A pair of former Ripple executives have founded a new micropayments platform -- pingNpay -- that will be operational from the next year.
A London-based startup founded by two former Ripple executives will be launching a micropayments platform in 2022. Known as pingNpay, the platform will focus on “high frequency” payments of less than $20, with transaction charges capped at 1 percent.
Initially, pingNpay will launch in the UK -- because of the country’s strong FinTech ecosystem and forward-thinking regulatory environment -- and use a stablecoin backed by the British pound.
Going forward, however, the company will expand to other countries and accept stablecoins that are pegged to local currencies. pingNpay has indicated that all its stablecoins will be "100 percent backed by liquid fiat assets with a published proof-of-reserve to meet regulatory expectations.”
Founded by Jeremy Light, former vice president of strategic accounts at Ripple, and Richard Bell, a former senior director at the network, pingNpay has been designed keeping Web 3.0 in mind.
He added that “pingNpay solves this problem,” which helps unleash “a new wave of e-commerce innovation for consumers and the next stage of the internet’s evolution, Web 3.0.”
As per pingNpay’s website, the company is looking at Q4 2021 to launch its core technology, with plans to start operations in the UK by 2022. Once it accomplishes this goal, other countries will “follow in quick succession.”