Despite the fact that cryptocurrencies are becoming more and more part of our daily routine, spending them and using them for usual payments is still quite challenging. There are a few companies and even fewer retailers that allow cryptocurrency payments. Luckily, a startup is about to change all that as Base pay aims to make Ethereum payments available in over 11 million locations and even add Ethereum as an option for Apple Pay.
Huge Leap for Ethereum
The announcement Base pay made took everyone by surprise, especially those directly interested in cryptocurrencies payment and trading. The fact that paying with Ethereum can become a lot more accessible thanks to the Basepay app is not that shocking, but the high volume of retailers and the addition to Apple Pay is. With over 11 million retailers being announced in this first phase of Basepay development, this represents a big step for Ethereum. If you want to speak strictly about online payments, then the total support climbs to 400 million retailers, including betting and gambling places such as 24Pokies online casino, and that means a lot for Ethereum and the cryptocurrency industry as well.
The app is planned to become available for users in the fourth quarter of 2018 and, at first, it will be available for Android users. The reason for these differences between Operating System comes from the fact that, even though the app is aimed to link with Apple Pay, the Californian company usually takes its time when it comes to approving new apps, especially if those apps have anything to do with cryptocurrencies. Also, at least in the first months after the launch, the application availability will depend on location as well since regulations in individual countries do not allow the developers to promote the app worldwide.
Most people think that the challenge of making such an app available to the entire globe comes from technical and technological challenges. However, the regulatory impact is the one most felt in these situations. As it was already proven in numerous debates, not all jurisdictions are pro-cryptocurrency and payments using this method. Out of the most prominent countries to express their concerns regarding cryptocurrency payment and development in its whole, China and India’s position is the most surprising. Besides this, for the moment there’s no cryptocurrency regulation in place and applications such as the one proposed by Basepay can lead to the process of speeding up the need for specific guidelines. Once this happens the future of cryptocurrency, and especially Ethereum, can indeed be bright.
A Mix of Enthusiasm and Awareness
It’s natural that such news brings enthusiasm for any cryptocurrency fan out there and the team of Basepay as well, however, the launch of such app is only the beginning of the battle. Especially applied for the United States, seeking finance transmitter licenses might be a difficult task as they will have to do it individually for each state. Even with the world-class compliance expert they have on their team, Basepay expects progress to be quite slow at first.
Naturally, the Ethereum community is really excited about this new project but, at the same time, a certain level of awareness must be kept especially after the LitePay situation that took place not too long ago. And the scrutiny around such a project can be very healthy, at least until the service proves to be viable and trustworthy.
If everything about Basepay goes according to plan, the future of this project will see the inclusion of more cryptocurrencies as well as the launch of an API to make integration with different retailer websites even smoother.
Nobody can really predict what will happen with this project and if they’ll manage to overcome the difficulties that naturally appear when having such ambitious plans. So, the only thing to be done is wait and see if this is going to become the first large-scale crypto-payment app that is going to change the landscape of cryptocurrencies for good.