Contactless payments are rapidly becoming the norm in many places around the world. As consumers move further away from cash payments and are opting for the speed and security that contactless payments provide them, businesses and industries are scrambling to play catch-up. It has taken quite sometime for the various infrastructures to be transitioned from an all cash industry to one that accepts credit cards and mobile payments.
London began accepting contactless payments in 2014 and is now seeing widespread adoption. In China right now, Apple Pay holds a 90% market share in the contactless payment sector when the NFC payment sector holds less than 10% of the overall Chinese mobile transaction market. Whereas 67% of China’s convenience store customers use WeChat & AliPay and NFC-based payments are in the zero-percent range.
Last year Canadian transport systems began utilizing contactless payment and the preliminary results were even better than they expected. It was a huge hit with commuters as they were allowed to pay a single fare with their credit card or mobile phone without a physical ticket, advance purchase, or the dreaded exact change. Now transit companies around the world are implementing contactless payments and looking at ways that they can modernize their fare collection systems to include alternative payment methods, including cryptocurrencies.
What many have yet to realize is that in order to begin accepting cryptocurrencies, the groundwork has already been completed. Their electronic gateways simply need slight altering in order to accept crypto and there is a company that aims to help and make this transition even more simple than previous ‘upgrades’.
Transitioning these industries to the next logical stage, accepting cryptocurrency, can seem like a ginormous task to developers and businesses but, as was said above, the preliminary work has already been done. On top of that, there is already a company ready to for wider crypto acceptance.
Solution on the Horizon
gives system managers and developers the opportunity to take advantage of the benefits of both the centralized and decentralized systems. This gives them the ability to accept all forms of cryptocurrencies alongside traditional, or fiat, currencies. And this is all without the organization or company needing to have a blockchain ‘expert’ on staff.
OPEN’s hybrid system can easily be implemented into new and existing applications with just a few short lines of code. This is made possible thanks to their OPEN API and Scaffolding, which gives developers the option of running payment systems on the blockchain while keeping their codebase entirely off-chain.
OPEN can easily integrate with the current infrastructures, plugging into their existing systems without any big changes or disruptions required. Whether it’s accepting CC info from mobile phones or going through apps like WeChat, implementing OPEN is easy and opens up access to crypto everywhere.
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