Pay with your BChat Messenger, Pay As You Chat

Unlike fiat, there is no physical cash in crypto. The world is moving towards a digital future where cashless payments are made everyday. Prolonged pandemics like the COVID-19 have also made contactless payments a necessity.

People use credit cards, debit cards, and instant payment applications to pay for everything from travel, food, booking hotels, and shopping online/offline etc.

Crypto Payments, the New Buzz

Crypto has only accelerated this trend with middlemen-free, near-instantaneous, cross-border payments. With crypto, you also pay only a fraction of the fees when compared to digital fiat payments.

Crypto payments are becoming popular as several retail stores, businesses, and even educational institutions begin to accept cryptocurrency. A few examples include Microsoft, Starbucks, Tesla, McDonalds, KFC Canada, Bentley University etc.

Here’s a report by Deloitte which states that over 75% of the retailers surveyed said they’d accept cryptocurrency within the next 2 years.

Businesses today want to connect with their customers instantly via messaging apps. It’s also easy and convenient for users to converse with the person or the business they’re transacting with. However, this exposes the users’ personal data.

Web3 communication & payments with BChat

Communication on instant messengers happens in real-time and paves way for millions of people to get in touch with their loved ones. To use Web2 messengers, users need to submit their name, phone number, or email address.

But this caveat once again results in user data being mishandled and even sold.

Right to privacy is really important. You pull that brick out and another and pretty soon the house falls.

-Tim Cook

So how do we solve this problem?

Don’t collect any more data than what is strictly necessary to provide the service.

To prevent usage of user data, we must curtail the application’s dependency on it. Fortunately, blockchains applications provide a way to assign decentralized identities to people, removing the need for Web2 authentication mechanisms like emails and associated passwords.

Enter BChat

BChat is a private messenger that helps you connect with your friends privately.

The BChat Web3 Messenger does not collect any of your personal information because it doesn’t need them! It secures your messages by onion routing them over a decentralized network.

Send Messages & Crypto

But even with a secure communications channel, everyone today needs a user-friendly, censorship-free, secure payment service. The Beldex decentralized wallet serves this purpose. Thus, BChat combines these two services and makes it easier for users to pay as they chat.

BChat has an integrated wallet and a pay as you chat feature (currently a WIP). With the ‘pay as you chat’ feature, you can send and receive BDX just as you converse with your friends.

Blockchains facilitate the transfer of both messages and value. BChat, built over the Beldex chain, acts as a decentralized messenger and a wallet service, adding anonymity to both your messages and transactions.

Privacy in A Decentralized Payments App

There was once a time when you couldn’t step out without paper money. Now, the times have changed. Cashless and contactless payments are the norm.

People swipe their cards or scan with their mobile phones to make payments. It’s so much easier than having to carry wads of cash. It’s also easy to verify and authenticate the receipt of payment. No more counting!

Though there are many advantages, when it comes to the user’s financial privacy, these payment methods are lagging.

Here are a few examples that illustrate why Web2 payment methods get a low score on privacy.

Connected to the Banks

To use centralized payment applications, you’d need to connect them to your bank account.

To do this, you’d either connect your mobile phone number or email address registered to your bank account to the payments app.

You can connect multiple bank accounts to this application. With your authorization, the payments app can make transactions on your behalf. While all this sounds progressive, remember,

You’re sharing your bank account details with a third party payments / settlement vendor.
Your transaction history is logged both by the third party app and your bank, which equates to zero financial privacy.

Solution: The Web3 messaging app BChat has an integrated wallet. The app directly connects to the Beldex decentralized network. Thus, communications and transactions on BChat are peer-to-peer.

Users send and receive BDX peer-to-peer with the BChat Web3 messenger.

Only the user can access their transaction history. (Good riddance to third parties and even more third parties!)

Each transaction has a unique hash value associated with it. You can verify your transaction with the help of this transaction hash on the Beldex explorer.

To access BChat on any device, you only need a Recovery Seed.

You can sign in using an existing seed phrase or create a new one.

So you can finally say adios to your phone number, email address, and bank account. BChat is a simple and easy way to transfer messages and money without losing your privacy.

Delayed or Failed Transactions

Transactions fail.. for many reasons. The sender or receiver’s bank servers may be experiencing a downtime.

A bank’s employee will constantly verify each transaction that happens among its users, paving the way for further centralization and censorship.

Cross-border transactions

Furthermore, cross-border transactions are a nightmare. Imagine you need to send $500 to your friend living in Malaysia due to an emergency. The time it takes for your bank to contact all the intermediaries and process the transaction is 3 to 5 days on an average. Each of these intermediaries charge a fee. Thus, cross border transactions usually charge a hefty fee.

If a payment’s provider or correspondent bank’s server is down, then your payment will be further delayed.

Solution: The BChat wallet connects to an always live decentralized network, thus there is virtually no downtime.

You can make the payments in near real-time for a negligible fee. Your transaction will take a few minutes to be confirmed. Once your transaction is confirmed, you can use its corresponding hash to verify the transaction on the Beldex explorer.

If there is a delay, then when the next block synchronizes, your transaction will be confirmed in a few minutes.

They Can See Your Transaction History

Your transactions will be stored on both the payment app as well as the bank’s servers.

Both the centralized parties can view your transaction details like to whom you sent it to (the receiver), when it was sent (the timestamp), where it was sent from (your geolocation), how much was sent (the amount), your current account balance and the device that was used to access the app.

GooglePay stated that they will collect user details like phone number, location, IP address, bank details, metadata, etc. and if required, they will share this information with third parties.

Solution: Users need a censorship-free application to make payments which means that only the user can see their financial information.

Bchat, being a private messaging app with an integrated wallet, doesn’t need your IP address, location or metadata. Only the sender and receiver will know the BDX has been sent and received.

Limits on Payment

There are limitations to transactions on a Web2 payments app. For example, the amount and number of transactions that can be made on GooglePay.

GPay states that “in a rolling 7-day period, you can only make 30 withdrawals.”

Micropayments have become a part of our everyday lives so much so that it’s unthinkable to have limiters on them.

Besides, not all micropayment applications support cross-border transactions and the ones that do have higher currency conversion charges and service taxes.

This fee isn’t fixed and will change based on the amount transferred, your bank and the payment services they’re tied to.

Solution: There are no limitations on the BChat decentralized wallet.

Since your BChat ID and Wallet ID are mapped together, you can pay someone without switching to the Beldex wallet app (PlayStore, AppStore).

You can transfer any amount any time to anyone from anywhere in the world. Now that’s truly powerful! You can make these payments on the go as you chat with them using the ‘pay as you chat’ feature.

Cross-border payments become so much easier with BChat. A flat fee of 0.003 BDX is charged when you transfer BDX using Flash instant transactions. That means you don’t pay even a penny. And it is the same for all transactions, whether you transfer 10 BDX or 10 Million BDX.

Later on, Beldex Name Service (BNS) domains (still a WIP) can be mapped to your BChat ID and wallet so you can send and receive messages as well as BDX using your BNS domain name.

Final thoughts

The decentralized Beldex wallet in BChat reassures your privacy and provides you near real-time settlement in transactions. If you are thinking about a secure payment option, then choose BChat Web3 messenger today.

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