Crypto currencies are the next big thing, without any doubt. Along with many other of their benefits, the one that moves us a lot is they make lives easy. At Pakcoin, we aim at making lives easier for masses. As Pakcoin turns 3 years old and Eid ul Fitr too is approaching for the Muslims across the globe, we’ve got some good news and it’s big! Crypto currencies have some fears attached to them, highest of which is volatility of prices for most of the merchants.
Pakcoin wanted to solve this problem so, our dedicated team of social entrepreneurs and developers decided to take up the challenge and what they did for multiple restless nights & days and hours of coding & testing is called as “Adaigi”. Yes, you have heard it right, we are launching ‘Adaigi’ – Pakcoin’s Merchants Payment System right after Eid ul Fitr, i.e. on 25th June 2018. It is another proud solution developed in Pakistan and brought to you by Pakcoin. Now have a look at the cool features the system offers.
“Adaigi” is KYC (know your customer) compliant and merchants have to register through their NIC and NTN, which is checked and approved by our team.
Just like any other wallet, a merchant can withdraw/send his pakcoins from the dashboard area to any Pakcoin address he wants. Dashboard has a list of address of merchant and his employees. Recent Activity log shows the last 6 payments received, converted or sent transactions.
On this page, the merchant can change/update his account password. He can also setup “2 Factor Authentication” on this page as it adds an extra layer of security to your account.
There is an option of withdraw threshold, after which the merchant will automatically receive the payment in his account. The payment method right now will be through AdvCash & Perfect Money because of the SBP’s ban on banks to deal with any crypto entity.
Once, SBP lifts the ban there will be easier and direct payment options like bank payment, Easy Paisa, Jazz Cash, UBL Omni etc. So, for now, once the AdvCash/Perfect Money payment is received, it can then be easily converted into PKR by the merchant.
The merchant will have the option to convert all or some of the pakcoins received in a transaction to PKR. Pakcoins received will be converted in real time and on the same price merchant has received them. So, the merchants don’t have to worry about if pakcoin’s price tanks.
Usually, other wallets ask you to send them the request to disable 2FA and then they take hours to respond. We thought of making this process simple & quick and so we made the option that you can disable 2FA by yourself.
In this section, Merchant can change his security question/answer and set up a secret pin which he can then use to disable 2FA himself if incase he looses access to his mobile.
Acceptance of Pakcoin
For Pakcoin acceptance options, merchants will have standard and advanced QR codes option. The Standard QR code is a simple QR code which you see on almost every crypto wallet or exchange. Merchant will input the PKR amount and Pakcoin amount would be calculated automatically on current rate and QR code gets updated instantly. The customer then scans the QR code from his mobile wallet and send the payment right away. Merchants have the option of saving a QR code as well. Saved QR codes are displayed on the same page.
Advanced QR code is a unique QR code in which PKR amount is embedded and whenever scanned by our app (coming this year), the Pakcoin amount is then determined at the current rate at time of the scan. This will be useful for merchants as they can just print or save the advanced QR code once for a fixed amount of PKR and the Pakcoin amount will be determined at the time of the scan. Advanced QR also has the option of discount calculation, which is really a good option for merchants offering discounts.
If a merchant wants to see more history of his payments, he can check that in transactions page, which can be sorted by date, address, type, amount etc of Pakcoin payments
There is also a ledger page for fiat payments, separate from the transactions list, having the history of every Pakcoin conversions and fiat transactions made to the merchants account.
If a merchant has multiple cash counters, he can create multiple employees under his account and employees can login with their credentials and accept Pakcoins at their counters. Employees account can see & create QR codes (for payment acceptance). They can also see recent transactions but don’t have any other options.
No extra charges
There is no registration, conversion or withdrawal charges by Pakcoin merchants’ system making it the best choice for merchant’s acceptance option. There is only Pakcoin withdrawal fee which is charged by the Pakcoin network and is very negligible, around 0.1 PKR per transaction, independent of the transaction size. The current version serves perfectly to the merchants to accept and receive payments.
The goodness doesn’t end here, our team is working hard for another amazing feature i.e. enabling merchants to perform all these transactions online as well. Although it would take some time but it would be worth the wait.