Payments and transfers is the reason cryptocurrencies were invented in the first place, so it is no wonder that there are a lot of ICOs out there specialising in this area. Today we are going to look at Payportal, which is an established company in India about to launch their new blockchain-based platform. This review will have a look at what exactly Payportal is, how it works, and who is behind it.
What is Payportal?
Currently, the company behind Payportal has a platform that allows consumers to process financial transactions between them and service providers online. The service providers can be from any sector, including banks, TV operators, mobile phone providers, utility companies, gym memberships, and so on. The idea behind it is to make life easier for everyone involved, by simplifying the process of paying for services. The idea behind the ICO is to utilise blockchain technology to make this process even easier, safer, faster, and ultimately more efficient. Many consumers are currently wasting a lot of time and energy on going to bank branches, government offices, service stations and other locations to pay their bills. Not only does it take time to travel there, but it also takes time to wait in line to be served. When people do get served, the customer service is not always professional, and human error occurs too frequently. This all results in a bad experience, and Payportal offers a solution to that problem.
How does it work?
Users of Payportal will have a digital wallet, which they can link to their mobile phone number. The wallet can then be accessed through an app on the phone, and the users can pay for their services using the wallet. Because payments and transfers are vulnerable to hackers, the team behind Payportal wants to utilise the blockchain to decentralise the operations and the users’ data. The platform will use PPTL tokens as the native currency, which will be converted from rupees for the purposes of the transaction, and then back to rupees once the transaction is finalised. The platform will also make use of smart contracts, which will enable simple agreements between service providers and their customers. Once the services have been provided, or the goods delivered, the customers is charged and the transaction is completed.
Is it credible?
For many people considering investing in a given ICO, one of the main concerns is always if the project will deliver as promised. Many ICOs make big promises, but does not always succeed in what they set out to do. This is where Payportal is different. Unlike many other ICOs, the company has already been in business since 2011, and is already serving customers in India. The team, which has been working in the payment services sector since 1996, currently counts 21 people. They are working with 80 distributors and over 2300 retailers across India. Last year alone, the company processed transactions worth 500 million rupees. The 2017 figures indicate that Payportal has grown 45% since 2016. This kind of credibility makes the ICO a much safer bet than most other projects of its kind.
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