Online payments are ripe for innovation and HandCash is uniquely positioned to be a leader in this revolution, says Brandon Bryant, Software Engineer at HandCash.
HandCash is a Metaverse wallet built on the BSV blockchain, with the ultimate goal of building a Metaverse economy and helping companies to explore new monetisation models with the least possible effort and risk.
Speaking at the recent Unbounded Capital conference in New York, Bryant said current payment systems are outdated, citing high credit card fees which make it uneconomic to make purchases of less than a dollar. These issues are further exacerbated by credit card fraud and charge-backs which cost businesses significant amounts of money, while credit card region locks restrict where customers can buy products and services.
‘An example of this is YouTube which is just kind of working around these limitations. They hold all your earnings until you hit a certain threshold, and once you hit that threshold you can cash out. But even then, the transactions are slow.’
Bryant noted that other sectors face similar challenges, and he pointed to specific issues with magazine and newspaper subscriptions and mobile game monetisation.
BSV blockchain – the ideal payment solution
As with the early days of the internet where images loaded pixel by pixel, it is clear that the online payments world is ripe for disruption, said Bryant.
‘Businesses have worked around these annoyances and limitations and built business models around these online payment solutions. But we have to ask what does the ideal payment solution across the internet look like?’
‘YouTube could offer instant payouts for creators, by the cent and by the second. Capital is no longer frozen and small creators can reinvest immediately. Similarly, the New York Times could charge 25 cents for an article instead of a $100 subscription, while Candy Crush can replace in-game currencies with cost-effective micropayments.’
These changes effectively remove the barriers between consumers and businesses when transacting online – and this is already a possibility through HandCash and BSV blockchain.
‘HandCash is where money goes live. It is a frictionless experience with more freedom and unlocking the potential of money on the internet. HandCash is a money streaming platform which gives users and apps the ability to move money on the internet, triggering payments from within applications, with modern cloud computing and world-class security.’
Blockchain can be bigger than Paypal
‘We’re on the precipice of the biggest breakthrough in online payments since PayPal – and I would argue that it is even bigger,’ said Bryant.
He cited HandCash’s ability to offer the following through the power of the BSV blockchain:
- An average network fee of $0.00001;
- A payment speed of 600ms;
- 1,000 max recipients;
- 50,000 transactions a second.
‘There have been so many attempts at this, with big money just throwing cash at random solutions such as the lighting network with BTC or Facebook with Libre – nobody has been unable to accomplish what HandCash has.
‘HandCash is a fintech company that leverages the best aspects of blockchain to offer an unprecedented user experience.’
He added that HandCash offers a suite of tools that allows users and businesses to transact, including the HandCash Wallet, HandCash for Business, and HandCash Exchange.
The power of the BSV blockchain
The BSV network allows new, highly scalable workflows to replace subscription and ad-based revenue models, leveraging its highly efficient blockchain as a real-time financial database.
The BSV ledger allows service providers to focus on their customers, removing payment gateways, shopping carts and the slow, clunky steps of on and off-ramping clients to 3rd party processors to complete transactions.
BSV is already changing global e-commerce from gaming and esports to social networks and multimedia streaming. Micropayment revenue models can drastically increase margins whilst enabling lower fees, increasing your competitive advantage.