Problem Statement

Loss of Self-Custody

A fundamental appeal of cryptocurrencies is the empowerment they offer individuals to have full custody of their assets, a stark departure from the traditional banking systems. Yet, the current crypto payment gateways often compel users and merchants to forfeit this control. To accept crypto payments, businesses face a dilemma: entrust their funds to third-party payment processors or bear the technical and financial burdens of running a full node for each cryptocurrency they wish to accept. Both scenarios are far from ideal, either compromising the security and control over funds or imposing significant operational challenges.

Absence of Decentralized Installment Payments:

Despite the decentralized nature of cryptocurrencies, there remains a glaring absence of truly decentralized platforms that facilitate transactions in a way that aligns with the core principles of blockchain technology. Current solutions are often centralized, negating the benefits of decentralization such as enhanced security, reduced points of failure, and avoidance of censorship.

Market Volatility and Risk

The high volatility of cryptocurrency prices poses a considerable challenge for merchants and consumers alike. For merchants, accepting crypto payments can lead to significant financial risk, as the value of the received cryptocurrency can drastically fluctuate within short periods. This volatility discourages widespread adoption among businesses concerned about their bottom line.

Scalability Issues

Many crypto payment solutions struggle with scalability, leading to delays and limited support of cryptocurrencies. This lack of reliability and efficiency is a deterrent for businesses and consumers who expect the same level of performance they receive from traditional electronic payment systems.

Lack of Hardware for Point of Sale (POS) Transactions

The acceptance of cryptocurrency should not be limited to online payments. However, there is a lack of secure, easy-to-use, and manageable POS devices for accepting crypto payments in a non-custodial manner.

Compromised Anonymity and Privacy

Limited POS Solutions and Privacy Concerns The cryptocurrency ecosystem severely lacks secure and user-friendly point-of-sale (POS) systems for in-person transactions, limiting crypto payments to online platforms. Additionally, privacy and anonymity, which are among the foundational ideals of cryptocurrencies, are often compromised in current payment solutions that require extensive personal and financial information for transactions.

Each of these issues contributes to the larger problem – the underutilization of cryptocurrencies as a medium of exchange. Paymento aims to address these challenges, driving wider adoption of cryptocurrencies in daily commerce and bringing us one step closer to realizing the original vision of cryptocurrencies as decentralized digital cash.