Rapidz introducing decentralized payment solutions into Taiwan

Mark Tsai, Taipei; Willis Ke, DIGITIMES Asia 0

Taiwan's electronic payment market is entering a new development stage, with crypto coins emerging as a new payment tool for B2B and B2C transactions, according to Paul Wei, sales director at Rapidz Technologies Taiwan, a branch of Switzerland-based provider of decentralized payment solutions.

Wei said that his company is seeking to develop multiple payment application scenarios in Taiwan for RapidzPay, a decentralized payment gateway to make payments simple, fast and hassle-free, so as to provide holders of cryptocurrency assets with more agile outlets.

Wei said that users can first download RapidzPay mobile wallet app and then register and clear the verification process to access the decentralized payment platform, which can support many cryptocurrencies including Biotcoin, Bitcoin cash, Litecoin and Rapidz, with Xem coins soon to be included.

Users can remit their digital coins traded on exchanges to Rapidz Pay wallet, and can also open new trading accounts by buying digital currencies with regular banknotes, Wei said, adding that his company has managed to build connections with many e-commerce platforms such as major online shopping platforms through application programming interfaces (APIs).

At the moment, many Taiwan-bound tourists from Southeast Asia, Japan, Korea, the US and Europe own cryptocurrencies, and therefore local merchandizers can better attract patronages from the visitors if they can accept digital coins as payment tool, thereby building diverse B2C trading ecosystems, according to Wei.

Usually, Wei disclosed, RapidzPay will collect only 1.5-2.0% of the trading value as handling fees, compared to 4% for transactions settled with credit cards.

Wei said that his company will move to cooperate with large-size channel distribution chains in Taiwan in 2019 to gradually build a sound decentralized payment ecosystem in the country.