Request Network, a Y-Combinator startup, recently unveiled details of their upcoming payment platform that will allow for consumers to request and send cryptocurrency payments for goods, services, or transfer money.
The company said they are committed to making their fees dramatically less than bank transfers, credit cards, or services like PayPal.
According to a study performed by researchers at the University of Cambridge back in April of 2017, 3-6 million global users hold all of the estimated 6-12 million ‘active’ digital wallets for cryptocurrencies.
This has given rise to an entire economy of people who send and receive cryptocurrency to pay for goods and services because it’s fast and the fees are a fraction of what they are with banks or services.
However, currently, sending and receiving is limited to cryptocurrency wallet applications which don’t provide any insight or services beyond an anonymous wallet address and the amount that was sent or received.
Request Network will allow anyone who sends and receives money to formally manage and request payments via a web and mobile portal. Fees on Request Network will be between 0.1 – 0.005%.
Request Network acts like a formal central management hub for sending money, managing payment requests and handling formal invoices, with everything stored on an immutable blockchain ledger to allow for formal accounting and auditing.
This opens cryptocurrency invoicing and payments to be used more easily in a business setting. Request Network also works with every global currency.
The initial platform will enable requests and payments in ETH, the native currency of Ethereum, with future versions allowing payments in Bitcoin and other cryptocurrencies.
The company has plans to integrate their payment platform to allow for online payments (without storing a credit card) and eventually with IoT infrastructure to allow objects, machines & artificial intelligence automatically negotiate and pay each other.