Electra (ECA), the open-source Proof-of-Stake (PoS) blockchain venture centered on digital funds, will start beta testing its flagship product this month.
Known as “ElectraPay,” the product capabilities as a monetary administration system that can let retailers undertake a cryptocurrency fee technique that doesn’t require third-party service suppliers, banks, or bank card corporations to finish transactions.
Electra board member and coordinator Robert Bakker informed Cointelegraph that ElectraPay is a administration answer that lets e-commerce suppliers settle for Electra’s ECA cryptocurrency through a Woocommerce plugin for WordPress.
“ElectraPay is a management solution which allows a merchant to be paid in ECA directly in their ElectraPay account,” stated Bakker. “After receiving payment, merchants can then withdraw to their wallet when ready.”
According to Bakker, the official launch of ElectraPay might be introduced as soon as the pilot part is full.
A firm weblog publish printed on Dec. 30 famous that the Electra crew is presently in search of retailers to pilot ElectraPay.
A more in-depth have a look at ElectraPay
While ElectraPay makes it potential for on-line retailers to simply accept its ECA cryptocurrency, Bakker identified that the product additionally processes funds whereas monitoring gross sales, stock, and buyer knowledge.
All the identical, ElectraPay nonetheless has to compete with main crypto-payment processors like BitPay, which presently integrates with 40 e-commerce platforms and point-of-sale methods.
When requested about how ElectraPay is completely different from BitPay, Bakker responded, “Bitpay is a wallet, and that is all.”
But BitPay additionally incorporates a hosted checkout and embedded invoices for service provider web sites.
“ElectraPay has its own global wallet where payments are merged. Merchants then decide when and how much ECA they want to withdraw (wherever they want, the wallet can be used to hold, exchange or sell). The merchant is able to decide and have full control of what to do with their earnings.”
Electra joined the worldwide Electronic Transaction Association (ETA) in March. A variety of the world’s largest retailers and fee gateways are members of ETA, corporations like Amazon, Apple, PayPal, and Square. According to Bakker, Electra is the primary blockchain venture to affix ETA.
Is ElectraPay wanted?
As main retailers like Starbucks, Nordstrom, and Whole Foods start to simply accept Bitcoin as fee, extra on-line retailers are certain to comply with. However, with options like BitPay and lots of others, it’s laborious to find out what number of on-line retailers will undertake ElectraPay.
In order to compete with the main crypto-payment processors, Bakker famous that the corporate plans to increase ElectraPay to Shopify, BigCommerce, and different well-known e-commerce software program. While Electra will function with the assistance of plugins, Bakker informed Cointelegraph there are plans to combine ElectraPay into point-of-sale (POS) machines.
“There are some exciting plans about ElectraPay extending to the mobile app payments industry, making this a one stop solution for merchants managing their online crypto payments. The project that offers a crypto-pos solution that is also compatible for ElectraPay is not announced yet. This will happen in due course.”