The peer-to-peer payment network Dash has found its way into Paycent, a mobile payment application operated by Texcent Asia. This integration makes Dash accessible to the app's individual users and gr
The peer-to-peer payment network Dash has found its way into Paycent, a mobile payment application operated by Texcent Asia. This integration makes Dash accessible to the app's individual users and grants them access to Paycent's merchant network spanning 36 million establishments worldwide. The platform now permits both buying and selling of Dash tokens, with seamless conversion options across different cryptocurrencies and fiat currencies, according to an announcement made this week. Beyond basic trading functionality, the wallet incorporates Dash-to-Fiat instant liquidity, allowing local merchants to settle payments without intermediaries.
The real appeal for mainstream adoption lies in speed. Nitin Gupta, who serves as chief operating officer at Paycent, emphasized this advantage: "One of the reservations the average day person or shop owner has with utilizing cryptocurrencies is transaction settlement times. No other digital asset can compete with Dash's InstantSend transaction speed. Dash allows merchants the ability to receive payments instantly by a customer, making Dash one of the first entries into real-life consumer payments making it no different as if you were to swipe a credit or debit card." BlockCypher, a blockchain infrastructure firm, facilitated the technical implementation.
The timing aligns with broader developments in the Dash ecosystem. The project is gearing up to introduce Evolution, an upcoming platform entering its alpha testing phase. Ryan Taylor heads Dash Core, a US-incorporated entity focused on developing the peer-to-peer payment platform and Dash cryptocurrency. According to Taylor, the Evolution platform will provide "all the convenience and ease-of-use of a service like PayPal, but without sacrificing the unique benefits afforded by blockchain-enabled decentralization." He detailed this vision to MiningPool back in March.
Paycent itself operates as a comprehensive financial application, positioning itself as a worldwide standard for mobile and cashless payments. The platform caters to both individual users and merchant networks, facilitating money transfers, shopping, and bill payments across cryptocurrencies and traditional currencies. A companion debit card lets customers immediately exchange digital assets into local money. Since January 2018, the application has been available for download.
Back in February, Gupta outlined Paycent's mission: "We are bringing the financial technologies of the Fourth Industrial Revolution (Industries 4.0) to today's customers – especially the millennials who deal in both the fiat and digital currencies – and need a platform to convert them instantly without the hassles of going to an exchange and finding a buyer." The platform itself represents what the company calls "a global dual e-wallet that can be funded by digital currencies, for example, Paycentos, bitcoin, Ether, Litecoin or bitcoin cash, as well as high-liquidity and fiat currencies, within the same mobile application." According to the company, "This allows digital currency holders multiple avenues of spend, and straddles the world of fiat and digital currencies."
Texcent Asia obtained regulatory clearance from Singapore's Monetary Authority in February, securing remittance licensing. The organization's initial expansion focuses on Asia, Africa, and Australia, with intentions to extend into European, Russian, and Latin American territories subsequently.
