SatoshiPay Ltd, a nanopayment transactions processor, has announced its partnership with Visa Europe’s innovation department Collab to provide support for paid videos and downloads such as PDF, office software documents and e-books.
Eddy Travia, CEO of Coinsilium Group Limited that has a 14.5% equity interest at SatoshiPay, commented: “As a lead investor and early supporter of SatoshiPay’s nanopayments technology, we are delighted to see the progress made by Meinhard Benn and his team as demonstrated by the platform’s traction and their partnership with Visa. This is a testimony to SatoshiPay’s leadership in the nanopayments space. We believe that this partnership will open doors to numerous applications in online content consumption and Internet of Things for the benefit of the SatoshiPay users and clients around the world. This is a significant step in the right direction for Meinhard and the team.”
The cooperation between SatoshiPay and Visa will further expanding the micro-payment technology. SatoshiPay started developing its nanopayment product in April 2015. Less than in a year the beta version was released.
SatoshiPay’s technology is a two-way platform that allows content providers charging consumers small amounts of money to gain access to the provider’s media. The fees are as small as a fraction of a cent and usually referred to as “nanopayments”. SatoshiPay’s payment mechanism works across websites and allows consumers to use the service without having to sign up or download software.
“Nanopayments can be fractions of a cent. They are instantly settled and can be executed at high frequency. Imagine a couple of payments per second by a single user,” explained Meinhard Benn.
From a content customer’s standpoint, there are just a few steps to charge up SatoshiPay account with Bitcoin and start tipping wherever there are content providers using the beta version of the company’s WordPress plugin. By default, a customer can charge his/her account with as little as 50,000 Satoshi (0.16 Euro) to 5,000,000 Satoshi (6.93 Euro).
Benn unveiled the potential use-cases for the company’s product: “This enables completely new ways of monetizing web content and digital goods in general. In an increasingly digital society, nanopayments allow for new business models that existing payment technology cannot facilitate due to its fee structure and trust models”.
SatoshiPay also provides a suitable solution for the costly subject of adblocking: “Users send a clear message by installing an ad blocker: They don’t want to see ads on websites. Locking them out of your site as a response is sending the wrong signal. Charge them a few cents or pennies and they will understand. We want to help transform users from involuntarily being a website’s product to being its consenting customer. That’s why we built this product.”
The WordPress plugin is totally free and is a strong play on an already massive market of blog and website owners who use the free platform. WordPress’ extremely user-friendly plugin eco-system allows for a very low-barrier to entry for users to give SatoshiPay a run on their site.