According to cryptoglobe, the Estonian cryptocurrency payment processor Paytomat will promote merchants across Europe to accept cryptocurrency payments. The supported cryptocurrencies include BTC, BCH, ETH, LTC, EOS, DASH, XEM and so on. Currently, more than 329 merchants in six European countries (Ukraine, Georgia, Netherlands, Czech Republic, Bulgaria, Poland) are using Paytomat for cryptocurrency payments.
1. Pay on the fruits and vegetables with cryptocurrency
Estonia’s crypto payment processor, Paytomat helps the real world accept cryptocurrencies by making it easier for merchants across Europe to accept payments from all major cryptocurrencies.
Customers can pay with any of their favorite cryptocurrency wallets or Paytomat wallet apps (for iOS and Android). Once the customer chooses which cryptocurrency to pay, he/she is shown a QR code, and once the customer sends funds to the wallet address, Paytomat settles in the merchant’s local legal currency and notifies the merchant of the payment.
A good example is the “Bessarabsky Market” in Kiev, the capital of Ukraine. Located in the heart of Kiev, this market is very popular with locals, expatriates, and tourists. It mainly sells high quality fruits and vegetables, albeit at a higher price.
According to a report by the Ukrainian news media Bykvu on August 31, some merchants in the market have recently started accepting cryptocurrency payments like dash coins (by using Paytomat payment processors).
Here’s a tweet from Paytomat CEO Yuriy Olentyr, showing a photo of a fresh produce show in the market that accepts cryptocurrency payments:
2. What benefits will this bring to the market?
According to marketing director Nikolay Kovalchuk, accepting cryptocurrency payments will provide customers with new experiences and attract new cryptocurrency enthusiasts, as increasing customer trust is a way to increase sales.
ForkLog, who spoke with Paytomat’s Ukrainian business director Aleksandr Kurinnoi, was told that the program was designed to demonstrate the simplicity of using EOS coin-like cryptocurrencies in everyday life, known as Babushka (“Grandmother” in English).
Paytomat currently offers three different payment methods:
· Through POS terminal
· Through the network panel
· Pass a QR code (as in the case of the fruit seller of the Bessarabsky market)
In the third quarter of 2018, Paytomat plans to implement payments through chat bots (telegraphs), and in the fourth quarter of 2018, it plans to increase support for online payments through a free e-commerce plug-in.
3. What benefits does this bring to the cryptocurrency?
Using cryptocurrency payment, you can know where each money goes, because cryptocurrency is traceable, and cryptocurrency and legal currency are different, which can save the cost of banknote issuance, circulation, and settlement. The cryptocurrency like nem coin has lower issuance cost. The advantages of lower transaction costs, traceability, and higher cost of fraud, therefore, cryptocurrency is a future trend.
The “marking” and “traceability” of cryptocurrencies can improve the convenience and transparency of economic trading activities. At the same time, with the application of blockchain technology, a unified national and even worldwide book will be established, so that every money can be traced, tax evasion and money laundering will be within the scope of supervision, and it is even possible to automatically deduct tax on the credit card machine.