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Our mission is to make cryptocurrency payments a common, everyday means of transacting, by establishing an inclusive and diverse digital ecosystem.
About Pay It Now
Pay It Now, co-founded by Jitendra Maharaj and Craig Duffield, is a Christchurch-based Blockchain Innovator that specializes in providing user-friendly and cutting-edge solutions utilizing next generation Web3 technology. Established in 2021, Pay It Now has made a significant mark by developing the only AML-complaint blockchain-based digital payment system operating in New Zealand and, has quickly become one of the fastest growing Fintech companies in Australasia.
The driving force behind Pay It Now's creation was the recognition of a glaring gap in the market for a simple, affordable and secure way to transact using cryptocurrency. They observed that attempting to deal with crypto as a form of payment, often involved sluggish processes, intricate procedures, and prohibitive costs, making everyday transactions like buying a cup of coffee more of a hassle than a convenience. For businesses, the absence of infrastructure, complex cash-out processes, and the need to navigate a new realm of legislative requirements, including AML compliance, deterred them from embracing cryptocurrency. This disconnect prevented the organic mass adoption of cryptocurrency as a viable payment method.
In response to these challenges, Jit and Craig pioneered a unique “Layer 2 Blockchain” innovation known as The PIN Network. A solution that became the much-needed catalyst for change, meeting the long-standing demands of both users and businesses. This technological breakthrough enabled instantaneous transactions, significantly reduced transaction fees, facilitated the seamless integration of cryptocurrency as an additional form of payment, bridging the gap between traditional payment methods and the world of blockchain.
With the overarching mission to make "Cryptocurrency an everyday way to pay," Pay It Now's innovative product lineup encompasses an easy-to-use, feature-rich digital wallet application, blockchain data storage solution, and a next-generation digital payment platform currently embraced by over 330 merchants across New Zealand and Australia. 🎥 See our payment system in action.
Founding Story
Pay It Now (PIN) was founded on a friendship between two former aviation colleagues. When Covid struck the world in 2019, Both Craig & Jit were made redundant from large international airlines. With their shared background in cryptocurrency trading and mining, they began exploring the idea of venturing into business together. It wasn't long before they identified a crucial gap in the New Zealand market: the absence of a swift, uncomplicated, and secure cryptocurrency payment solution. This realization ignited their determination to create the essential systems and infrastructure required to facilitate the widespread adoption of cryptocurrency as an everyday form of currency.
Progress and Traction
- Pay It Now’s innovative payment system is currently used in over 330 merchant stores across New Zealand and Australia, it continues to experience growth, attracting new stores onto our platform each month.
- The PIN Network App achieved a successful launch in April 2022 and has since seen several upgrades and multiple enhancements over the past year.
- Our digital wallet has expanded to include 18 of the top digital assets in addition to traditional currencies such as NZD, AUD, and USD. This key feature combines conventional financial elements with blockchain functionality all within a single app, setting it apart as a unique point of difference
- PIN Payments provides a wide variety of payment acceptance methods, including mobile-based options, e-commerce solutions, and point-of-sale systems, accommodating businesses of all sizes, from brick-and-mortar stores to online retailers and even market stall vendors.
- Pay It Now has undergone a remarkable evolution since its inception. The PIN Network has now evolved to incorporate features such as exchange capabilities, peer-to-peer digital wallet functionalities, a fast and cost-effective means for trading digital assets, merchant payment options, and versatile multi-currency acceptance. This comprehensive solution caters to a diverse user base, accommodating both experienced cryptocurrency enthusiasts and newcomers to the industry.
Next Steps
We are focused on enhancing Pay It Now's marketing, brand recognition, and awareness of our product range. This involves exploring both traditional marketing channels and establishing partnerships within the industry. Additionally, we have plans to attend more events, including expos and industry meetups to increase visibility, community engagement and brand exposure.
With 26 merchants already accepting payments, Pay It Now is set to expand further into the Australian market. We have recently secured our ASTRAC license, enabling us to operate as an exchange, and we are currently in the process of establishing Account 2 Account banking services for our Australian user base. We plan to continue strengthening our product range, aiming to enhance the user experience even further. This includes the introduction of a PIN Visa Debit card and deeper integration with traditional banking services, such as those provided by Akahu. These steps will streamline the purchasing and top-up process and introduce a sense of familiarity into this new and emerging technology.
Challenges
- Changing mindsets and cultural norms presents a formidable challenge for the payments industry, as people tend to cling to their well-established habits. Cash and card payments have held a firm grip on the payment landscape for decades, creating a barrier especially when it involves the introduction of newer technology. Fortunately, the COVID-19 pandemic did a fantastic job introducing the majority of Kiwi’s to QR codes as we all became accustomed to scanning them before entering stores and government buildings. PIN Payments primarily operates through the use of QR codes, a system already used in countries like India and China. Luckily, this prior exposure to QR-based systems can aid New Zealand in its transition toward a fully digital payment ecosystem.
- Much like many Web3 companies, we have encountered our fair share of challenges within the banking sector. We've faced obstacles, such as being denied access to crucial services like a merchant services account. Consequently, we had to explore international alternatives and adapt our business model to continue offering the services our users demand. We were compelled to think creatively and find innovative solutions.
- Challenges within the payments industry, especially from dominant traditional payment providers, have presented difficulties in our access to vital services such as eftpos infrastructure, this is despite our best efforts to establish ourselves as reputable players in the market. This slowed down our efforts to make a swift and substantial impact within the industry. It's essential to clarify that none of these challenges can be attributed to Pay It Now; we have diligently followed the right procedures. Nevertheless, we remain committed to seeking solutions and collaborating.
How Pay it Now is reshaping the Blockchain Payments Industry
🇳🇿 A local solution for users and businesses
The lack of competition in the New Zealand market has resulted in prohibitively high fee structures, placing cryptocurrency investors and enthusiasts at a distinct disadvantage. Additionally, the absence of locally-based entities in the New Zealand cryptocurrency payment sector has presented challenges related to regulatory compliance, building brand credibility, and delivering adequate customer service support. With its Christchurch location, Pay It Now offers an excellent solution, as we grasp the unique requirements of Kiwis, possess in-depth knowledge of local laws and regulations, and boast a locally-based team.
đź’° Affordability
We understand the importance of affordability, not only for users contending with the rising cost of living but also for businesses grappling with increased operational expenses. Our payment platform provides a perfect opportunity for businesses to lower their annual payment acceptance costs, broaden their customer base, and smoothly transition to a next-generation payment system. PIN Payments is designed to be straightforward and convenient, seamlessly integrating with a business's existing payment options.
For individual users, our platform delivers reduced fees, more favorable rates, and a range of features not found on other platforms. Since the PIN Network operates as a layer 2 solution, it allows us to facilitate transactions on our network without imposing gas fees on users. This positions the PIN Network app as one of the most cost-effective digital asset applications available in today's market.
đź“Š Addressing Market Volatility
Additionally, the business community has been cautious about widespread adoption, primarily due to market volatility and the complexities associated with cashing out. However, Pay It Now resolves these issues by offering an "Instant crypto to fiat conversion" feature for merchants, and this service comes at no cost. With this feature, users can make payments in any supported currency, and the merchant receives their payment in cash, directly deposited into their bank account. This approach effectively eliminates any exposure to cryptocurrency volatility for businesses.
🌿 Sustainability
With Pay It Now's recent migration from the Binance Smart Chain (BSC) to Polygon, the platform now operates on Polygon's environmentally friendly blockchain infrastructure, powered by its energy-efficient proof-of-stake (PoS) consensus mechanism. This verification method eliminates the need for computationally intensive mining, using 99.99% less total energy consumed by the Bitcoin network and significantly less than the entire banking sector. This harmonizes seamlessly with Pay It Now’s commitment to creating and advocating for a more environmentally conscious payment ecosystem. By using our payment system, users and businesses can adopt a more sustainable approach to cryptocurrency usage.
Freedom and Flexibility
Pay It Now is dedicated to ensuring maximum freedom and adaptability for both businesses and users. This stands in contrast to existing payment solutions that tend to cater exclusively to specific user segments and limit functionality geared towards revenue generation, rather than addressing user needs. Pay It Now sets itself apart by offering comprehensive features and end-to-end support while still granting users with the flexibility to move their funds on and off the platform - a philosophy aligned with the Web3 ethos of empowering users to manage their own assets.
How to get involved and support Pay It Now on their mission
Experience our app firsthand and explore our features, get started by downloading the app: https://payitnow.io/download-app/
Want to accept crypto payments? It’s free to become a PIN Merchant, apply now: https://payitnow.io/apply/
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Co-Founder: Jitendra Maharaj
Jit is a seasoned professional with over 16 years of expertise in web development and over a decade of experience in the aviation industry. He also has a background as a founder and director with more than four years in the blockchain industry, contributing as a developer, miner, and day trader.
Co-Founder: Craig Duffield
Craig, on the other hand, brings an extensive background of over 22 years in the aviation industry. He has spent more than 5 years in the blockchain sector, focusing on investments, mining, and day trading. His track record includes directorship at two companies, showcasing his proven business acumen.