Former Ripple executives launch new micropayment network
Two former Ripple executives have now launched a new global micropayment network called pingNpay backed by blockchain technology that aims to reduce fees associated with low-value payments.
The two co-founders, Jeremy Light, Ripple’s Ex-Vice President of Strategic Accounts, and Richard Bell, former Senior Director at Ripple, remarked that their new service would be particularly efficient in the next development of the Internet, Web 3.0.
In a press release, Richard Bell remarked:
“No-one has yet to crack the sub-$20 digital payment market. The major card networks can process tens of thousands of payments per second, but even so the cheapest debit card payments cost retailers at least 20p per payment, which represents 20% of a £1 payment.
pingNpay solves this problem and will unleash a new wave of ecommerce innovation for consumers and the next stage of the internet’s evolution, Web 3.0.”
pingNpay would set a maximum transaction fee of 1% of each transaction amount and that fee would be distributed to digital wallet software providers as well as wallet providers who issue the wallets to users.
According to the company’s website, the service is scheduled to start in the UK by 2022, using a stablecoin backed by the pound. In addition to the pound, the network will eventually introduce stablecoins in each country of operation, denominated by the legal tender of each country.
The company currently aims to complete and operate the core technology by the fourth quarter of 2021.
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