PayB - That is, online shopping for cryptocurrencies in any store [Interview]

PayB.io is an online cryptocurrency purchasing processor that introduces an innovative payment model for all online purchasing transactions. Stores do not need to have implemented crypto payments so that customers can purchase any item for virtual tokens. Sounds abstract, right? Perhaps at the beginning, however, the service itself is highly innovative and especially useful for people who want to use cryptocurrencies not only for speculation or savings, but also in everyday life, without any restrictions.

We talked with Tomasz Palka, CEO of PayB.

PAYB - a service that will survive the market crisis?

Forex Club: Several weeks have passed since the time the fall of the Terra ecosystem  – an event during which 60 billion (!) dollars evaporated from the market. It was also felt that the collapse of Terra, the bankruptcy of Celsius Network and several smaller projects undermined the average Kowalski's trust in cryptocurrencies. Have you noticed a decrease in the number of transactions because of this?

Tomasz Pałka, CEO of PayB: The average number of transactions we observe has not changed much. On the day of the crash, the number of transactions even increased temporarily. We believe some customers just wanted to exit certain assets and chose to buy physical goods rather than switch to safe stablecoins.

FC: How does the current situation affect your business?

City: There is not much difference between a bull market and a bear market when it comes to the number of trades. As long as some tokens are in circulation, we will provide our services. Their price is not the most important thing - what counts is the liquidity of the asset. For us as a witness to transactions, the most important thing is that they just happen.

FC: What influences the popularity of your service?

City: First of all, the ability to make purchases in any online store in the world, paying for it with tokens that the user currently has.

FC: Does this mean that the store will receive cryptocurrency payments?

City: The store will receive exactly the amount in the currency in which it issues the goods / service for sale. Online PAYB exchanges the customer's tokens for the appropriate store currency and regulates the payment in it. The goods are ordered and paid for, and the best part is that the customer does not need a payment card or a bank account. You just need a regular cryptocurrency wallet to be able to buy literally anywhere. This is a very egalitarian service.

FC: What are the development prospects for this market?

City: There are third party reports that indicate that 40% of consumers aged 18-35 want and plan to use cryptocurrencies to pay for goods or services in the next year. That's an increase from less than 30% last year… And according to a Visa report, its network has processed over $ 1 billion in crypto transactions in the first quarter of 2021, which increased to $ 2,5 billion in the first quarter of 2022. The report highlights that crypto payments are becoming more and more popular as the use of stablecoin payments increases. So the prospects are very good.

FC: What sells best for cryptocurrencies?

City: You can answer that pretty much everything. from hygiene products, electronics to cars. We've had inquiries about apartments recently. You could say that customers are finding out by making smaller transactions, followed by a series of purchases of increasingly higher unit value.

FC: What are your immediate plans?

City: We are currently opening a branch in Germany. We are looking for licensees and business partners in other European Union countries and the USA to launch local PAYB branches. We also help other entrepreneurs in using cryptocurrencies in their business. These are integrations for ticketing and other online services. This is helped by the recognition of our token, thanks to which hodlers can achieve passive income. Recently, more than 30 exchanges from around the world, including binance.us. In the near future, we expect an increase in the value of our token, thanks to listings on several well-known exchanges and expanding the target group.

FC: Thank you for the conversation.

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