We are witnessing a sea-change in the development and application of blockchain technology that is empowering individuals and businesses, giving them more choices and lowering costs. At the forefront of this trend of OTPPay — the Omni Token for Payments Platform — that will serve as a cryptocurrency wallet and hub for essential financial services that includes loans.
We are at the dawn of an era of disintermediation, when ordinary people and businesses will be able to transact without the need for trusted third-parties such as banks, brokers, and payment processors that raise the costs of transactions. With blockchain technology, and specifically the smart contracts that protocols such as Ethereum enable, users can execute agreements once the requirements are fulfilled by two parties to a contract with self-executing code that is immutably registered on a global ledger. The security of blockchain technology brings peace of mind to users.
The OTPPay platform along with its native token, OTP, will run on top of the Ethereum blockchain, known for its security and growing adoption globally. OTP tokens will be required to use the the platform and will easily be convertible to popular cryptocurrencies and tokens that also can be stored in the OTPPay wallet. Users will have access to a mobile app that will allow them to transact with QR codes and NFC (near-field communication) stickers that will automatically settle and be viewed in their accounts. Debit cards will be available for users who prefer them. OTPPay will also offer loans and dynamic credit scores based on the transaction histories of customers.
In contrast to the one to five percent fees charged by payment processors, OTPPay will only charge .5 percent to develop and market the platform. The lower costs of transactions will benefit businesses, incentivizing them to pass on the cost savings to consumers to build their relationships with them. Using OTPPay, merchants will be able to launch loyalty programs with customers to encourage repeat business, offering discounts that otherwise would be unavailable due to the high fees of traditional payment processors.
The pre-ICO for OTPPay began March 5 and will last until April 3, 2018. The ICO will begin April 4 and last until June 2. During the pre-ICO, participants can buy 16,000 OTP tokens for one ETH, and during the ICO can buy them for 8,000 for one ETH. The sooner they are bought, the better is the deal. Investors should do their own due diligence and decide for themselves if this promising project is right for them.
*I am receiving OTP tokens for the growth of the community.
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