Thai-based Atomicpay, a startup crypto agency in the payment space, has now extended its services to the non-custodial payment option. This service is available to merchants from any part of the world.
Special efforts by the crypto-passionate developer and founder of AtomicPay, Benz Rif, led to these extended services. The reason, according to the founder is the need to eliminate third parties involved in cryptocurrency payments between merchants and their customers. Rif proposes that with the use of his start-up the role of a validating or a regulating party is rightfully eliminated allowing a true peer to peer payment.
There is support for LTC, BTC, BCH as well as other cryptos here, but comes with a load of other processor benefits, says Rif. His belief that financial systems without regulations are the final horizon guided the development of this payment startup. He claims despite the use of decentralized currencies the basic problem as seen in fiat-currency financial systems that of paid or commission-charging third parties such as credit cards and banks for transactions persisted into the digital currency space as well.
Since crypto exchanges and similar payment processors have always charged substantial fees in transactional charges, thereby meaning such currencies were not truly centralized. Besides there were a number of hidden charges, loss of privacy, issues with censorship thereby rendering the entire process useless.
New tech on AtomicPay
In order to remove the commission-based transaction or processing charges, Rif proposed non-custodial services at AtomicPay. Therefore, the primary setup is that there shall be no funds which will pass through this self-appointed peer-to-peer payment platform. Hence, perhaps for the very first time, transactions for payment are executed on a peer-to-peer platform. The result of this type of payment option is that merchants receive any type of payment in cryptocurrencies directly from the customers, just like transactions with fiat money.
The platform guides users to register on the platform and set up their own wallet and the choice of payment preferred. It does have to be clarified that AtomicPay is not a wallet service, and neither does it provide swapping services. It cannot be regarded as an exchange either, claims the founder, Rif. The platform now has about 1,700 merchants on its lists from across the world at flat processing charges of just 0.9 for each transaction. It also offers a range of other discounts including a 0.8 % lower if the account holder ensures all of the “Know Your Customer” details are complied with.