Cryptocurrency payment platforms are gradually being integrated into prominent e-commerce platforms and retail stores. However, their user experience and performance still fall short of Apple Pay, according to Stijn Paumen, the CEO of Helio, a growing crypto payments platform. In an interview with Cointelegraph, Paumen emphasized that while Bitcoin and Ethereum are pioneers in decentralized blockchain protocols, their base layer cannot compete with the functionality and speed of traditional financial infrastructure. He believes that Apple Pay sets the benchmark with its ability to process payments within three seconds. Newer blockchain networks are starting to bridge the gap, but there are still challenges to overcome.
Helio, founded by Paumen and CTO Jim Walker in March 2022, aims to address the shortcomings of crypto payments. The duo was motivated by Solana’s high transaction per second (TPS) and fast finality to build a new crypto payment platform. Paumen acknowledged that ever since someone famously paid 10,000 BTC for a pizza, crypto payments have gained traction. However, the user experience has been subpar, with long payment times and payment failures.
Helio’s platform enables merchants and e-commerce sites of all sizes to accept cryptocurrency payments. While it currently caters mainly to the Web3 space, facilitating $30 million in monthly payments, it has also gained traction in the Solana ecosystem. Notably, Helio manages the Solana Pay plugin on Shopify and its WooCommerce plugin. The platform supports Bitcoin, Solana, Solana-based USD Coin, SPL tokens, and Ethereum-based payments. It also facilitates ticket sales for events like the Ethereum Community Conference (EthCC) through its integration with Bizzabo event software.
Paumen recognizes that the challenge lies in making Web3 payments accessible to a wider demographic. While crypto-fluent users can make payments with a single tap on Helio’s checkout, the majority of users still need to improve their understanding and usage of crypto wallets. Progress will be gradual as more curious users adopt Web3 wallets and make payments in their preferred tokens. Paumen also emphasizes the need for a better onboarding user experience to attract a broader user base.
He envisions a future where mainstream players like Apple Pay may settle payments on their own blockchain. However, he firmly believes in the concept of decentralized money transfers worldwide, without intermediaries and with fast settlement and low fees. Additionally, Paumen sees potential in streaming platforms like Vimeo and OnlyFans for the utility of crypto payments.
In conclusion, while onboarding major e-commerce platforms is crucial for mass adoption, Paumen sees opportunities for crypto payments in various industries and platforms, including streaming services.