Our migration towards a cashless society is almost complete. Since the 1990s when electronic banking became common, digital payments have become increasingly widespread.

Consumers today have a lot of choice when making electronic payments online. However, payments made in-person have struggled to keep up. The principal reason for this lack of innovation has been complexities in confirming payments quickly enough; bank-issued payment cards currently dominate the market, resulting in the banks controlling both consumer status and acquiring fees.

Early cryptocurrencies, the dominant one being bitcoin, are not well suited to in-person payments. Their fee structure is uncompetitive compared to payment cards, and confirmation of the transaction – the point at which it cannot be reversed – has been too slow.

Cryptocurrencies being developed today do, for the first time, provide the means to offer a compelling user experience while offering merchants an opportunity to reduce cost and appeal to a passionate new consumer.

Working with centralized ledgers in production environments for many years gave Kappture a unique insight when assessing available cryptocurrencies. The full details of our market assessment are available in our paper from June 2019. The cryptocurrency we selected is Nano – a solution that offers near-instant 'layer 1' finality. With Nano, our products provide feeless, sub-second, decentralized payments – in an easy to use package.

Kappture is currently the only established point of sale vendor with a fully integrated native cryptocurrency solution. Our terminal and back-office solutions handle the customer and administration requirements completely – without reverting to 3rd party solutions. Past concerns with key management and asset security have been solved with merchant-held certified smartcards.

Merchants using our cryptocurrency solution see the following advantages over other payment options:

  • Considerably faster than payment cards.
  • Guaranteed payment. Completely irreversible – no chargebacks.
  • Autonomy over customer UX - payment limits, security options and receipts are all under merchant control.
  • No transaction fees – even when accepting payments from foreign customers.
  • No compliance fees, no card scheme fees, no equipment rental/CapEx costs, and no monthly service charges.
  • Reduced hardware footprint at the point of sale.
  • No PCI compliance exposure.
  • Social responsibility. Adopting this technology in the developed world paves the way for EM's - where payment cards are unavailable to many.

All of Kappture's products support cryptocurrency natively. This includes our counter-top and mobile EPOS, plus kiosk platforms.