Ripple’s ex-executives set up micro-payments company

Two former executives of Ripple company pressed the button to launch their micro-payments company next year. The company aims to provide the service of making payments of 20 dollars or less and paying low transaction fees during these payments.

“Retail customer transaction fee is expensive”

Jeremy Light, former vice president of strategic accounts at Ripple, and Richard Bell, former chief executive, stated that they think their company, pingNpay, is a perfect fit for Web 3.0 infrastructure and ecosystems, and used the following statements:

“Currently, there is no significant company in the market for payments under $20. The largest card networks may be making thousands of payments per second, but even the cheapest debit card payment charges a retail customer $0.33. This is 20% of a $1.38 payment.”

Can be paid offline

According to the company’s press release yesterday, thanks to pingNpay, customers will be able to pay for products and services, including meals and beverages, offline. The company will also charge a processing fee of 1% of each payment. These transaction fees will be distributed instantly to software and wallet providers.

However, in payments that go directly from the consumer to the business, the buyer will pay the transaction fee.

Fixed coins of each country will be used

The company, which aims to enter service in the United Kingdom for the first time, aims to make its core technology system ready in the 4th quarter of 2021 and to officially start working in 2022. The company will use the sterling-backed stablecoin in the UK region. In other regions, the stable coin of the country served will be used.

In the official statement, it was also stated that the stablecoins used in each country will be 100 percent backed by liquid fiat assets and the proof of reserve system will be used to comply with the regulation rules.