Author: Source: chain chain tower team of analysts think tank tower (ID:liantazhiku)
In October 31, 2018, nearly 40 businesses in Singapore have put up the China town gate Yilabao, declared to accept the 10 kinds of encryption in the store to pay money. This is known as “digital currency ecological holiday Token Day” for a period of three weeks, accept the pilot consumer encryption currency line of business including the well-known restaurant, supermarket, KTV, luxury goods store.
An offline payment, even if the person holding a variety of encryption currency also drew a blank. Bitmap data show that the current acceptance of bitcoin payment businesses, the world’s only 1.4 10000. Compared with 40 million of the world’s currency to the user, this number is clearly not matching, not to mention the line to pay less than a fraction of the money paid encryption.
It is generally medium application payment is a debit card, credit card, Alipay, WeChat, the public impression of encryption currency remains in the “professional”, ordinary users only as its asset speculation.
But this does not give money obviously longer encryption vitality, currency prices fell sharply in November 2018 also confirmed this point, the real value and circulation not only the scene of encryption currency exchange traded currency, only the encryption conveniently used in daily life to pay, its value can be more lasting, more complete presentation.
In other encryption currency bitcoin payment under the line has been part of the application, but the large-scale application is yet to come. Some projects try to use encryption currency POS machine to popularity of offline payment.
Bizkey (Pundix, Fiiipay, key currency), Cortexpay, BitcoinPay, Paytomat, UniFox and other projects have made beneficial attempt.
Once the payment of the next line reaches a certain size, crypto currency likely by reducing transaction costs, solve the privacy protection, payment fraud, accounting problems such as delay and remittance to change the retail industry completely. Think of the explosive growth of nearly 3 years of WeChat payment, crypto currency payment under the line also needs to undergo a critical point.
CoinBase founder Armstrong said, 5 years encryption currency holders will be more than 1 billion, then the crypto currency will appear in all aspects of people’s lives.
Encryption currency offline payment market size estimates (source: the project prediction weighted summary)
According to the project by 2020 for future estimates, crypto currency payment under the line will reach 60 million, the transaction amounted to $5 billion, 500 of thousands of businesses access.
In 2017, the global market has paid $110 trillion. Under the two data comparison, or for money to pay the line encryption has a perceptual cognitive scale.
At present, the industry is facing some problems, increasing the number of users and active users, low payment amount, merchant acceptance degree is low, the efficiency is low, network currency price fluctuations and currency settlement policy uncertainty, influence the popularity of offline payment.
Chain tower BlockData think tank of the seven projects from the aspects of product, structure, payment currency, market scope, clarify the status of the industry, to summarize and make a judgment on the trend.
A comparative study on project basis
Seven projects are in English or multilingual website, but the website in the rich content of the difference between, can get more information from the Bizkey project, Pundi X official website.
A comparative study of the team
Seven project team members have a strong technical background, the number of team members gap, Pundi X 75 is a non technical personnel, analysis from behind community operations, is most used for human operation.
A comparative study of the product and platform architecture
The working mechanism of Bizkey map (source: Bizkey white paper)
Bizkey platform architecture (source: Bizkey white paper)
Bizkey is divided into three levels, which are application layer, interface layer, contract layer for the third party open access points in application layer.
The working mechanism of X Pundi (source: Pundi X official website)
The working mechanism of Pundi X looks more concise, more like an intermediary.
The working mechanism of Paytomat map (source: Paytomat website)
The working mechanism of Paytomat to carry out strict design in exchange and storage.
A comparative study of business models
The same seven items of business model, revenue mostly from transaction fees, platform service fee. With the expansion of market size, the rate will have a downward grappling competition, to develop more business model of the project, to avoid rate war.
A comparative study of Token system
The design of Token system of seven projects are very detailed, businesses will be selected through comparison advantage project cooperation, or a business with a number of cooperation projects.
A comparative study of currency and payment settlement channel
At present, the number of currency seven projects in support of the basic can meet the market demand, but compatible Fiat three Bizkey, Pundi X, UniFox is more likely to become the first choice of businesses. The future, through legal tender compatibility, perhaps more conducive to the promotion of payment hardware.
A comparative study of marketing and commercial landing
From the geographical point of view, seven projects have focused on the basic has covered most parts of the world advanced encryption currency.
In terms of number of merchants signed public disclosure, Bizkey signed 50 10000 first temporarily, BitcoinPay signed a temporary 10 million. Coincidentally, the two were to lead the Asian and European markets.
A comparative study of transaction cost
BZKY offline payment fee for 1%, BitcoinPay for 0.8%, the other were ranging from 1%-3.5%.
Pay fees compared with the traditional credit card fee is slightly higher. After large-scale application, the fee can be reduced to a credit card with flat or lower than the credit card.
A comparative study of community and search results
Community operations, Pundi X, FiiiPAY, UniFox three on Twitter and Facebook audience of over 10000, especially Pundi X reached 100 thousand level, operators do better.
Google search and Baidu search results of the seven projects are very interesting figures, two in the amount of each item are just the opposite. In Facebook and twitter on numerous projects, search results are not synchronized in high visible region, the project promotion methods have different emphases.
Only seven projects are Pundi X, BitcoinPay and UniFox in the formation of the Google search index, index of most of the time is low, did not form in the Baidu search index.
Comprehensive analysis and evaluation
Chain tower BlockData analysis shows that the encryption currency payment under the line still has a huge space for development, it is beyond doubt.
Offline payment payment payment trust, in addition to solve the delay problem, the key is to solve the problem of cross-border payments, mainly used the opportunity this is the future of the line to pay.
The existing projects will be fierce competition between, with the development of the market, there will be more projects into. After a fight, there will be a two dominant situation, with the traditional payment and UnionPay similar to VISA.
Deus ex, is holding a large number of commercial projects, only now, signing 50 10000 Bizkey, signed 10 10000 BitcoinPay has first mover advantage. In addition, the project depends on the market resources, landing speed.
The payment currency will be gradually concentrated, “multi currency design” will become meaningless, price stability, a strong endorsement of the currency will become the preferred merchants and consumers.
The project in addition to the promotion of their products, but also need to do more work to educate users in Singapore, Bizkey made the “Token Day”, it is assumed that task.
Note: the data are from the official website and in addition to public information label.