Electra, the open-source blockchain project focused on digital payments will start testing its beta testing of the financial management system this month so let’s find out more about it in the latest blockchain news.
Known as ElectraPay, the product works as a financial management system that will let the merchants adopt a crypto payment method that doesn’t require third-party service providers or banks to complete a transaction. Electra coordinator and board member Robert Bakker explained that ElectraPay is a management solution that will allow the e-commerce providers to accept the ECA cryptocurrency via a Woocommerce plugin for WordPress:
“ElectraPay is a management solution which allows a merchant to be paid in ECA directly in their ElectraPay account. After receiving payment, merchants can then withdraw to their wallet when ready.”
According to Bakker, the official launch of the new project will be announced once the pilot phase is finished. The company blog post explained that the Electra team is now seeking merchants to pilot ElectraPay. While the new product will make possible for online merchants to accept ECA, Bakker said that the product also processes payments while tracking sales, customer data and inventory. At the same time, ElectraPay still has to compete with lending crypto-payment processors such as BitPay while integrating 40 e-commerce platforms and point-of-sale systems. He explained the differences between ElectraPay and BitPay by saying:
“ElectraPay has its own global wallet where payments are merged. Merchants then decide when and how much ECA they want to withdraw (wherever they want, the wallet can be used to hold, exchange or sell). The merchant is able to decide and have full control of what to do with their earnings.”
Electra joined the global Electronic Transaction Association in March 2019 and a lot of the world’s largest merchants became a member of ETA as well including Apple, Amazon, PayPal, and Square. As major retailers such as Whole Foods and Starbucks started accepting Bitcoin as payment, more retailers will likely follow. In order to compete with the major crypto-payment processors Bakker noted that the company aims to extend ElectraPay to BigCommerce, Shopify and other e-commerce software:
“There are some exciting plans about ElectraPay extending to the mobile app payments industry, making this a one stop solution for merchants managing their online crypto payments. The project that offers a crypto-pos solution that is also compatible for ElectraPay is not announced yet. This will happen in due course.”
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Stefan has been writing articles for DCForecasts since 2016 in-house full time. As one of our main cryptocurrency writers, he focuses on covering the latest cryptocurrency news, technical charts, price analyses of coins and press releases. When he is not exploring and covering the latest topics in crypto, you can find Stefan playing basketball, tennis or cycling.
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