NUPAY: ENSURING THE ERADICATION OF ADDITIONAL CHARGES ON PAYMENT SYSTEMS

emmy92 (42)in #blockchain • 5 years ago

The popular belief among people of the world that no man is an Island is an obvious fact that can’t be undermined. Every person on this planet depends on one another for survival, it’s impossible to come across anybody on this planet that has it all or that doesn’t need the contribution of another person for survival. The dependency on one another for survival is not only experienced within individuals, but various nations of the world, governments of different nations, organizations, institutions and businesses also depend on one another for survival.

One of the events that showcase human dependency on one another can be seen in the exchange of goods and services. Various goods, products and services are exchanged among individuals, countries, institutions and organizations etc in every second, minute and hour of the day. When these exchanges occur, payment of money is involved to indicate the value of whatever that is exchanged, and this payment of money can be done using various means.

In the contemporary world, means of payment have evolved over time usually driven by the pace of technological development at a given time. At present, most methods of payments are executed through digital devices and internet technology; it will be very unfair in brushing aside the positive contributions brought by this mode of payment, however it is still riddled with so many irregularities such as involvement of so many third parties in the payment processes which can lead to unnecessary delays in making payments, hidden/unexplainable charges, cross-border charges and security threats.

INTRODUCING NUPAY

With the rise in the applications of the blockchain technology in various areas of human endeavour, NUPay, a new generation payment platform seizes this wonderful opportunity provided by the blockchain technology to make available a state of the art payment platform were making of payment especially in crypto will be carried out effectively with less difficulty. NUPay is a blockchain enabled payment platform where users can make payments for whatever product or service they purchased in a peer to peer and decentralized manner without the interference of any third party.

When payments are made via the NUPay payment platform, the details of the payment transaction are permanently recorded on the NUPay's blockchain and no party involved in the transaction process can hijack or alter any of the details of the transaction that has been captured on the blockchain’s ledger of records. Making payments via the NUPay payment platform cancels out any form of additional costs like hidden charges and cross-border payments. Since NUPay is built on the blockchain technology, there is no room for any form of unexplainable charge fees; any transactional fee that needs to be paid will have to be clearly spelt out without any alteration during the course of carrying out the transaction.

The application of the blockchain technology transcends above cross-border barriers and hindrances, when trying to make payment involving cross-border transactions with the NUPay payment platform, the issue of currency conversion charges do not rear up its ugly head because using cryptocurrency in making payments anywhere on the globe doesn’t take into consideration the fiat currency of the country where the sender stays nor does it take into cognizance the fiat currency of the nation where payment will hit.

NUPay payment ecosystem does not only accept cryptocurrency as a means of payment, vouchers and reward points etc could also be used as a means of payments.

CONCLUSION

TPCT is the token of the NUPay platform and it remains the ERC20 standard utility token used to fuel activities on the NUPay platform. Customers or users of the NUPay payment platform earn TPCT tokens as rewards for their activities on the platform. TPCT is equally deployed in purchasing of goods and services via the NUPay payment ecosystem.