What Is 8PAY (8PAY)?

8pay is a payment platform built on the Binance Smart Chain that provides authentic cryptocurrency-based recurring and on-demand payments without complexity. Starting its operations in 2020, the network's permissionless framework, backed by automated smart contracts, extends the usefulness of crypto assets.

8PAY includes various advanced elements, subscription models, B2B invoicing, and on-demand B2C transactions. The protocol's advanced smart-contract design enables a distributed blockchain payment service that allows cryptocurrency wallets to function similarly to a traditional bank account without an intermediary but several additional features.

According to the whitepaper, 8Pay provides a variety of invoicing systems that can be exchanged with clients or integrated into a webpage in three distinct ways: buttons, short URLs, and QR codes. Customers can make single, fixed recurring, variable recurring, and on-demand transactions with a button. They can also track accounts and manage payments using the 8Pay online or mobile applications. The applications enable retailers to incorporate the 8PAY protocol without creating or activating complicated smart contracts.

8pay aims to bring retailers and enterprises together in the digital era by decentralizing the whole middleman process. The protocol employs hybrid techniques implemented on top of Ethereum's current network via smart contracts between the service provider and the customer. The 8PAY system is entirely decentralized, which means that the protocols do not keep users' private information or manage their private funds.

The 8pay platform's standard token is 8PAY. The token allows customers to pay for products and services using BNB, BEP20 tokens, and stablecoins, with the opportunity to reach multi-chain assets in the future. BEP-20 is a token standard on Binance Smart Chain. It is also an extension to the ERC-20 token standard of the Ethereum blockchain. 8PAY seeks to be a leading blockchain-based solution and processor that enables merchants to establish their payment system to fulfill consumer demand.