1. For customers, Payso’s Crypto Checkout will be their first experience with crypto payments; how do we abstract complexities and make it as familiar as Fiat payments methods?
2.On the business-facing side, businesses are willing to accept crypto but there exist intense concerns about the unstable nature of crypto prices.
3.Crypto provides a secure, faster and cheaper way for cross-border payments.
We stripped the checkout interface of jargon that was common with other web3/crypto products to only display the things that were needed for a customer to complete a purchase. Customers with wallets can complete a purchase by simply connecting their wallets while others who had funds in centralised exchanges were provided with a secure address to manually make payments.
Stablecoins provide an alternative to the high volatility of the most popular cryptocurrencies. Stablecoins are cryptocurrencies whose value is pegged to a fiat currency. They can be settled instantly, at a low cost and have a stable value. They are perfect for the average user who wants payments to be better and cheaper than a bank transfer.
With a crypto wallet at hand, businesses and freelancers alike can receive crypto payments from anywhere in the world. Building on this, Payso instantly turns this wallet into a “bank account” by displaying the various assets contained in it, a graph to visualise the inflow and outflow of funds and a table to list transactions.
Hard to fault
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From our first iteration, Crypto businesses adopted our solutions faster than traditional businesses. This was because traditional business were still highly dependent on use of fiat currencies in their day to day operations. To bridge this gap, we introduced these 3 solutions
Although exchanges can be utilised for conversions, by bridging this gap within Payso, product adoption and transaction volume would increase. We successfully integrated with a crypto-fiat rail to help power this. So users receive crypto payment directly into their bank account.
No FX cost unlike trad-fi crossborder transfer charges
Our users will become preferred vendors to web3 companies
Crypto transactions in themselves are anonymous and this crypto-fiat feature will potentially attract bad actors in the industry. We partnered with advanced KYC services to monitor the flow of funds. This also signalled to prospective customers and regulators that Cheq was serious with protecting its users’ funds.
The is to ensure consistency in elements like typography, color schemes, buttons, and navigation patterns, while also reinforcing the brand's identity and promoting efficient collaboration between designers and developers.
~ Chris Butcher (CEO, Cheq Payments)
In November 2022, FTX collapsed and this had a ripple effect on the crypto ecosystem. Lots of crypto companies went bust. Several companies that were plugged to crypto-fiat rail providers were also severely affected including Payso. This event created an infrastructure gap in the market and an opportunity for Payso to solve the problem.
With this new feature, Payso is able to extend its product offering to provide its Fiat rail API as a service to other businesses. This also means alongside its primary service of facilitating crypto payments through its checkout, Payso can now power its cross-border payment business.
Crypto native companies
Other Payment business
Its own crypto-fiat payment service
Since we understood what is required to make this work, it only meant that we are solving a problem we personally experienced. By this problem efficiently would enable companies plug into our API to power their payments. Building a Fiat rail for crypto payments required licensing and partnerships to facilitate transfers to different parts of the world. As a result of this development, a separate product was created to cater for the infrastructure side the business. With strategic partnerships secured, Cheq is able to process crypto transfers into 40+ fiat currencies in 170+ countries.
