Monetising digital grazing

Ex-Ripple and Visa executives unveil global retail micropayments network for Web 3.0

pingNpay, a global micropayment network backed by blockchain technology, has announced that it will make its network operational next year.

The start-up plans to create a new category of high frequency, low value payments (below $20 per transaction) aimed at unlocking new digital retail services which will be at the centre of the next development of the internet, Web 3.0. pingNpay will initially launch in the UK, using a digital coin backed by the pound.

The network, which is open and moatless to enable permissionless innovation, will use stablecoins in each country of operation, denominated and anchored in the local currency, 100% backed by liquid fiat assets with a published proof-of-reserve to meet regulatory expectations.

But consumers and merchants will not need to know they are paying or receiving stablecoins since they simply will see payments and balances in their local currency. 

The UK launch – chosen because of the country’s strong fintech ecosystem and forward-thinking regulatory environment – is the first location in a rapid global rollout starting next year and will come as the digital subscription economy continues to boom. 

In the UK online subscriptions are a fast growing £20bn market with digital wallets forecast to account for £11bn in online spending by 2026, according to recent forecasts.

pingNpay, which allows consumers to pay for any service and product offline (a coffee or food on the street) and online (digital subscriptions, for example), has been founded by payment industry veterans Richard Bell and Jeremy Light.

Both Richard and Jeremy cut their teeth scaling blockchain payments at Ripple, the Silicon Valley company building a global cross-border payments network using blockchain technology.

Richard specialises in bringing new product innovations to market, including at Visa, Santander and Vodafone, while Jeremy led Accenture’s payment consulting business in Europe, advising some of the biggest banks and processors in the sector. 

The unveiling of pingNpay comes at an important time for the subscription and digital services economy, which has grown substantially during the Covid-19 pandemic. 

In a world where micropayments are becoming common place, retailers are still finding monetising digital grazing a challenge, and many potential services they could offer have yet to see the light of day. 

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.

Richard Bell, co-founder of pingNpay

About pingNpay

pingNpay is a London-based UK company and plans to open a registered office in each country of operation as it rolls out the network. 

pingNpay caps fees at a low, sub 1% ad valorem (only) fee distributed amongst the software provider of wallets, wallet providers who issue the wallets to users and provide customer support including custody of wallets/funds and pingNpay as the network provider who facilitate the operation of the underlying transaction network.

Fees are paid in real-time at point of transaction. Fees are borne by the payer unless consumer-to-business (retail, utilities), in which case the receiver (retailer) pays.

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