@Pay, the first Buy Now Pay Later (BNPL) platform to integrate blockchain technology and cryptocurrency has just announced the commencement of development on their API, which will allow other providers of BNPL products to introduce the benefits of blockchain technology and smart contract frameworks to their customers while rewarding them with cryptocurrency governance tokens.
The platform has announced the start of their API development, which will help facilitate potential partnerships, whereby partners will be able to reward their customers upon the completion of repayments. This development allows @Pay to immediately access the multi-billion dollar BNPL market.
@Pay believes this incentivized offering engages the demographics that are taking up BNPL services. Furthermore, these BNPL platforms will also earn rewards for partnering together, the same way customers receive rewards for paying off their loans.
Adam Mazzaferro, Founder of @Pay says: “The appeal of BNPL is growing rapidly across the World and @Pay is at the forefront by integrating blockchain technology and cryptocurrency with the more traditional forms of BNPL. @Pay has built the future of the BNPL space and we are excited to be taking the next step of offering aspects of our platform to the more traditional forms of BNPL so they are able to benefit from our cost structures as a DeFi platform, but more importantly, their customers and merchants are able to benefit from the @Pay rewards system.”
Mr. Mazzaferro is excited by @Pay’s latest development and believes @Pay’s offering will be attractive to existing BNPL providers because “by teaming up with @Pay the more traditional forms of BNPL platforms will be able to become more cutting edge and fly into the DeFi space whilst providing services that will make them even more appealing to their traditional customer base.”
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In terms of partnership agreements with @Pay, any BNPL platform that agrees to engage and utilize the API will expect a commission split arrangement that will be negotiated on an individual basis with partners as part of the transaction processing and user rewards program allocations.
Similar BNPL platforms that engage with @Pay’s API will also benefit from the cost structures and processing costs associated with DeFi platforms whilst maintaining their existing relationships with merchants and shoppers. The API itself has been carefully designed by developers at @Pay for a seamless integration onto partner platforms and is expected to be ready for trial in March of 2022.
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