Although the number of Bitcoin-only wallets has exceeded 23 million in 2018, daily purchases via cryptocurrency remain somewhat of a niche thing for geeks. Today we will talk with a man whose team seems to be moving the world closer towards adopting new rules of the game and making cryptocurrency payments as simple as any purchase in your local store or at your favorite online-market. So, without further ado meet Yurii Olentir, CEO of Paytomat – a Ukrainian cryptocurrency payments solution for point-of-sales and e-commerce.
Hi Yurii! Let’s start with a basis. Paytomat is …
Paytomat is a decentralized system for cryptocurrency payments for e-commerce and POS (point-of-sale). Our solution can be described as an extension that integrates into an existing merchant system without the need to purchase additional hardware or install third-party programs. The seller does not need to train the staff to use it, and in order to make a transaction, it is enough to press one button which will create an invoice and a check with the QR-code for purchase. The buyer needs only a Paytomat wallet and a smartphone. The whole process is not much more difficult than buying something with, for example, Apple Pay.
You are planning to use the world’s POS-software. Right?
Better – we’re already using it. At the moment there are five integrations completed (Poster, 1C, Profit Solutions, Servio, Smart Touch POS) and dozens more in the process. I want to note that today’s Paytomat is a ready-to-install solution, which is already used by more than 150 merchants – from restaurants to stores and even beauty salons. We, unlike many other projects, show people not just a concept, but an immediately available product.
Well, but what’s the reason for the seller or the buyer to use Paytomat. Why shouldn’t they use one of your competitors’ solutions?
There are two answers to this question. Firstly, cryptocurrencies are still perceived as something complicated, and in our offering, neither the seller nor the client needs to understand the complicated technical part, buy software, etc. Secondly, our loyalty program; this is a point of difference between Paytomat and all existing players on the market.
Let’s dive here in more detail. What is it and how does it work?
The Paytomat concept is based on the blockchain, wherein all participants of the payment process (vendors, merchants, and users) receive rewards for using Paytomat. We have three main components in this ecosystem — PTM, PTX, and PTI tokens. Each of them was made to solve a specific task and perform specific functions.
PTM is the foundational currency of the Paytomat blockchain and set to become one of the main drivers for attracting merchants and crypto-developers. Every time the merchant receives a payment via crypto, they will get a reward — a certain amount of PTM to the amount of this payment. After that, they can use the crypto-currency as they want.
PTX is an asset token which is designed to become the basis for a customer loyalty program. Like any other program, PTX rewards spending customers with loyalty tokens, which are sent directly to the customer’s wallet. The way it works is similar to collecting flying miles or getting a bank cashback.
And what about PTI?
It’s an interim token, created for two reasons. Firstly, it’s to be distributed among the token sale participants after the Token Sale. Secondly, it will be listed on crypto exchanges before a main – PTM – is released. Later users will be able to exchange PTI to PTM at 1:1 rate. PTM will be based on its own blockchain.
Ok, you have a product and even clients, it sounds like a success story. Then why did you decide to go to the ICO? By the way, at what stage are you now?
We are raising $18M. It’s a hard cap which will allow the project to be sustainable. Also, a fair number of token sales (that deliver the product they promised to investors) discover they need to make a pivot. Because crypto payments are rapidly changing every day, and the regulatory framework is widely uncertain — we would like to have the option for such a pivot.
Right now we are at the closed presale stage and conducting roadshows to attract new big investors. By the way, you can watch the video from the last conference in Amsterdam. Surprisingly, just one coffee machine with Paytomat software caused a storm of chatter and demonstrated the potential crypto-payments have in the industry.
On the example of this machine, can you tell us what cryptos Paytomat uses for paying and accepting payments?
We occupy a convenient position on this matter. Our project is open for every interested crypto team. Any cryptocurrency can be added to our wallet. Paytomat currently accepts 11 cryptos with their list continuously expanding: XEM, LTC, DASH, WAVES, ETH, BCH, NANO, ZEN, DCR, XZC, and BTC. We are convinced that the dialogue with other teams allows the entire market to develop and grow. In a few years, such an alliance can actually lead to a cacheless and cardless world.