Banking on the blockchain to solve business payments.
Businesses that rely on invoices to get paid for their services face a huge problem when it comes to cross-border payments. Current cross-border payments rely on bank transfers or credit cards, which typically take days to complete and have exorbitant fees attached.
The cost involved when making a cross-border payment using platforms like Paypal or Wise usually includes a transaction fee charged by the third-party intermediary as well as a currency exchange fee. For instance, remitting $10,000 to Vietnam would cost a business user $90 in fees when using a remittance service.
Enter Paywong, an enterprise payments solution for freelancers and small business owners to start getting paid in crypto. Paywong allows its users to transact using stablecoins on its platform to facilitate invoice payments with over 20 different currencies across eight different networks. Using stablecoins to transact reduces price volatility when it comes to crypto payments.
With blockchain, payments are truly borderless. If you run a design company based in Jakarta, you can now start taking clients in the US who traditionally wouldn’t want to pay you into your local bank account because it would cost them additional time and fees to make a USD-IDR transfer, and if you use services like PayPal or Payoneer to request USD, you would have to pay at least 3% in fees. With Paywong your client can send USDC directly to your receiving wallet and you can convert that into your local currency through local off ramp solutions.
Paywong is currently being used by freelancers and small business owners who are already somewhat familiar with crypto and are happy to start receiving payments in stablecoins. Its user interface takes out the complexities associated with transacting in crypto. The Paywong platform allows users who don’t have an existing crypto wallet to start transacting on its platform by generating noncustodial wallets on their behalf. Users would only need to sign in using their email address, and Paywong handles the rest.
We are committed to making crypto and Web3 more palatable for users by taking away the associated complexities and learning curve of blockchain technology. The platform is designed based on familiar interactions, mimicking popular invoicing systems used by freelancers and small business owners.
Over the next few months, our team will be dedicated to developing tools to help companies who are hiring globally with their cross border payrolls and also introduce crypto payment solutions that will allow traditional businesses to tap into the crypto world. These features will be rolled out in phases and will be made available to a selected number of beta users.