8pay is a payment protocol, built on the Binance Smart Chain, designed to enable genuine cryptocurrency-based recurring payments without introducing additional friction. Its permissionless design, powered by automated smart contracts, gives crypto assets added functionality.
Cryptocurrency transactions, recorded on a public ledger, provide instant auditability, avoiding the possibility of dispute between buyer and seller. As a result, there is no requirement for a third party to arbitrate on whether a crypto payment has been sent and received – the blockchain reveals everything. Moreover, cryptos provide instant settlement compared to wire transfer, and do not require clearing houses, further reducing friction.
Single, recurring and on-demand payments are all facilitated via the 8pay protocol, making cryptocurrencies suitable for everyday use.
To allow for simple, quick and user-friendly interactions, the complexity brought by the blockchain is abstracted into simplified APIs, libraries and graphical user interfaces.