We all know that traditional payment solutions like credit cards and bank transfers suffer drawbacks. Namely, high commission rate, time-consuming transfer and much more. The centralized system faces threats like blocking, safety and defaults. CoPay (COP) is a decentralized payment system that aims at solving problems in the payment industry. It is a multi-currency payment platform. In addition it promises to offer real-time money exchanges. no transaction fees and no intermediaries between customers and merchants. Overall, the platform aims to be a superior payment platform for merchants and allows them to accept multiple cryptocurrencies and convert them to the currency of their choice.
How CoPay works?
COP works by using technology as the core feature ion the platform, the virtual payment gateway is based on the blockchain technology with the aim of completing secure payments between customers and merchants. The platform also allows for the creation of loyalty and rewards programs. Holders of any cryptocurrency can use the COP tokens as a method of payment and exchange. The core element of CopPay system includes:
- CoPay exchange, which allows for easy communication with cryptocurrency and merchants in real-time. The exchange allows merchants to accept cryptocurrency, exchange them and receive fiat cash in their banks.
- An interface that receives payment. You can install the interface is on a device of your choice. It can also be used by a variety of personnel’s like cashiers.
- Business owners can use a cold wallet.. The wallet allows users to manage the cryptocurrencies they receive.
Who can use Cop?
COP is designed for three categories of clients.
E-commerce stores: e-commerce stores accept popular cryptocurrencies online using the CoPay virtual gateway.
App developers: App developers can use CoPay to complete in-app payments.
Retail Businesses: Retail Business owners can use CopPay to attract cryptocurrency holder and to expand their methods of payment.
CoPay’s virtual terminal in the main feature on the platform. The other main features and benefits of the virtual terminal include:
- Zero transaction fees
- Easy installation
- Multiple cryptocurrencies
- Immediate transfer
- Loyalty program
- User-friendly interface
The platform is led by Vladimir Serzhanovich a co-founder and chairman of the Board of Directors of the platform. Other co-founders include Pavel kazachonok (CMO), Ina Samovich (CEO), and Timur Kornienk. (CTO). The company has its headquarter in Vilnius, Lithuania.
CoPay uses Cop Token. The COP token is ERC20-compliant token built on the Ethereum Blockchain. COPs are available during the ICO which is taking place, the ICO started October 30 to November 30.