A new blockchain payment system that works on smartcards could enable merchants to securely pay for goods and services with a credit card without the need for an external bank account.
The company behind the new system, Blockchain Gateway, announced the launch of a platform that enables merchants to use smartcards as payment gateways for merchants and buyers alike.
The platform allows merchants to send payments to anyone in the world, whether they have a smart card or not.
The new system is expected to be launched in the second half of 2017.
Blockchain Gateway is a new startup that aims to create a secure, frictionless, and transparent payment gateway for the blockchain ecosystem.
The blockchain platform uses the blockchain to validate transactions and track transactions.
The team behind the project, which is led by CEO David B. Seltzer, aims to offer merchants and consumers a secure way to accept credit cards without having to trust third parties.
Blockchain Gateways work by storing a unique transaction history, which enables users to verify that a payment is correct and that the transaction has not been tampered with.
They also allow users to receive payments for goods without needing to trust the sender.
To use the system, customers can sign up for a free account on Blockchain Gateway’s platform.
Once they have signed up, they can go through a verification process that ensures that they are not participating in a scam.
After verification, the payment will be sent to the customer.
“We are launching a new payment gateway that will allow us to build a secure and transparent way to securely and anonymously accept payments through our merchants’ smartcards,” said David Seltzler, founder and CEO of Blockchain Gateway.
“By using a smart-card, our customers will be able to make online payments without having a bank account and without any additional authentication.”
The Blockchain Gateway system uses a smart device as a payment gateway.
Users will need a smart phone or tablet, a blockchain wallet, and a mobile phone or device with a secure connection to the blockchain.
Blockchain gateway will be available to merchants and retailers starting in the third quarter of this year.
A quick demo of the system is below.
The system will enable consumers to make payments without a bank, credit card, or PayPal account.
Consumers will also be able pay using Bitcoin and other digital currencies, which are currently illegal in the U.S. The idea of using a cryptocurrency as a gateway is not new, as some have been using Bitcoin as a way to pay for things.
However, using cryptocurrency as payment for goods or services is a whole new way of doing things.
For instance, if you’re an independent vendor who sells goods to consumers, you might use cryptocurrency to pay them using credit cards.
However with Blockchain Gateway taking that idea a step further, the company is offering a way for merchants to do so.
To take advantage of Blockchain Gate, customers need to have a payment processor that allows them to send Bitcoin payments to consumers.
The payment processor needs to be registered on Blockchain Gate’s platform, which will be added to a list of verified payment processors.
Users can then tap the link that shows up in the blockchain app, which directs the payment processor to add their company to the list.
The companies that have registered on the Blockchain Gateway platform can then send Bitcoin payment requests to the buyer or the seller of the goods or service.
The payments can be made at the time of purchase or after the sale has completed.
Blockchain Portal currently supports Visa, Mastercard, and Discover credit cards and Apple Pay.
Bitcoin payments will be supported for a future version of Blockchain Portal.
“Blockchain Gateway has a number of exciting new features, including a smartcards-as-payment-gateway solution, to help our customers integrate digital currencies into their payments,” said Seltzar.
“It will help to reduce friction for our users, and will ultimately enable merchants and customers to take advantage and reduce the cost of doing business in our industry.”
The company is hoping to have Blockchain Gateway in the marketplace by the end of the year.
Sometime this year, Blockchain Portal plans to add a new option to accept Bitcoin payments for non-food items.
A payment processor will be needed to process the payments, which means merchants will have to wait until at least late next year to start accepting Bitcoin payments.
The plan is to have all Blockchain Gateway merchants accept Bitcoin payment on the platform by the middle of 2018.
Blockchain portal plans to continue to build the platform to help merchants accept digital currencies.
BlockchainGate, the third company that the startup partnered with, will be focusing on improving the security of the payment gateway technology and developing a platform for merchants that will make Bitcoin payments more secure.