapted for businesses. Merchants can list their products online and deal with the customers on the global level easily on the Paypex network. Customers also do not have to expose their details in order to perform transactions. It seems to be platform that could be suitable for global businesses.

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Ahsan Khalid

News editor of BlockPublisher, an Electrical Engineer with majors in software development. I present forward my insight on the latest happenings of the blockchain world. All views on my articles are my own. Email: ahsan@blockpublisher.com or editor.news@blockpublisher.com

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