DUBAI: Paycent, a new digital financial platform that has revolutionised the payment technology by integrating traditional and the digital currencies, is launching Paycent debit card that will help users instantly convert digital assets into local currencies for use or withdrawal from automated teller machines (ATMs) and liberate the consumers from the hassles of going to designated exchanges for converting digital assets to fiat currencies.
This is the first such payment solution that cuts across all barriers and instantly converts all digital currencies to fiat currencies (US$, AED and others).
Paycent application works like a digital bank account to their investors. The company is building a robust remittance network and plug it into its mobile wallet so, in addition to having ATM withdrawal option, the user will be able to transfer funds in real time to their loved ones anywhere in the world.
In reality, it is a mobile wallet for fiat and digital assets with a debit card and will include money transfer feature. It’s a one-stop-shop for all financial needs of a consumer on the move.
“We are bringing the financial technologies of the Fourth Industrial Revolution (Industries 4.0) to today’s customers – especially the millennials – who deal in both the fiat and digital currencies – and need a platform to convert them instantly without the hassles of going to an exchange and finding a buyer,” Nitin Gupta, Chief Operating Officer of Paycent.
“Paycent is a global mobile dual E-wallet that can be funded by digital currencies (e.g. Paycentos, Bitcoin, Ether, Litecoin or Bitcoin cash) with high-liquidity and fiat currencies within the same mobile application.
“This allows the digital currencies holders multiple avenues of spend and straddles the world of fiat and digital currencies. By having integrated fiat and digital mobile wallets, plus the option of having a debit card linked to Paycent, this opens 200 countries and 36 million points that Paycent is accepted.
“The full ecosystem of Paycent allows payments for daily household spend such as utilities, restaurant, ATM etc.”
Paycent is a financial platform powered by Texcent, a Singapore-based financial technology company dedicated to delivering fully integrated mobile applications.
Paycent, which has entered the UAE and GCC markets, aims to be the global leader in complete mobile and cashless transactions. It is in the process of issuing 20,000 debit cards globally to customers who want to remain ahead of the game and deal in both fiat currencies and digital currencies – while on the move.
Although buying digital currencies is easy, selling is not. A lot of investors in Bitcoin and holders of other digital currencies are increasingly finding it difficult to sell or trade in due to restrictions and issues with the exchange, making it difficult for them to use digital currencies and benefit from their true value.
The sole purpose of digital currency was to make payments digitally accepted anywhere and at any time. However, this is not happening now and not in the near future, he says.
“Paycent solves this problem and lets users use their digital assets to make payments anywhere and at any time,” Nitin Gupta says. “The essential activity at Paycent is to make the complex and long process simpler.”
A digital currency is a digital or virtual currency that uses cryptography for security. A digital currency is difficult to counterfeit because of this security feature.
The launch of the new payment system comes at a time as the digital currency bull-run continued to its peak at US$707 billion market capitalisation in January 2018, fuelled by the rise in the circulation of more than 1,500 digital currencies across the world – including 600 that are actively traded currently – that attracts millions of investors and traders to trade in the digital currencies.
According to CoinMarketCap, the digital currency market value has crossed US$750 billion, which is still little in comparison to the US$60 trillion money in circulation in the world today.
However, analysts say, this is the beginning of the digital currency revolution which will grow exponentially when more and more people embrace Industries 4.0 and accept new digital and fin-tech products. The number of digital currency user base is expected to jump from 14-16 million now to 200 million by 2024, according to research reports.
Explaining how it works, Nitin Gupta says, owners of digital assets usually go to exchange and trade for other digital assets, invest in a new digital asset or withdraw cash from the exchange.
“We are taking this one step further. We are providing utility value to digital assets by allowing the users to convert their digital assets into their local currency in real time which can then be withdrawn from the nearest ATM or the person can eat a pizza at their favourite restaurant, for example,” he says.
“The Paycent debit card that will be available to customers in March this year, will solve these issues and make it easier for consumers using both currencies. We are issuing the card globally.”
Pre-registration for the debit card has started on January 15, 2018, and only 20,000 cards will be delivered in this first batch. The selling point for many of the early users of this card will be the low fee of 1.5 percent, paid in PYN tokens, which is much superior to the current transaction fees on most digital currencies.
The hybrid wallet along with the debit card is planned to be live in the first week of March and it is currently available for registration on the Paycent website. Once operational, the card will work at more than 36 million points in over 200 countries.
Users will be able to convert digital assets to fiat in real time basis and can use it via Paycent card at online and offline stores and cash withdrawal at ATMs globally.
Anyone who is looking for convenience and peace of mind dealing with their digital assets must get this card. This is an instant liquidity solution for digital assets.
“The debit card works just like a bank card. Instead of using customers fund lying in their bank account, this card is linked to their Paycent Mobile Wallet which is loaded with digital assets,” Nitin Gupta says.
“If a user is finding it difficult to invest in Bitcoin, he or she can now do it via the Paycent Mobile Wallet. It’s really easy and convenient.” News Desk