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Building a new payment standard on the Bitcoin SV blockchain

Centi is looking to fundamentally change the payments landscape by removing the pain points of the traditional finance industry through the power of the BSV Blockchain.

Centi is looking to fundamentally change the payments landscape by removing the pain points of the traditional finance industry through the power of the Bitcoin SV blockchain.

We spoke to Bernhard Müller, General Manager of Centi, about the new payment standard they have developed, the introduction of a new app, and how the company is working to make payments as seamless as possible. 

A new payment standard for seamless Bitcoin transactions

Centi has developed the Direct Payment Protocol (DPP) with the Bitcoin SV Technical Standards Committee, that can be used for digital cash, tokens, and stablecoins. This standard will play a significant part in the group’s modern, faster, cheaper, and user-friendly payment capabilities which benefit consumers and merchants alike.

Müller said the new payment standard was built on its existing system, allowing for transactions to be exchanged directly between peers. ‘The new direct payment protocol adds to this by introducing more features, more flexibility and enlarges the standard for more token payments and even certain payments which combine certain options like tokens, BSV, vouchers and so on.

‘The merchant can offer a discreet number of options around how a payment can be settled. The wallet can then show to the consumer the ways this can be done, with the list shortened to what the consumer actually has available on their wallet.’ 

Centi’s new app 

Müller said Centi is also beta testing a new app which will include additional features such as the activation of tokens. This will allow users to store vouchers, coupons and tickets and redeem them with the necessary party, he said. 

He added that the group was also working on a new feature to make payments as seamless as possible. 

‘One very important feature for us as a payment service is that payments for the consumer are very seamless and basically without pain. What we are currently doing is that when a Centi invoice link is found somewhere on the Internet, and you click it, then the app opens directly. Once you get paid you then get immediately redirected back to where you came from. 

‘Every single click, every user distraction or confusion, we want to reduce to an absolute minimum and make this payment experience as seamless as possible.’ 

Centi use cases

Müller said the use cases for the app are currently multi-fold, with the group still targeting traditional retail and e-commerce sales. He added that the goal is to still be seen as a payment option alongside other platforms, while also serving underserved markets such as micropayments.

‘We push here very actively into the media space where we want to integrate our widgets on existing paywalls so they can be paid away directly without subscriptions. The second industry we are currently actively developing is the events industry. 

‘The events industry is traditionally underserved with payments, especially with small and mid-size events, because it’s actually quite hard to rent payment hardware for card acceptance for just two or three days.’

Müller added that Centi is very valuable for closed and semi-closed payment situations such as resorts, trade fairs, and events where people want to save money and don’t want to lease new hardware.

Looking forward for Centi

Centi is now looking at several partnership opportunities going forward, with the group in discussions with both ticketing and marketing companies to offer a single ‘one-stop-shop’ for events. 

Müller also cited a recent partnership with HandCash, with Centi developing a ‘handshake’ for BitcoinSV or token payment based on a pre-existing QR code for other payment schemes. 

‘Basically it means that every point-of-sale terminal that already uses a QR code can integrate Centi without needing to change anything on the frontend or in the payment hardware. We can make the handshake based on what is already existing and send the ‘it’s paid flag’ to the provider.’

Müller said that the new mobile app will launch within the coming months, including top-ups through Paypal, bank payments and cards. The group also plans to hold its first event, launch its merchant portal, and begin onboarding its first media partners. 

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