AtomicPay introduces a non-custodial digital payment terminal that supports Bitcoin cash, Litecoin, Bitcoin and other major cryptocurrencies. It allows over 156 different fiat currencies.
A Thailand-based payments solutions provider, AtomicPay has announced that it has set up a non-custodial digital currency payment terminal.
According to its founder Benz Rif, merchants will have access to the payment system throughout the world. At its initial stage, the platform will only support payments in Litecoin (LTC), Bitcoin Cash (BCH), Bitcoin (BTC), and other major cryptocurrencies. In line with how most cryptocurrency payment processing solutions are designed, the AtomicPay platform will remove any need for third parties in settling transactions.
Decentralization of Cryptocurrency services
According to some information shared by Rif, “Cryptocurrency itself is decentralized, but blockchain payment processors continue to be centralized. This resulted in the same old problems with high processing fees, hidden charges, slow settlements, hacks, foul play, privacy, and censorship issues.”
In order to be the game-changer in the cryptocurrency industry, AtomicPay will offer merchants the opportunity to get immediate custody of their funds.
This will help in improving the process of transferring digital currency. Unlike PayPal and BitPay, the crypto payments network of AtomicPay will never hold funds on their clients’ behalf.
The founder further explained that the platform is completely a peer-to-peer payment solution provider.
AtomicPay not a comprehensive Solution
If you are looking for a complete cryptocurrency payments solution, you may consider looking for other options because AtomicPay doesn’t provide a wallet service.
Rather, it’s payment processor focuses mainly on making it easier to make payment. Furthermore, unlike Waves, it doesn’t perform exchange services.
In a tweet on its Twitter page, the payment provider clearly wrote, “Non-custodial payment solution. You have immediate ownership of funds whenever a customer pays you! Here is a short deck on AtomicPay.”
Remarkably, the AtomicPay platform enables users to change their cryptocurrencies into 150 different fiat currencies. Nevertheless, the user must scan a QR code or instead provide their wallet address for payment to take place with merchants.
Rif further indicated that more than 1,700 merchants from different countries including Colombia, Thailand, Turkey, and Venezuela have already begun plans to use the AtomicPay crypto payment processing services.
AtomicPay charges 0.9% for each transaction from customers who haven’t finished their know-your-customer (KYC) checks while it takes 0.8% for those who have submitted identity verification documents. Furthermore, it charges 0.7% for enterprises who have met its monthly requirement.
According to the founder, AtomicPay utilizes a “post-paid charging model”, which obligates its users to pay usage fees at the end of the month. Expounding on the way the payments are handled, he noted that the platform doesn’t have access to its users’ private keys while processing transactions.
A recent report released in late November 2018 indicated that BitPay, the leading fiat-to-cryptocurrency gateways, informed its customers that the code used by its Android wallet app may have been exposed to hackers who may have steal users’ private keys.
Nevertheless, developers of BitPay reacted swiftly by releasing a patch to close the security breach.