Cryptocurrency payment platforms are gradually being integrated into popular e-commerce platforms and retail stores, but they still fall short in terms of user experience and performance compared to Apple Pay.
During an exclusive interview with Cointelegraph, Stijn Paumen, the CEO of Helio, a growing crypto payments platform, described the sector as being in its early stages. He stated that while Bitcoin and Ethereum have paved the way for decentralized blockchain protocols, the underlying infrastructure of both chains cannot match the functionality and speed of traditional financial systems.
Paumen believes that Apple Pay sets the benchmark for crypto payment platforms. He highlighted the convenience of tapping one’s phone and completing a payment within three seconds.
While newer blockchain networks are starting to bridge the gap, there are still some challenges to overcome. Paumen explained that Helio was founded in March 2022 by himself and Jim Walker, the chief technology officer. They were attracted to Solana’s high transaction per second (TPS) and fast finality, which served as the foundation for their crypto payment platform.
According to Paumen, the user experience of crypto payments has historically been subpar. He mentioned long payment times and payments not being processed at all. However, Helio’s platform has made significant improvements in this regard, allowing merchants and e-commerce sites of all sizes to accept cryptocurrency payments. The platform currently facilitates $30 million in monthly payments and has gained popularity in the Solana ecosystem.
Helio’s platform supports various cryptocurrencies, including Bitcoin, Solana, Solana-based USD Coin, SPL tokens, and Ethereum-based payments. The company has also facilitated ticket sales for the annual Ethereum Community Conference (EthCC).
Paumen acknowledges that the adoption of Web3 payments is still a challenge for mainstream industry players. While Helio’s checkout process is as fast as Apple Pay for crypto-fluent users with a Phantom wallet, the majority of users are not familiar with the technology. The onboarding user experience needs to be improved to cater to a wider demographic.
Paumen envisions a future where platforms like Apple Pay settle payments on their own blockchain. However, he firmly believes in the decentralized nature of sending money worldwide without intermediaries and with fast settlement and low fees.
In terms of mass adoption, Paumen believes that onboarding major e-commerce platforms is the easiest route. However, he also sees potential for crypto payments on streaming platforms such as Vimeo and OnlyFans.
Overall, there is still work to be done in improving the user experience and performance of crypto payment platforms. However, the integration of cryptocurrencies into mainstream payment systems is slowly gaining traction.