Speaking at BlockShow Asia 2019, aBey Foundation co-founder Dr. Ciprian Pungila announced aPay, a payment system that lets the cryptocurrency community use its assets for daily payments via credit card integrations.
aPay users can send their cryptocurrencies to the platform and gain access to three different credit cards that operate with UnionPay, Mastercard, and Visa. They can therefore use their cryptocurrencies for daily payments.
Based on new blockchain technology developed by the aBey Foundation, aPay promises to be a speedy blockchain that introduces new architecture and high-performance computing that would enable faster transactions. “aBey is designed and built to be among the fastest and most flexible open source chains in the world, providing a practical solution for common e-commerce use cases,” Punglia said.
The co-founder revealed that aPay supports Bitcoin, Bitcoin Cash, Ethereum, Ethereum Classic, Litecoin, Dash, EOS, Ripple, ZCash, and a native cryptocurrency built by aBey. He clarified that aPay does not require the merchant to accept cryptocurrencies. They only need to accept conventional credit card payments, and aPay’s solution automatically converts the payment from crypto to fiat.
Dr. Pungila added that it is still not clear how blockchain technology will impact the financial sector, but it is certain that distributed ledger applications will change the technological and financial landscape:
“The financial technology industry has been impacted by the development of blockchain technology, but there is still not much clarity on how it will change our lives. It is certain that there is no turning back, and therefore we must build applications and solutions to accept and develop this change.”
Dr. Pungila also stated that aBey’s blockchain supports high-speed transactions in order to support e-commerce needs, enabling repayable transactions, home loans, commission payments, and more.