Cryptocurrency PaymentNews

XRP Bleeding Amidst Ripple’s P2P XRP Payment Platform Goes Live in Beta

Highlights

    Ripple’s Product Director Craig DeWitt launched a P2P payment platform based on XRP and an E-Commerce platform.

    The newly launched payment platform ‘Payburner’ is designed to make the send and receive global payments very easy.

    The platform also offers e-commerce payment options to its customers provided the merchant also possesses the Payburner account.

Payburner – Ripple’s Brand New P2P XRP Payment Platform

The director of product at Ripple, Craig DeWitt unveiled a payment platform that enables one to purchase any physical goods online, using XRP cryptocurrency. Announced on 27 July 2020, the platform is available in the beta version of the plug-in.

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Payburner is a personal project of DeWitt. He described in his official medium blog post that the Payburner is a non-custodial XRP wallet and hence, will not have access to the customer’s passwords. Accordingly, users are responsible for the safety of the stored funds. 

DeWitt believes that the plug-in is an example of the growing XRP ecosystem, that leverages Xpring, a Ripple project designed to aid for the start-ups working with XRP. 

Payburner also integrated with PayID

PayId is a global payment platform that enables users to send and receive payments as simple as sending and receiving an email regardless of the type of wallets or payment platforms. Payburner enables users to send and receive payments using PayId by simply mentioning the PayId of the person.

The users can search for the people on Payburner to send and receive payments. This feature will also be available for PayId in the near future. 

Spud.store – Use Payburner for e-commerce payments

Payburner enables users to process payments on e-commerce platforms. They can purchase goods from the e-commerce platform, provided that the merchants should have a Payburner account. Currently, websites xSongs.store and spud.store are powered by Payburner which is being created to show how websites with the Payburner button works in real-time. 

Spud.store is a website where the user can buy potatoes paying in XRP which will be shipped anywhere in the US priced at $5 worth XRP. However, future sales are expected with the integration of many more websites beyond potatoes,

Payburner charges only 1 percent merchant fee on the XRP e-commerce sales which are minimal. Talking on the fees, Craig DeWitt said,

“We expect to make money from the one-click merchant payout experience by requesting payments from merchants at 1 percent of their received XRP e-commerce purchases. Peer to peer payments and peer to peer requests are not charged any fee”

He also notes that “Payburner does not have the ability to withdraw funds from any account” at the moment. “We are not in the middle of any transactions, so we send requests to merchants for free collection” he added.

Currently, Payburner supports only Chrome and Brave browsers but many more would be built and when required.

XRP Bleeding While Other Alts Flourishing 

Crypto market showing bullish sentiment this week. While the largest cryptocurrency Bitcoin crossed the mark of $10K and surged further, the fourth largest token, XRP is plummeting by 0.21 percent within the past 24Hrs. The token is currently valued at $0.21 against USD with the market capitalization counting at $9,703,413,534. 

Credit – Coinmarketcap

Also Read – Ripple to Enter Defi Sector

XRP Adoption – Tangem XRP Demo Integration 

On the other side, XRP is gaining adoption despite the bleeding price. One such instance is Tangem, a Crypto Card Wallet Maker. Tangem recently shared a document showing a demo integration of XRP with the Ripple-backed PayID. Per the document, users can send and receive XRP using a Tangem wallet card in minutes. Sergio Mello, CEO, Tangem speaking on the integration said that; 

“ Today, we are proud to implement support for PayID, which lowers entry barriers to digital currency payments by removing the friction of pesky wallet addresses and insecure QR codes. We see this as a milestone worthy of the title, ‘the DNS for payments’.”

Ripple, a well known for the hazel free and cost-effective cross border payment system has developed PayID which allows money to transfer across any payment network. Using PayID, sending money is as simple as sending an email directly to friends and family.

More on the Tangem cards, they can also be accessed for the CDBC without a phone or internet. With the vision of providing a secure fund transfer so that no middleman stands between the holder and ledger, Tengam has now been accessible for the CDBC’s too.

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Qadir AK

Qadir Ak is the founder of Coinpedia. He has over a decade of experience writing about technology and has been covering the blockchain and cryptocurrency space since 2010. He has also interviewed a few prominent experts within the cryptocurrency space.

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