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Bringing blockchain-based banking to the mainstream with Point Pay

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According to the Merchant Machine 2021 study, around 1.6 billion people in the world are deprived of financial literacy and lack access to banking services. While cryptocurrency is slowly being adopted all over the world, for mass adoption to take place it needs to become more beginner-friendly and adhere to regulations and KYC/AML policies. Adding to this, financial services would have to be provided within a blockchain-based platform.

Solving this and creating an all-in-one solution for people all over the world is PointPay’s mission.

What is PointPay?

PointPay has more than 3 years of operational experience and has created the world’s first block-chain based banking system. Their main aim is to tap into the unbanked population and provide them with easy-to-use crypto savings accounts that would help users earn compound interest on crypto.

PointPay complies with all the necessary KYC/AML procedures protecting both its project and its users from fraudulent activities.

Addressing the pain point of the complexity of the crypto-space, PointPay has a series of step-by-step tutorial videos that goes into basic concepts of the cryptocurrency market and financial literacy.

Blockchain-based bank and Loan module

As mentioned earlier, PointPay is the world’s first blockchain-based bank that lets its users earn daily interest with Bitcoin (BTC), Ethereum (ETH), Tether USD (USDT), and other cryptos with both savings and checking account. They also allow easy transfer options between accounts within Bank and the entire ecosystem.

Users earn compound interest on crypto assets which range from 4% to 8% on the above-mentioned cryptocurrencies and can reach up to 30% on the PXP (PointPay token).

PointPay also makes taking crypto loans easy, users just need to leave some collateral and can avail instant credit line in USDT, Ethereum, Bitcoin regardless of their credit history. An added advantage is that they aren’t charged any expensive gas fees on providing liquidity for the pool.

The crypto exchange and wallet

PointPay’s crypto exchange takes into account the needs of both the pro and the beginner traders. It comes with a convenient custom trading user interface with limit, market, and stop-limit orders to cater to experienced traders and a Quick Exchange option along with video tutorials to guide beginners every step of the way.

They have a public API and 24/7 customer support along with a multi-language chat option in Chinese, English, and Russian. The PointPay exchange is accessible from both smartphones and tablets along with their desktop site.

PointPay allows its users to send and receive crypto both via their email addresses and wallet. They can also track price charges in their cryptocurrency portfolios and top up accounts via QR code and get real-time rate updates.

Many new features like the instant swap, price graph, and ERC-20 token support are going to be added in the future.

PointPay Payment system

PointPay users can buy and sell cryptocurrency ( BTC, ETH, USDT, XRP, and LTC) directly from their credit and debit cards for Canadian dollars (CAD), British Pounds (GBP), Swedish (SEK), Norwegian crowns (NOK), Czech (CZK), Euros (EUR) and American dollars (USD).

Apart from this, they offer the sell option with the lowest fees for USD, UAH, and RUB. The conversion process for the same is hassle-free and completely automized.

Furthermore, the platform is set to add more fiat currencies and providers and a public API for fintech projects in the near future.

PXP Tokenomics

The PointPay token (PXP) is the native ERC20 compliant token issued on the Ethereum platform. PXP ensures the speed of transactions and security as well as compatibility with other third-party services. The token has a hard cap of $30,000,000 and can be purchased using Bitcoin or Ethereum.

The PXP token enables users to cut maker/taker fees on PointPay Exchange and also earn a higher yield on PointPay Bank. Token holders also get access to reduced transfer fees and discounts on crypto loans.

PointPay is looking to create its native blockchain and implement a burning model for the PXP token. They also have plans to propose a buy-back system and lower swap fees for holders on the PointPay crypto wallet.

Source: PointPay Whitepaper

PointPay has allocated 42% of its funds for product and app development, another 42% for marketing and branding, 11% for legal and licensing, and the remaining 5% for a liquidity reserve.

Final word

PointPay aims to tap into the unbanked and those who lack financial literacy and integrate them into the crypto and blockchain ecosystem. Currently, it has over 25 partnerships and a large community of more than 107 thousand subscribers in its Chinese, English, and Russian groups.

While their past projects have been widely successful and improved the user experience on their platform attracting more users, the future updates on their roadmap seem to stay in line with their vision of bringing cryptocurrency to the mainstream. The PointPay token presale is currently live on the website and people get a chance to be a part of their ecosystem.

For more information check out their website.

Disclaimer: This is a paid post and should not be treated as news/advice. 


With Masters in Mass communication and journalism, Anjali's interests lie in blockchain technology adoption across emerging economies.
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