SatoshiPay processes €1 million in borderless content payments
We are pleased to announce that we have reached a major milestone in establishing our blockchain-based clearing platform as a new standard for cross-border payments. As of August 2020 we have processed over 1 million euros in payments for our publishing clients.
Strong partners: Axel Springer, Börsenmedien and Stellar
During 2019 and 2020, both of our strategic partners in the publishing industry supported the acceptance of SatoshiPay as a payment method by running numerous campaigns. These campaigns made parts of the publishers’ subscription content available via micropayments or instant premium passes.
Axel Springer offers sponsored access to their real-time incident mapping service Tatorte, part of German newspaper Bild. SatoshiPay’s platform takes care of instant payment processing between users and Axel Springer, with spikes of several thousand payments per hour during peak periods.
Sergei Evdokimov, Senior Digital Solutions Architect at Axel Springer states:
“We have seen strong demand from our users for instant access to our Tatorte web service via SatoshiPay’s payment platform. For us as a publisher, experiencing the ability of blockchain technology to settle payments in real-time and under certain pre-programmed conditions gives us valuable insights into this new emerging standard for borderless payments.”
Börsenmedien’s leading German retail investor magazine Der Aktionär offers premium content to its subscribers. Visitors to Der Aktionär’s online portal that prefer to read selected premium articles instead of entering into a subscription with recurring payments, can do so via SatoshiPay. Der Aktionär’s paywall page features a SatoshiPay button that allows users to pay and continue reading with just one click. The premium article appears within seconds and without page reload.
Integrating SatoshiPay’s instant payments creates a win-win for publisher and user: Publishers receive an additional tool for monetising web traffic, potentially expanding their subscriber base and users can conveniently try out the premium experience by making micropayments.
The Stellar Development Foundation generously supports our content partners through free credits for SatoshiPay users, supplied in Stellar Lumens, the native currency of the Stellar blockchain. Not only does this allow an easy start for users, but it generates initial micropayment revenues for publishers and demonstrates one of the major advantages of the decentralized Stellar network: near-instant and extremely low-cost payments — settled within 5 seconds for a fraction of a cent in transaction costs.
International payments and VAT settlement
Purchases for publishing content were made from almost all countries within the European Union and from abroad. Independent of a user’s country of origin, payments arrived at the publishers’ accounts within seconds, with fees and affiliate share already deducted. VAT is redirected to separate blockchain accounts at the same time. As blockchain natives, we take these sort of real-time split payments almost for granted, but for publishers this removes a large accounting and manual payment processing burden.
This form of “programmable money” has the ability to optimize processes in many industries and we see ourselves at the forefront of this revolution.
Processing many thousands of individual payments regardless of device or geographic location has helped us fine-tune our technology stack and make it very scalable for future use cases. One such use case is SatoshiPay B2B, our cross-border money transfer service for businesses.
SatoshiPay B2B uses the same payment backend that we have successfully launched for our publishing micropayments service. Therefore all improvements and extensions that we have built and tested for real-world payments over the past years, directly support our current and future B2B money transfer clients.
Meinhard Benn, CEO at SatoshiPay explains:
“While processing payments for our publishers, we realised that many of the businesses selling content were very excited about the fact that funds arrived to their accounts within seconds, no matter where on the globe the payment originated from. Business owners asked us if they could use our technology to receive larger payments, and not just for online sales. So we went ahead, found additional demand and built what people asked us for.”
We are very excited by the upcoming launch of a public Beta version of SatoshiPay B2B later this year and would welcome any potential customers to get in touch with us to schedule a demo and potentially become a beta tester, benefitting from early access to faster, cheaper and more transparent cross-border payments.
The SatoshiPay team