KEY POINTS
- The integration allows Paybis to tap into the vast user base of Revolut Pay and SWIFT
- Innokenty Isers noted the 'tremendous' progress in on/off-ramp solutions, particularly in streamlining verification
- Isers said growing interest in DeFi will be a catalyst growth in crypto and blockchain in the next decade
Cryptocurrencies are becoming a norm in the new digital economy, and while various solutions have emerged to provide people with a more seamless experience, challenges remain, especially in smooth conversions between fiat and digital assets.
White-label on/off-ramp solution and leading crypto exchange Paybis enters the picture with a solution to address conversion issues. It allows businesses to offer crypto services to their clients minus the often complex processes that go with conversion.
Paybis recently integrated with payment providers Revolut Pay and SWIFT, marking a significant milestone in the exchange's mission of driving crypto adoption through its solutions.
In an exclusive with International Business Times, Paybis CEO and co-founder Innokenty Isers talked about how the integration will help businesses and consumers with their crypto-related transactions, and how he sees the future of crypto in business.
Seamless Cross-Border Transactions with Revolut Pay, SWIFT Integration
Paybis' integration with Revolut Pay and SWIFT comes as more people explore crypto use. Isers sees the integration as a way to provide businesses and individuals with better transaction experiences.
SWIFT offers support for more than 20 currencies, covering personal accounts and opens up significant opportunities for Paybis corporate clients and on/off ramp partners to have seamless cross-border transactions, Isers said.
From steadfast operational excellence to uplifting the end-customer experience, enabling global interoperability and strengthening collaboration, Swift’s Thierry Chilosi looks at the key priorities driving our strategy for an instant and frictionless future.
— Swift (@swiftcommunity) July 2, 2024
👉… pic.twitter.com/NQG6RPt3Ku
With Revolut Pay, which supports over 25 currencies, user experience is enhanced through a one-click payment functionality. The payment service currently has more than 45 million users globally, and Isers said Revolut's massive user base will allow Paybis to cater to a larger audience.
Our 2023 Annual Report is here!
— Revolut (@RevolutApp) July 8, 2024
Thanks to the trust of our customers, we hit new heights — from record revenue and net profit, to new products, services, and more 👇
Check out more details, plus a host of other highlights, here:https://t.co/IzfI3gLgtV pic.twitter.com/mOykmsVA1k
The offerings of SWIFT and Revolut Pay "perfectly aligns with our vision of making crypto buying and selling as simple and hassle-free as possible, no matter where you live," Isers said.
The Evolution of On/Off-Ramp Services
On-ramp and off-ramp solutions have largely evolved in recent years to provide better user experiences. Traditional on-ramps involve manual uploads and other complex processes that result in delays and transaction inconsistencies, but the entry of blockchain ultimately brought in a revolution.
For Isers, one of the major shifts in the segment is "tremendous" progress in automation and streamlining verification processes, especially with frictionless KYC (Know Your Customer) flows.
"We're now seeing on-ramp/off-ramp solutions heavily leaning towards real-time KYC, so the wait time for converting crypto and fiat is minimal. This has been pivotal for smaller transactions, where users can now seamlessly purchase crypto with next to no delay," he said.
Another transformative change is the introduction of single sign-on (SSO), which allows users to log in once and access multiple services without repeated verifications, a challenge in the broader payments industry that some traditional providers have yet to resolve.
Paybis has integrated the SSO functionality to make the process smoother for users, especially for those who conduct transactions across different platforms. The platform also has high-approval-rate widgets that enable faster and secure transaction approvals, drastically reducing drop-off rates. The feature has paved the way for businesses to integrate crypto payments without complex technical setups.
The Role Paybis is Playing in the Evolving Finance Landscape
With demand for cryptocurrencies continuously rising, there has also been a dramatic shift in user groups, Isers noted. "The landscape has dramatically expanded beyond individual crypto enthusiasts to include mainstream businesses and institutions," he said.
Businesses are now increasingly using on/off-ramp solutions to integrate crypto payments into their operations. Paybis supported the trend by making its services available across more than 190 countries and in 48 U.S. states.
🏖 While some teams take it easy during the summer months, Paybis has been hard at work making major moves with our On/Off-Ramp.
— Paybis.com (@paybis) August 8, 2024
👉 In case you missed it, we've launched major partnerships, upgrades, and integrations, including @RevolutApp's Revolut Pay and Swift payments.
👉… pic.twitter.com/L4RJphRh0n
The on-ramp and off-ramp solution supports 80 fiat currencies and more than 70 payment methods, including credit and debit cards, bank transfers, and e-wallets such as Skrill and Neteller. It also provides tailored payment solutions for businesses so they can enhance their conversion rates.
Paybis stands out with its localized payment options, such as its PromptPay in Thailand and over 40 other regional methods. These payment options enable companies to operate efficiently across diverse markets and limit geographical or regulatory barriers, while also enhancing transaction approval rates.
The Future of Crypto in the Business Realm
Isers sees a bright future for the crypto industry, specifically in its continuing adoption among businesses. Paybis is playing a key role in the broader adoption of crypto in business through its offerings designed for businesses.
Its recently-launched Corporate Accounts, tailored specifically for businesses, simplify what were once traditionally complex financial transactions, allowing business to manage their cross-border and crypto operations.
🚀 Major News from Paybis! 🚀
— Paybis.com (@paybis) August 1, 2024
We’re thrilled to announce the launch of Paybis Corporate Accounts, enabling any business to embrace crypto and simplify financial processes:
What's in it?
🔹 Our Corporate Accounts offer a simple, secure, and hassle-free crypto wallet for your… pic.twitter.com/dgkKbqUuer
Paybis' Corporate Accounts were designed to meet specific business needs to help them integrate crypto into their operations seamlessly and securely, including with payments, payroll management, or handling cross-border transactions.
Isers also sees a significant expansion in crypto users and transaction volumes. "This trend aligns with global economic changes, such as the increasing shift towards decentralized finance (DeFi) and growing demand for digital assets in areas like remittances, investments, and even supply chain management," he said.
"We're confident that these changes will drive significant growth in the next decade. Our focus is on remaining at the forefront of this growth and expanding our services to meet the changing needs of businesses and individuals alike," he added.
He acknowledged that crypto adoption is still in the early stages. On the other hand, he said Paybis sees huge potential for growth as more industries recognize the efficiency and security that blockchain has to offer.
