KALYPAY: THE FUTURE OF PAYMENT

4 min readMay 19, 2022

In my last article about KalyPay I talked about the uses to which KalyPay could be put to use practically, at least as I saw it based on the features that are on the KalyPay website and whitepaper, and based on the uses to which KalyPay can be put to use I came to the conclusion that the aim of the team to increase crypto acceptance and usage is to increase the utility to which the average person can put crypto and the ease with which this can happen.

Today in this article we are going to look at how the KalyPay team mean to carry out this wonderful feat, the information I am going to give in this article is gotten from their whitepaper, and official social media pages, so I will leave those links at the end of the article for those that want to do in depth reading and research of their own.

KALYPAY

A brief recap on what KalyPay is; they are an online payment platform that wants to increase crypto acceptance around the globe, and to do this they created their own token KALYCOIN which serves as a reward system on KALYPAY, that is not all, they also want to further this goal by making the utility of crypto increase and be easier to access for more people, while also making it more profitable to merchants to accept crypto as a source of payment for their goods or services. And how do they plan to do this:

INCENTIVES INCENTIVES INCENTIVES!!!!!!!!

Okay so to get anybody to try anything new they have to be incentivised, you have to give them a reason to go outside the norm, stop doing what they have been doing for many years, and try something new, the KalyPay team understand this that is why they have come up with a series of incentives to make everyday people and merchants alike adopt KalyPays crypto platform as a means of payment and exchange.

EVERYDAY USER

So to get people to adopt crypto you have to give them what they want and what do people want, more money and less stress generally speaking, and as a reward for using the various features of the KalyPay payment platform which include transfers of both fiat and crypto assets within and without the KalyPay platform, making payments to partner merchants using crypto currency, making use of their visa cards, and for their African customers loading airtime on their mobile phones.

The uses above should be incentive enough some of you might think, but humans are mostly greedy, and the KalyPay team knows this that is why they have rewards apart from the utility,

you as a user get rewarded when you make payments in crypto
You have instant access to your assets, they can be withdrawn whenever you want
And you can spend your crypto assets directly without going through the hassle of changing them to fiat in the first place

AS A MERCHANT BE

So business people tend to be set in their ways especially if they have a system that has been working for them and they do not see any problems in it, well to shift their perspective the KalyPay team hit them where it hurts and hard, PROFIT MARGIN, the most important thing to merchants at the end of the day is how much money they make.

All they need to do as merchants is accept payment methods from the KalyPay ecosystem be it fiat or crypto and they enjoy free processing fees whether the payment s are made via crypto or fiat, and this will also increase their customer base by showing that they are not set in their ways and are able to move with trends and that they care about their customers by make access to their products easier.

PAYMENT SYSTEM AHOY

So the image above gotten from the KALYPAY WHITEPAPER describes how the Payment Platform manages its transactions user to user and user to merchant

USER TO USER: when two users want to make transfers to one another, A transmits the order which KLC credits to the wallet of B after checking the balance.
USER TO MERCHANT: when paying a merchant the transaction is transmitted to KLC, after verification of the exactitude of the data, credits the account of the merchant.

The KalyPay team have thought about it extensively and they have come up with solutions to both incentivise the users and merchants of their platform in a sustainable way while at the same time furthering their aims of wide spread crypto acceptance.

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