SGPay, the Southeast Asia-based blockchain and cryptocurrency wallet platform, is evolving into an Android Pay-like system for cryptocurrencies, credit cards, and digital tokens.
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Regions like South Korea and China have become completely cashless over the past few years. With near field communication (NFC)-enabled mobile devices, the vast majority of individuals in China, Japan, and South Korea have stopped using cash and credit cards, and started to utilize mobile wallets to purchase goods, services, and products.
Last month, Brad Jones of Futurism reported that cash is merely obsolete in China as the country’s people migrated over to mobile payments from traditional forms of payment processing platforms. In 2016, the mobile payment volume in China reached $5 trillion and Hong Kong-based research firm CLSA revealed that mobile payments in China are expected to reach $45 trillion within the next three years.
Mobile payment networks like Alipay have appealed to general consumers in Southeast Asia because of their convenience and low fees. Users no longer are required to carry a chunk of credit cards and stacks of cash. One mobile wallet and users can purchase anything from a cup of coffee to a ticket to the movies.
Essentially, SGPay, a blockchain-based wallet platform, is striving to become the Alipay of cryptocurrencies with a major difference: by supporting cryptocurrencies, credit cards, and digital tokens in one wallet platform. To put it simply, SGPay is Alipay with cryptocurrencies and digital tokens support, which are decentralized and exists on a peer-to-peer protocol.
The total addressable market of SGPay is in the $12 billion range, and with utilization of blockchain technology, cryptocurrencies, and digital tokens, SGPay aims to appeal to millennials and the current user base of fintech applications. This figure only includes the South East Asia Market and does not include the Asia Pacific Region SGPay is planning to expand into.
By the second half of 2018, the development team behind SGPay will list SGPay tokens on major exchanges, launch its e-wallet, e-payments function, secure strategic partnerships, and drive mainstream adoption. The listing of SGPay tokens on large-scale cryptocurrency exchanges will further increase the liquidity of SGPay tokens, improving its efficiency and accessibility.
Given that no mobile payment platform has integrated support for both cryptocurrencies and traditional means of payment like credit cards, SGPay will be the first mobile payment network that processes cryptocurrency and credit card payments on the same platform. It will also feature integration with traditional industries such as banking, insurance and travel – as well as newer ones like the bike and car sharing economy.
The crowdsale of SGPay tokens, or the Token Generation Event (TGE) of SGPay begins on March 1, lasting until March 31. The project will also hold a pre-contribution event from February 1 to February 14, at US$0.4 per token. In total, 10 million tokens will be sold during the TGE– 2 million during the pre-sale and 8 million during the main TGE. The price for the tokens during the main TGEwould be US$0.5.