It is ironic what business leaders can and cannot tell the press and the news media. The popular news media has caught up with the co-founder of this brand new crypto-enabled payments company called Gatepay, at the 50th edition of the World Economic Forum in the city of Davos, Switzerland later this week. Drummond was one of the extra new and individual crypto entrepreneurs presenting his company on stage at the CV Labs event on Tuesday.
Drummond’s direction for Gatepay goes something like this: the retail buyers must hold the oar and control to pay for products with any means of exchange they want, and retail stores should have the expertise to manage it well. There are companies who offer the checkout support at the end point of shopping for different credit and debit cards and popular Cryptocurrencies, Gatepay is software that point-of-sale distributors will push to their merchants’ checkout systems to back up all types of credit cards and Cryptocurrencies.
Merchants allocate their banking and finance details and get all their revenue of sales— from Mastercard swipes to BTC transactions and deals as traditional bank deposits. Merchants get cash, they do not get paid by Cryptocurrencies, and this is what a massive majority of business people demand in the end, and this is the unique feature the software has come up with. If someone wants to pay with Bitcoin, one can choose that option and scan a QR code or track their mobile phones and track their mobile phones via NFC, as explained by Drummond. It is the same when compared with the experience one gets when they are using ApplePay or another non-credit-based payment rail.
Image Source: www.businessinsider.com
When Drummond was asked about the future held for Gatepay he has shared an exciting piece of information with the news sources, he has said that they were about to get in the past with the most significant or second-largest payment method company in the world. The people who have a typical Android phone, they are most likely already have their hands tied into this environment of social media. They are very close to announcing collaboration with Korea’s largest consumer electronics manufacturer; the name has not been mentioned by Drummond.
Drummond specifically did not say “Samsung,” but the high chance is there ideally. Korea’s largest consumer electronics manufacturer and it has an associated payment method vertical called Samsung Pay that has an association with a wide variety of Android phones. If and when Gatepay can make the formal announcement that the collaboration is finalized, it would be a significant leap towards the boost for this crypto based startup that came up with the fantastic feature. But the wait is still not over as we are waiting for that formal announcement. Factually, Samsung has not immediately replied to news sources’ requests for comment.
Image Source: europaplus.com.ua
At the same time, it has also been announced in India that crypto is not banned in India; the RBI had only warned the people about the ill effects of the Cryptocurrency in the economy of the Indian market. Now it is to be seen and taken care of the people, and the population worldwide can handle a manage Bitcoin and other most volatile Cryptocurrencies, or it fails miserably. The RBI has only ring fenced and regulated the activities related to Bitcoin in the national territories of India. Several countries have amended seminar laws in order to shield the interests of the Indian citizen. Now we must look after the attention of the Bitcoin authorities as well as go forward and take big leaps towards a better an improved economic ecosystem. The necessary changes are being made in the financial system of international standards with the hope that we will be right in the hands of Cryptocurrency.
Source: Coin Telegraph
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