By
Chimamanda U. Martha
April 25th, 2024
Thanks to Basepay ambitious plans, cryptocurrency payments will soon become available to a great number of people all over the world.
Cryptocurrencies are continuing gaining their popularity, nevertheless, ways to conduct crypto payments are still limited. Though today it is still rather difficult to meet a retailer who will be ready to accept cryptocurrency payments, we can already notice some signs of positive changes.
Basepay has wowed the crypto community announcing that they are going to make Ethereum payments available in more than 11 million locations. Moreover, users will have a possibility to connect their virtual Basepay cards to Apple pay and Google pay.
Online crypto payments will be supported as well which means that in total nearly 400 million retailers will benefit from this new move of Basepay. Making Ethereum payments closer for such a great number of retailers and clients is a real milestone for the entire industry.
https://twitter.com/BasepayApp/status/994674259388661760
Basepay team has very optimistic expectations, nevertheless, the real impact will be seen not immediately. The target release is planned to take place in the fourth quarter of the current year, nevertheless, usability will seriously depend on the location and operating system of a mobile phone.
As usual, Android users will get access to the app earlier, while Apple users will have to wait longer as it always happens so when it is necessary to approve a new application. In the situation with apps that deal with cryptocurrencies, this tendency is quite noticeable.
Nevertheless, namely technological issues are not expected to become barriers while regulations in different countries may have its serious influence. Not every government support cryptocurrency.
Moreover, there is still no any well-established regulatory framework in the majority of the world’s countries. But it is supposed that popularity of such apps as Basepay can boost a process of development of necessary guidelines which would open new horizons for cryptos.
But we should highlight that though Basepay team expects to achieve great results, their way won’t be easy. Speaking about the United States, it is impossible not to mention that getting money transmitter licenses is really a big deal.
But the team has a professional whose task is to speed up this process in accordance with all requirements and norms. Nevertheless, the company may face with similar obstacles in other countries as well.
Though the project itself looks like a very promising one, the Ethereum community members are rather cautious about it as a number of unreliable and even suspicious companies in the sphere is constantly growing. And one of such examples is a situation with Litepay startup that was said to launch wallet and debit card services but was unexpectedly shut down.
As for Basepay, the company plans to introduce spending in all crypto wallets and to launch an API.
Basepay will use Stellar Network’s base layer protocol that was designed to ensure cheaper and faster money transfer. This network provides a possibility not to calculate any additional fees for computation. The network has its coin named Stellar (XLM) that is currently traded at $0.35 according to CoinMarket Cap.
Issuance of its Stellar Asset through the Stellar Decentralized Exchange is also among the further plans of Basepay. But currently, there is no detailed information regarding this asset.