Xpayra’s Milestone in Cryptocurrency Payments
In a significant milestone for cryptocurrency payments, Xpayra has completed the initial phase of constructing its core system within the innovative PayFi architecture. This foundational work features essential components such as a transaction settlement engine, a smart minting module, and a compliance governance template. The company has now progressed into the phase of testing its capabilities under high concurrency across multiple blockchain networks.
Key Features and Benefits
Kevin Patel, the Chief Technology Officer at Xpayra, noted that the platform has successfully integrated mechanisms for on-chain wallet management and identity verification. This allows users to conduct payment and collection activities without needing traditional bank accounts, with transactions settled in real-time on a T+0 basis.
A standout benefit of Xpayra’s system is its ability to significantly reduce costs associated with cross-border remittances. While traditional financial services often charge intermediary fees ranging from 3% to 5%, Xpayra’s model only requires payment of on-chain gas and matching fees, making it a more cost-effective solution.
The technology supports a variety of popular stablecoins while boasting automatic currency exchange and compliance functions. Moreover, every transaction is recorded on the blockchain, which greatly improves data transparency and ensures information symmetry between users.
Target Audience and Applications
Xpayra’s system caters to both businesses and individual customers. For small to medium-sized cross-border e-commerce enterprises, it offers streamlined settlement capabilities that mitigate exchange risks while enhancing the efficiency of capital repatriation. On the individual side, the platform enables quick salary payments and freelance income settlements, wherein funds can be accessed almost instantly through the on-chain system—substantially lowering barriers to access and reducing reliance on intermediaries.
In addition to these digital services, Xpayra is also working on enhancing its offline merchant network to further integrate digital asset applications into everyday retail experiences.
