PayProtocol AMA Recap

PayProtocol AMA Recap

CryptoDiffer team

Hello, everyone! 

We are glad to meet here 

Young Il Kim (@ksan19), CMO at PayProtocol

Young Il Kim CMO at PayProtocol

Hi everyone! Great to see you all.

CryptoDiffer team

Let`s start with introduction questions:

Q1: Can you introduce yourself to the community? What is your background and how did you join PayProtocol?

 

Young Il Kim CMO at PayProtocol

So yea, hi again all! Glad to see everyone here, and thank you, CryptoDiffer, for this great opportunity. My name is Young Il Kim. I am the CMO at PayProtocol.

To briefly talk about my background, I have been in banks and payment companies where I handled various type of international transactions, payments. I saw the potential in virtual assets(cryptoassets) and decided to join PayProtocol.

I am now in charge of the overall business strategy and planning at PayProtocol.

CryptoDiffer team

Q2: Can you briefly describe what is PayProtocol in 3-5 sentences? What technology stands behind PayProtocol and why it’s better than the existing one?

 

Young Il Kim CMO at PayProtocol

PayProtocol is an integrated blockchain payment platform that enables users to pay with virtual assets. We utilize blockchain to enhance the existing payment system, and solve the problems and pain points we are currently facing. With blockchain, we were able to reduce the transaction fees for all of our merchants, which allow us to distribute more benefits to users.

Our project’s vision is to prepare for the coming future where assets will get tokenized and get used as payments. As this kind of change in asset will have a huge impact on the payment sector, our core value is to make efforts for this changing environment from various aspects.

CryptoDiffer team

Ok, thanks for such detailed and interesting answers!

Let`s move on to pre-selected questions from google form.

Cryptodiffer Community

Q1 @oidotso

The crypto world is becoming overcrowded with blockchain projects and tokens, what makes Payprotocol different from other projects?

Young Il Kim CMO at PayProtocol

The biggest different between PayProtocol and other project is that we started the project with great understanding of our target market.

PayProtocol is a project initiated by Danal’s core members who has been in charge of the payment services of global e-commerce market. These core members were specialized in expanding, distributing and driving the adoption of micro payment solution and credit card payment. Due to this fact, our members are familiar used to solving various and complicated problems that the payment market could face, which is much more than regular market pain point that other people normally see. Additionally, we have various partners and strategic relationship that can help us different problems.

Another difference is PayProtocol’s ability to expand.

PayProtocol is now supporting payments with PCI only, but will soon expand our service to support other virtual assets in the PayProtocol network.

Assets will continue to get tokenized. And different from the past where we could only pay with cash, we will put effort in making payment possible with any assets that an individual hold. This kind of change is a complete change for the payment industry, which is also the core value of the project and the reason that we have started.

Cryptodiffer Community

Q2 @phamtan310

What make you approach to blockchain and apply it as a payment solution for e-commerce and retail? How is PayProtocol technology widely used in Korea?

Young Il Kim CMO at PayProtocol

There are two main reasons that we integrated the blockchain into the payment solution. The first is to solve the problems of the existing payment market and enhance the solution to it. In the existing payment system, numerous process are involved in order for the payment data to be verified. With blockchain, we were able to minimize the participants in the system, and save the time and fees that incur.

Secondly, we believe that in the near future, various assets including mortgage and etc. will become digitalized and tokenized. We predict that we will need an environment where these tokenized assets can be used for payments, and that payment companies will have to adopt to this change and be able to provide related services.

In regards to how PayProtocol is being used in Korea, PayProtocol is a subsidiary of Danal. Danal is a public company in Korea. It is an integrated payment solution provider. With 20 years of experience in the payment sector, Danal holds various resources such as knowhow, infrastructure and relationship with various partners. With this, we were able to integrate PayProtocol’s technology into various merchants in Korea, and launched our payment service for our users within a short period.

Cryptodiffer Community

Q3 @oongng

Adoption is one of the important factors that all projects need to focus on to become more attractive to investors. So, what is Payprotocol’s plan to adopt more Adoption?

Young Il Kim CMO at PayProtocol

PayProtocol will have 2 strategy towards driving the adoption.

The first is to integrate PayProtocol’s payment system with merchants, which is what and how we are doing it in Korea currently. With this methods, we have now opened our service in most of the convenient stores in Korea. Merchants that accept payments through barcode or QR code can integrate our system very easily.

Another strategy is to connect with the payment companies that already hold existing payment infrastructures.

Since the beginning, PayProtocol has been designed to be used as a B2B solution, allowing other payment companies to utilize PayProtocol as a single payment method.

So with (1)such technical design, (2)Danal’s experience and (3)the relationship with our partners, PayProtocol is preparing to collaborate with various payment companies.

Cryptodiffer Community

Q4 @rodeoxyxz

Can you explain to us why a traditional merchant would use Pay Protocol instead of other payment rails? To the same extent, why would a crypto merchant use PCI over say something like BitPay? What are the pros and cons?

Young Il Kim CMO at PayProtocol

Fees that sellers pays the payment companies can range from 1% all the way up to 10%. However with PayProtocol, merchants can have a much lower fees, and get accounts settlement in various ways, including fiat, and virtual assets.

Another difference is that PayProtocol has been designed to fit B2B business on the system level. Therefore, traditional merchants are not the only one that can integrate PayProtocol. Other companies like traditional payment service providers can also integrate PayProtocol and secure additional users and revenues.

Cryptodiffer Community

Q5 @kun4321

What was your motivation for starting this project? and what is your vision for Payprotocol?

Young Il Kim CMO at PayProtocol

We have first started our project because we saw the potential in blockchain and the future of virtual assets. We wanted to utilize blockchain to lower the cost and time that are being wasted in the traditional payment system, and prepare the coming cashless society by building a payment system/platform for the virtual asset.

Our project’s goal is to provide a platform that use virtual asset for payment, and expand the business on the infrastructure level. With PayProtocol, users will not only be able to use different virtual assets for payment, but will also be able to manage their virtual asset easily and efficiently.

Cryptodiffer Community

Q6 @jessejerax

What is the main purpose of PayProtocol whether as a payment instrument in the application or as a digital asset?

Young Il Kim CMO at PayProtocol

PayProtocol’s main business is the payment solution. PCI is PayProtocol’s native token that can be used as for various purposes in the payment system.

Cryptodiffer Community

Q7 @Anton_chehol

What will be the commissions and will they be fixed?

Young Il Kim CMO at PayProtocol

Network fee is also mentioned in our whitepaper. When users transfer their fund to another wallet, there will be a 0.1% fee, with 100 PCI as maximum fee. When PCI is used as payment, 0.2% will be applied as fees for the merchant.

Cryptodiffer Community

Q8 @dec2607

What are the major milestones Payprotocol achieved so far & what’s are in future pipeline?

Young Il Kim CMO at PayProtocol

It has been 1 year since PayProtocol has launched its service, and up until now, we have achieved more than 400 thousands registered users, 60 thousands merchants, and over 1 million payments in USD.

Our future objective is to release our global app for the global users, and to expand our business internationally. We are also preparing various virtual asset-based services, including custody, loan and more.

Cryptodiffer Community

Q9 @alie121_redarmy

How Payprotocol prepare with Defi era..? what is Payprotocol do to suppor Defi..?

Young Il Kim CMO at PayProtocol

On the fintech perspective, payment is one of the most important factor in a financial service. Our team thinks that this will be the same on the De-fi perpective.

In the near future, PayProtocl will support various virtual assets as payment methods. So our native coin, PCI, will not be the only asset that can be used for payment. We are going to manage these virtual assets with PayProtocol’s settlement asset pool, and in the long term, PayProtocol’s settlement asset pool will be utilized and expanded as De-fi services such as custody and etc.

Cryptodiffer Community

Q10 @endtimeprophet

DeFi is the new frontier in crypto and blockchain, what’s PAYPROTOCOL approach to DeFi? For money to be Smart, it must be instant, zero fee transactions and private. Does PAYPROTOCOL meet these 3 pain points of payment solutions

Young Il Kim CMO at PayProtocol

How PayProtocol approach De-fi is mentioned in the earlier question. We think that payment is one of the key features in De-fi and we plan to expand different services as we expand our service features.

Regarding the second question, PayProtocol’s network is based on HyperLedger Fabric in order to fit the speed required as a payment protocol and protect the personal data at the same time. We are also providing our payment solution at a very low cost.

CryptoDiffer team

Thanks for your answer @ksan19 

Now we can start our live community questions part.

Cryptodiffer Community

Security and privacy features should be the top priorities for any user.

What make the Payprotocol payment safe and secure ?

Young Il Kim CMO at PayProtocol

PayProtocol uses a private blockchain called Hyperledger Fabric. The reason behind is that we thought private blockchain is a better fit for protecting payment data that contains sensitive personal data compared to the public blockchains. 

Also, Fabric’s “Channel” feature enable us to customize data access among the trusted peers. This means that not every participating node will have the same access to all the data, which adds another security layer that allows us to manage and protect personal data in our system. This feature can be further utilized to maintain our merchants and exchanges.

Cryptodiffer Community

I went through white paper and homepage. And I thought it would be amazing in the near future. But when I saw reviews on play store, pay protocol wallet does not support many countries to download it, including my country. how to attract investors to buy PCI, while wallet users are limited by the country where he lives? Don’t you guys have a plan to make it better?

Young Il Kim CMO at PayProtocol

Yes, our service is currently live only In Korea. However, one of our biggest goal for this year is to release our global app and expand our business globally. With the release of global app, any users will be able to register to PayProtocol. On the business perspective where we expand our payment services, we will first target Asian countries, then expand to US and European countries.

We plan to make PCI possible for payments in various countries. We will expand our services to all countries where virtual asset payments are legal.

Cryptodiffer Community

Crypto Market Volatility will be a problem to the Merchants.What are your solutions about Market volatility especially PCI volatility problems?

Why PayProtocol decided to enter the world of Cryptocurrency? What are the advantages of using Blockchain technology to your project?

Young Il Kim CMO at PayProtocol

Merchants joining the Paycoin ecosystem can choose their own method for account settlement, including by fiat money, or by virtual assets. Based on Danal’s 20 years of experience in the payment market, we have managed to establish a payment system where users can pay with PCI, and merchants can settle their accounts with fiat money. This will minimized the risks that merchants need to bare due to price volatility of the virtual asset.

Cryptodiffer Community

Can you explain What does point swap mean? What is the ROLE of SSG points in this?

Young Il Kim CMO at PayProtocol

PCI can be swap into points with SSG PAY. Users can use the PCI they hold, swap the PCI into SSG MONEY and use it in any of the SSG PAY’s merchants. 

SSG PAY is the point system for the Shinsegae Group in Korea. Shinsegae is the largest distributor in Korea that owns department stores, duty frees and many more well-known brands.

By supporting this kind of point swap, we expect to expand the Paycoin ecosystem and maximize the convenience of our users.

Cryptodiffer Community

As I see pay protocol project is having great potential of online marketing …

That’s really amazing!

But for new investors:

Can you tell them the motivations and benefits to hold $PCI for long term??

Young Il Kim CMO at PayProtocol

So, PCI is the payment method in the Paycoin ecosystem. Users can use PCI for different feature provided by Paycoin including payment, transfer, point swap and etc.

We plan to give out extra reward and benefits to users paying with PCI, as well as additional return for those who use our custody services. Once we start supporting other virtual assets for payment, we plan to make PCI the payment methods with the most benefit

Cryptodiffer TEAM

Thanks for your time @ksan19

It was a pleasure to conduct an AMA with PayProtocol!!!

Let’s finish the AMA

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