ICO Review: Paygine

Paygine is an open financial blockchain platform designed to operate within the Fintech and Crypto business. They view areas of need including money remittance, cryptocurrency exchange, and payment for “real” goods and services.

Initially based upon a successful processing center called Best2Pay, which boasts over $115 million worth of transactions per month, as well as over 2 million total transactions per month. Founded in 2012, the firm has over 1.5 million customers, which they’ll use Best2Pay for implementing unique features of business processes, infrastructure, and client’s target audience.

The primary areas Paygine looks to serve include:

1. Transferring cryptocurrency to/from a bank card.
2. Paying shops and stores using a card in crypto.
3. Accepting crypto as payment for goods and services at online stores.
4. Carrying out cross-border transfers of fiat currencies using cryptocurrency with minimal costs.
5. Maintaining wallets in both fiat currencies and cryptocurrencies with the ability to conveniently and quickly convert funds between them.

As Paygine is looking to standardize the relationship between crypto and fiat, they’re aiming to raise a hard cap of $30,000,000. Here’s what we think of their whitepaper:

Their History

Paygine was founded by members of Pay Engine Limited, which is a payment processing company based out of the UK. In 2014, they launched Best2Pay and Best2Transfer, which boasts an impressive resume, including:

• Having a developed platform
• Integrating with major card issuers Visa and MasterCard
• Integration with a large retail bank
• Portfolio of serviced loans over $18 billion
• Launch of Peer-to-Peer platform

This is perhaps one of the more impressive features of Paygine/Best2Pay is that they already have built out a lot of the foundational elements needed for a blockchain project in this sector to succeed, including working with major institutions, handling regulatory hurdles, and acquiring major customers.

Furthermore, some highlights of Best2Pay include:

• Being able to accept payments in one day.
• PCI/DSS security compliant.
• Servers are located in data-centers of different countries.
• Reduce cost of interchange by 42.8 percent.

The goal is to convert Best2Pay’s technology into Paygine, integrating new crypto solutions.

Problems Paygine Sees In The Crypto Market

An important mission of Paygine is to integrate banks with crypto solutions. The limitations Paygine currently sees with banks is that they:

1. Their refusal to open accounts
2. Restrict and limit transactions
3. Block operating accounts

Banks do this to tighten up on anti-money laundering and tax evasion, which Paygine views them being over the top in denying access. To combat this, Paygine wants to implement strict compliance with AML/CFT requirements. However, they note that instead of building from what’s already existing in traditional banking software, they’d rather build out a new solution without detaching from the existing Fintech and Crypto markets.

Paygine aims to buy two banks in jurisdictions that are comfortable with cryptocurrencies: one in the Caribbean and another in Europe (most likely Switzerland, they note). This will be the financial foundation to enable them to work as a full-fledged service around the globe.

Furthermore, current barriers to banking Paygine views include:

1. A possibility of governmental and oligarch influence.
2. Difficulties of companies and entrepreneurs in different countries and regions to reach settlements.
3. Slow speed of transaction processing.
4. Inflation
5. Lack of transparency
6. A higher cost of services compared to cryptocurrencies

Basic Foundation

As Paygine already has a platform already built, they’re primarily looking at this as taking the next step with crypto. Their biggest focus from here is with their API because while they want people to have access via physical cards, crypto-wallets, or electronic wallets, they’re more interested in working with these under white label servicing. Paygine views the benefits of white labeling their API out to include:

1. The quicker launch of new products.
2. Lower costs of implementation and maintenance of financial services.
3. The ability to provide end-users with payment instruments with their branding.
4. The ability to focus on the core business without diverting resources to ensure compliance with regulatory bodies.

Potential Clients

Paygine views their potential client base as:

1. Peer-to-Peer aggregators
2. Services that create e-wallets and crypto-wallets
3. Internet shops
4. Exchanges and trading platforms
5. Fintech companies
6. Insurance companies

Products Available after ICO

After the ICO, Paygine, aims to have:

1. Internet acquiring/e-invoicing, and other payment services
2. International and domestic card to card money transfers
3. International card payment
4. Peer-to-Peer service for private industry
5. Maintenance of private individuals accounts
6. KYC procedures
7. Card issuance
8. E-wallet
9. Money transfer
10. Deposit and withdraw between accounts, wallets, and card using fiat money/crypto
11. Crypto trading

Overall, their list of products goes on for quite a bit, which you can check out more in their whitepaper above on the specifics.

Our Thoughts

Paygine seems to be a pretty safe bet. As they already have an infrastructure in place that addresses many of the hurdles facing early-stage FinTech companies, it’s not unrealistic to say that they could scale quickly. With a talented team and well-thought-out white paper, they know a fair amount about the industry and where exactly their company fits in. Take a chance on them if you’re looking for a relatively secure ICO.