London-based SatoshiPay, a Fintech firm that aims to provide fast and affordable payment solutions, has revealed that it has reached a key milestone in establishing its blockchain-enabled clearing platform as a “new standard” for cross-border transactions.
The SatoshiPay team notes that, as of August 2020, they’ve handled more than €1 million in digital payments for their publishing clients.
SatoshiPay states:
“During 2019 and 2020, both of our strategic partners in the publishing industry supported the acceptance of SatoshiPay as a payment method by running numerous campaigns. These campaigns made parts of the publishers’ subscription content available via micropayments or instant premium passes.”
They added:
“Axel Springer (a publisher) offers sponsored access to their real-time incident mapping service Tatorte, part of German newspaper Bild. SatoshiPay’s platform takes care of instant payment processing between users and Axel Springer, with spikes of several thousand payments per hour during peak periods.”
Sergei Evdokimov, Senior Digital Solutions Architect at Axel Springer, claims that they’ve seen steady demand from their users for instant access to their Tatorte web service through SatoshiPay’s payment platform.
Evdokimov added that for them, as a publisher, experiencing the ability of blockchain or distributed ledger tech (DLT) to help process real-time payments (under pre-programmed conditions) gives them important insights into this new emerging standard for international transactions.
Börsenmedien’s German retail investor magazine Der Aktionär releases premium content to subscribers. Visitors to Der Aktionär’s online site that like to read premium articles instead of signing up for a subscription with recurring payments, are now able to do so through SatoshiPay. Der Aktionär’s paywall page displays the SatoshiPay button that lets people make a payment and then begin reading with simply one click. The premium article is displayed to the reader “within seconds and without page reload.”
The Satoshi Pay team notes:
“Integrating SatoshiPay’s instant payments creates a win-win for publisher and user: Publishers receive an additional tool for monetizing web traffic, potentially expanding their subscriber base and users can conveniently try out the premium experience by making micropayments.”
The Stellar Development Foundation (SDF) has reportedly been supporting SatoshiPay’s content partners via free credits for platform users, which are offered in Stellar Lumens (XLM), the native digital currency of the Stellar blockchain network.
The SatoshiPay team states in their blog post:
“Not only does this allow an easy start for users, but it generates initial micropayment revenues for publishers and demonstrates one of the major advantages of the decentralized Stellar network: near-instant and extremely low-cost payments — settled within 5 seconds for a fraction of a cent in transaction costs.”
Purchase orders, via SatoshiPay, for publishing content reportedly come from nearly all countries within the EU and also from other jurisdictions. The payments processing platform is available to users “independent” of their country of origin.
The SatoshiPay team claims:
“Payments arrived at the publishers’ accounts within seconds, with fees and affiliate share already deducted. VAT is redirected to separate blockchain accounts at the same time. As blockchain natives, we take these sort of real-time split payments almost for granted, but for publishers this removes a large accounting and manual payment processing burden.”
(Note: for more details about SatoshiPay’s future plans and other info, check here.)