Is PayFi initiative a step towards bringing massive crypto adoption?

[s0nujamil]

PayFi is trying to work on making crypto more ease of use in everyday life things like earning yield on assets, spending them directly and even improving cross border payments. I think there’s a lot of potential in bringing crypto into the financial systems we already use especially when it comes to spending crypto without any issues in daily purchases.

There are already some stuff happening, as crypto cards and collaborations with retailers, which are positive steps toward increasing cryptocurrency accessibility. People can just pay with their crypto wallet card to buy stuff without it being any more complicated.

But anyway I’m not sure if that’s enough for adoption. Cos the real challenge is making these options more reliable. If using crypto feels difficult than current payment methods, I think most people won’t bother, no matter how benefits them.

What do you think guys? Do you see these kinds of tools actually making crypto more mainstream?

[TomPluz]

Those things you mentioned above are certainly helping to make cryptocurrency be adopted by more and more people especially in countries where the unbanked are in great number. Here are some of the problems I am looking at hindering adoption by the masses is access to technology, lack of education on the people, lack of interest when they see that they can't get something from it (we are all selfish, btw), high learning curve necessary to be able to use crypto and many more. Now, all of these things can be minimized if people will realize that they can gain something good out of their participation on cryptocurrency...so platforms must appeal to that sense of "greediness" present in all of us. People will always be asking: What is in it for me?

[AlphaBeta]

The good thing is every day that passes, there's positive development regarding this, even crypto platforms and exchanges are contributing their own quota.

I remember seeing an article about how Bit get wallet are trying to create a wallet card that offers zero annual fees, good exchange rates etc, that provides users with a solution for global spending.

I know I've seen other examples like these, I just can't remember the exact brands working on them, but my point is we're getting very close to getting these solutions, which would hopefully facilitate widespread crypto adoption.

[ZAINmalik75]

PayFi is trying to work on making crypto more ease of use in everyday life things like earning yield on assets, spending them directly and even improving cross border payments. I think there’s a lot of potential in bringing crypto into the financial systems we already use especially when it comes to spending crypto without any issues in daily purchases.

What do you think guys? Do you see these kinds of tools actually making crypto more mainstream?

I never heard about this project before but it seems like a good one but not something unique because we can see all of these features on any centralized exchange especially in all the tier 1 exchanges for example Binance and Coinbase, where we can get yield on many coins only the difference would be of the APY on here and on those tier 1 exchanges as new platforms provide more APY.

We can spend our earning and funds directly from any tier 1 exchange using third party platforms directly integrated into those exchange so it is not hard to use them.

[Faisal2202]

Those things you mentioned above are certainly helping to make cryptocurrency be adopted by more and more people especially in countries where the unbanked are in great number. Here are some of the problems I am looking at hindering adoption by the masses is access to technology, lack of education on the people, lack of interest when they see that they can't get something from it (we are all selfish, btw), high learning curve necessary to be able to use crypto and many more. Now, all of these things can be minimized if people will realize that they can gain something good out of their participation on cryptocurrency...so platforms must appeal to that sense of "greediness" present in all of us. People will always be asking: What is in it for me?

For early users, they can announce an airdrop, or later they can give some discounts and deals, etc by partnering with other platforms, like according to this platform, we can buy and sell directly from it, thus if this platform would partner with some brands and allow users to buy and sell their products with some huge discount at the the start.

Then maybe this platform will be preferred more than some others, and if this platform will start an affiliate option too, don't know how can they integrate this in their structure but i somehow they can, it would be good for others to make money and enough to get more attention. BTW I like your point of this, besides usage, what's in for others?

[joniboini]

But anyway I’m not sure if that’s enough for adoption. Cos the real challenge is making these options more reliable. If using crypto feels difficult than current payment methods, I think most people won’t bother, no matter how benefits them.

I think we need to set up criteria to judge whether the current status quo is good or not. If we don't have a criteria for that then discussion will be pointless because some people will always feel that everything is terrible, no real usage, etc. I use crypto pay stuff regularly so my view is a bit biased. Not to mention open-source payment systems for crypto keep popping out here and there. I believe that shows merchants are more open to using them since nobody is going to develop such products if nobody is using them. Having a new altcoin project just for that goal is a bit counterintuitive IMO. CMIIW.