How to Earn Crypto with Online Shopping?
04 Gennaio 2022 - 6:59AM
NEWSBTC
The advent of the internet laid the foundation for eCommerce, but
it currently utilises the centralised financial system for
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. For instance, blockchain can integrate eCommerce
applications seamlessly with DeFi mechanisms that negate the high
interest charged by legacy financial services. Doing this can also
allow users to benefit from more personalisation since they can be
actively involved in governance decisions that affect the quality
of products and services available on the network. @Pay, a
decentralised global platform creating payment solutions for
shoppers, merchants, and marketplaces, aims to make such an
eCommerce network. @Pay, Shop, Save and Get Rewards @Pay is a
first-of-its-kind DeFi platform that integrates blockchain and
smart contract technology with a Buy Now Pay Later mechanism.
Through BNPL, @Pay users can make repayments in four tranches over
three months without being charged interest or late fees. This will
be applicable across online and in-store purchases of products from
the platform’s list of onboarded merchants. When users complete
their repayments within the stipulated time, they are eligible to
receive @Pay governance tokens, the native token of the @Pay
platform, programmed to perform several critical utilities for
users. 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. Upon registering on the platform, approved users
are immediately provided with a credit line of $250 that they can
increase later with the @Pay governance token. For example, if a
user earns 20 @Pay tokens, they can exceed their credit limit to
$1200 worth of purchases. This business model, based on the concept
of BNPL, enables the platform to act as a fiat-to-crypto bridge
between merchants and users. Additionally, the platform has
developed a staking mechanism where users can stake approved
cryptocurrencies like stablecoins USDT and USDC. Stakers will earn
a variable yield. Stable coin stakers capture a yield based on the
revenues generated over the staking period. @Pay has created a
synergistic mechanism to ensure that users are rewarded for
participating in the network’s governance and staking. This
increases the ability for users to upgrade their transaction limits
over time and gain rewards for responsible financial behaviour
while purchasing products. The same ethos is also followed for
onboarding merchants who want to tap into the benefits provided by
DeFi while using blockchain to develop one-on-one relationships
with their customers. Shopping Redefined With increasing
competition among businesses in all industries, every innovation
that creates more value to the end-user becomes a competitive
advantage. By incorporating a DeFi layer for eCommerce via BNPL,
@Pay stands to redefine the shopping experience by rewarding good
financial behaviour. This makes the business sustainable and
resilient, owing to the user’s increased propensity to contribute
to the network’s long-term well-being.
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