The Pi Network Core Team is updating its payment option for Decentralized Application [DAPPs] developers. The mobile mining platform will roll out “App Wallet” soon.
Pi Network is a novel cryptocurrency and developer platform that allows mobile users to mine Pi coins without draining the device’s battery. Pi blockchain secures not only economic transactions via a mobile meritocracy system but also a full Web 3.0 experience where community developers can build decentralized applications (dApps) for millions of users.
The App Wallet feature will enable users to make in-app payments in mainnet. Pi Chain Mall’s official Twitter page on January 20th unveiled Pi Network’s plans for the innovative App Wallet integration.
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The Pi core team @PiCoreTeam is updating the payment function. The payment function is unavailable temporarily. Please wait for the recovery patiently.
Pi Chain Mall official telegram group
?? https://t.co/zKuMHsaXtI#PiNetwork #PiChainMall #PiPayments pic.twitter.com/NV5nP8jEBv
— PiChain International (@pichainmall) January 20, 2023
According to the Pi Network announcement, App Wallets are not available for dApps in mainnet yet. However, developers would soon be able to apply for the feature through the “Developer portal.” The update is good news for developers and Pioneers in the industry. Users could pay for services using $Pi when the feature goes live, and developers would receive payments. Further, it may also pave the way for fiat payments in the future.
Pi Network’s Community-Sourced KYC Solution
Nicholas Kokkalis, Co-Founder at Pi Network, stated Pi designed its native KYC solution, Pi KYC, in response to the lack of scalability, financial accessibility, and global reach from other third-party market solutions. Combining scientific and human truths, Pi KYC combines machine automation (AI) with crowdsourced, “hyperlocal” human verification to accomplish accurate and efficient KYC for more than 35 million global members already on its mobile platform.
Machine automation is responsible for image processing, text extraction, fake ID detection, liveness check, and image comparison. Human verification, meanwhile, is processed by pre-approved individuals who check the redacted data of other members’ KYC applications, thus preventing individuals from creating fake accounts.
To solve the problem of scalable KYC, Pi KYC now boasts a robust, self-sustaining human validation workforce in more than 200 countries worldwide (areas that represent about 92.6% of the global population). The network is continually expanding with over 125,000 trusted Validators, validating KYC applications globally, whose efforts are rewarded in Pi.
Beyond preventing spam accounts and keeping out bad actors, Pi KYC helps the network to comply with legal regulation while frictionlessly growing its thriving community. In the age of AI, Pi Network has built a decentralized scalable KYC solution that combines machine automation with crowdsourced human verification for an efficient and responsive solution.
Harnessing the best of both worlds, Pi KYC allows the Network to build a legally compliant crypto community that is optimized for accuracy, privacy, and global accessibility. And best of all — it’s truly human at its core.
MoonPay and BitPay’s Partnership Growing Crypto Payments Processor
BitPay, the cryptocurrency payments processor, has teamed up with crypto payments company MoonPay to strengthen BitPay’s crypto services. Thanks to this collaboration, customers using BitPay to buy crypto will have an improved experience when using the platform.
By combining the resources of these two industry giants, BitPay customers will have near-instant access to a variety of cryptocurrencies. BitPay’s innovative marketplace platform provides buyers with access to different rates, allowing them to select the most advantageous exchange rate at the time of purchase. Also, with a processing fee of only 1%, this service is significantly cheaper than fiat gateways.
BitPay’s business model is attractive to many retailers since it allows them to receive payments in fiat currency rather than the cryptocurrency preferred by their customers.
With the recent MoonPay partnership, customers can also use their favourite payment method like a credit card, debit card, Google Pay, Apple Pay, or bank transfer.
The partnership also allows BitPay users to transact in over 60 crypto assets. In celebration of the new partnership, all cryptocurrency purchases made by first-time buyers will be free of transaction fees for a limited time. MooonPay is now integrated with BitPay, allowing users to buy cryptocurrency directly from BitPay.com and BitPay Wallet app.
Although not quite present worldwide, BitPay does support crypto payments in 38 countries and 8 different currencies. Additionally, the company has shown considerable interest in broadening its international presence.
This week, the firm inked a deal with renowned online retailer Jomashop, which houses well-known names in the fashion and luxury industries. The partnership allows customers to shop on the platform and pay for luxury watches using cryptocurrency. Additionally, the company has forged an alliance with Porsche to enable buyers to use BitPay to purchase Porsche vehicles.