The OTPpay ICO is currently in stage 1 with over 2,000 ETH already raised.
Check out their website
The news that OTPpay is another one-stop solution for crypto payments may very well make you cringe as there are several such products and services already out there. However this project does seem to offer benefits over most of their competitors. The company states that they are going to have a wide range of additional products that you will be able to use as they develop what they can offer, so that could help to perk up some interest in whatever it is that they have to offer.

What is OTPpay?

This is an Omni token platform that has a main interest in dealing with payment services that includes cryptocurrencies. They do have plans for producing a rather ambitious array of services and products, so they are certainly serious about becoming that one-stop service that was mentioned earlier. They note that there will be an increased exchange, debit card and other financial services to come in the near future, but first they are going to have to get the initial platform running before they are able to do any of that.

However, at the core of what they do is offering a service that will allow people to purchase, trade and exchange major crypto assets no matter where they are located in the world. They have also noted that they fully intend to create a platform that is going to hold virtually every single cryptocurrency on it, there's so many different cryptocurrencies around now that this would certainly be a benefit for users as it can be hard to keep track.

They finally state that it is their intention for their platform to bridge the gap between cryptocurrencies and digital currencies, but then they are not the only company to state this either.
There have been other projects that promise this however so far none of them are really dominating so the market is still wide open for a new player to flourish.

The Technical Aspect of OTPpay

So, what can we say from a technical point of view? Well, the platform that they are using for the blockchain is going to be built entirely on Ethereum with the token being an ERC-20 token. By then opening up the advantages associated with Ethereum means the platform is stable, scalable and has a wide range of anti-fraud measures in place. Considering we are dealing with payment solutions, then that is in itself a useful took to have.
Some people prefer that an ICO has their own blockchain, however personally I prefer that they focus on their project rather than having to spend resources on their own blockchain.

Primarily, the team behind this ICO are going to have a mobile app that allows people to go ahead and make payments as well as trading in digital currency. Their platform will use an electronic know your customer variation when it comes to moving money around, but then they do also have the advantage of the complete transparency and decentralized nature of the platform.

The way in which this project plans to operate is very straightforward. Each transaction is completed using Smart Contracts that cannot be altered at any point. This transparency, as well as using the customary hexadecimal addresses for the transactions themselves, does provide a certain degree of confidence in what they offer. The blockchain means that thousands of transactions can be processed in a small amount of time, and it is substantially faster than non-blockchain options that are out there.

The Advantages of OTPpay.

The advantages associated with OPpay are pretty obvious. They are only going to charge a very small fee for the transactions with this being lower than you would get at the majority of solutions. Also, there is the speed of the transaction to consider as well since the faster it is, then the happier customers will be since people want it to happen in an instant rather than hanging around and waiting.

There may very well be other advantages associated with this platform, but they are still developing various aspects of their services and products, including the option of lending cryptocurrency, so while it is promising, there is still so much that is unknown. However the team behind the project does seem to look good so there's no reason to doubt their promises.

The project also plans to offer their customers loyalty rewards. These loyalty rewards will depend on how much the user spends with their card.
The platform also aims to simplify how users can buy and sell their different cryptocurrency coins and tokens, despite cryptocurrency now being years old it's still seen as too complicated for many so this is an area that hopefully OTPpay can capture. The platform plans to allow it's users to make crypto-crypto exchanges aswell as fiat-crypto and fiat-fiat based exchanges.

Debit card

The platform states in their whitepaper that they hope to bridge the gap between fiat and crypto by offering a debit card. The new debit card will allow users to withdraw fiat currency from an ATM or make purchases at card terminals and their cryptocurrency will be deducted from their account. User's will also be rewarded with loyalty points with no limit on the amount that they can earn.

Crypto credit rating and lending

The team behind the platform also plans to offer a crypto credit rating service, this is something that hasn't been done in crypto yet that I'm aware of. Their will be a variety of factors involved in the crypto rating. Merchants can then use this rating to avail a loan of up to 5x their monthly revenue from OTPpay.
This will ofcourse offer merchants another incentive to increase the sales that they make through the platform.

The Financial Aspect and the ICO.

If we look at the financial side of things, then we get a better idea of the current status of the entire project. For the ICO, they are only going to accept ETH but that in itself is not a big problem. Furthermore, they have also set both a soft and hard cap for the ICO with the soft cap being priced at 1,250ETH and the hard cap being 71,250ETH which is a vast difference between the two.

At this moment in time, so during the ICO, the price per token has been set at 1OTP equating to 0.0000625ETH. For the ICO, they are producing 600,000,000 tokens and this represents 60% of the overall total that will be made available.

It is worth noting that there is no mention of a minimum investment level which may prove to be attractive to a number of people.

• Total supply: 1 billion tokens
• Token symbol: OTP
• ICO end date: June 2
• Hardcap: Approximately 72k ETH.

How will the funds be used?

• 40% of the token sale funds will be used for engineering and services, this includes the development of all the services that they plan to offer.
• 15% will be set aside for operating expenses.
• 12% will be used for marketing with the goal of signing up new users to their platform.
• 10% will be used on new partner agreements.
• 10% for banking and other types of licenses that will be required.
• 3% for any miscellaneous expenses.

Overall Conclusion About OTPpay and the ICO.

To conclude, the new platform is offering a range of financial and payment services that could be rather useful for individuals and companies alike. They have big ideas including being the largest exchange in the world offering the widest range of cryptocurrencies possible as well as the option for becoming a lender as well as other products.

They do state that they are on track to produce a finished product later in 2018, but they could be doing with releasing more details as soon as they can.

Payment services for cryptocurrencies, as well as exchanges, are always going to be popular, and as the technology is embraced by more companies, their needs will also increase. They offer low fees and the transactions take place instantaneously, so there are obvious reasons as to why people would consider using their services.
So far nobody is dominating this market and it's still wide open to see who will help to take cryptocurrency mainstream. Due to the solid team and ideas behind this project there's no reason that this can't be OTPpay.

Website: Check Their Website
Whitepaper: https://otppay.io/Assets/otppay-whitepaper/OTPPAY_White_paper_v1.1.pdf