Back in April Electroneum (ETN) announced that global “Patent Pending” status had been secured on its instant cryptocurrency payment process.
The company are excited to explain a little more about its instant payment process and share this video.
In the video you can see an instant cryptocurrency payment of ETN being made between the Electroneum smart phone app and two different types of ePOS (electronic point of sale) devices. The first is a tablet based system that is used at festivals and restaurants to provide a checkout process for bars or table service. The second is a conventional point of sale till.
The instant payment system also works between mobile phones, allowing payments to be made in undeveloped countries (or anywhere in the world) between mobile phone users, without having to wait for frustratingly slow blockchain confirmations.
The integration of ETN to the ePOS systems was surprisingly easy to achieve thanks to our new Vendor API system.
The Vendor API system provides instant notification that a payment has been made. Our API has webhooks for ecommerce, allowing our servers to “PUSH” notification to an ecommerce shop via a URL provided by the vendor (in a similar style to a Stripe credit card integration). It also has a “PULL” notification for ePOS systems behind a firewall, allowing them to poll our API gateway asking if a payment has arrived.
The vendor does not get the cryptocurrency instantly, but our system acts as a trusted 3rd party to ensure the ETN or other cryptocurrencies such as Bitcoin is sent (our patent covers ETN, Bitcoin and other cryptos). The vendor knows the payment is sent and will make its way to the blockchain, so they can allow instant checkout – and the customer can walk out of the store with their cup of coffee or checkout online etc.
Our system “ring-fences” the balance in the wallet, preventing double spending.
Unlike credit card systems where vendors wait days for their money, the instant notification has let them know a cryptocurrency payment has been made. The cryptocurrency will arrive with the vendor in less than an hour in typical circumstances.
Unlike anonymous cryptocurrency payments, our API system shares the user’s email address with the vendor, allowing the vendor to reach out to the source of a payment should a query arise (for instance if part of an order can’t be shipped or for some other administrative reason). It also shares the outbound ETN address, allowing full or partial refunds to be issued, if required.
Our instant payment system and vendor API are nearly ready for trial in the real world.
We are opening our vendor application on the 1st July to find a number of vendors that are technically able to perform an API integration into their system and start accepting instant ETN in a live environment.
We will work closely with these vendors to ensure the system is performing perfectly, before general release.
Electroneum will keep you posted about this exciting development as it rolls out.