The digital economy breaks the habitual models of the branch markets and increases the competitiveness of their participants. Digitalization determines the growth prospects of companies, industries and national economies in general.
The digital economy is now facing a big challenge: whether the blockchain technology and cryptocurrencies will be integrated into the real economy. Digital currencies do not yet fulfill all the functions of money, and the owners of cryptocurrencies remain limited in the possibility of their exchange for goods and services. Despite the popularity of digital currencies, they can not be used as payment everywhere. It is also not easy to convert the funds into fiat: it is inconvenient, long and expensive to use exchanges. The Joys Digital payment service will allow customers to quickly and easily buy goods and services using cryptocurrencies and tokens of blockchain projects.
Despite the legal uncertainty, there are prospects for acquiring cryptocurrencies in most countries. So says the CEO and co-founder of Joys Digital Andrei Mikhailishin:
“The seller and the buyer need to be provided with a legal, convenient and reliable way to exchange crypto into fiat when buying goods or services. Thus, the state should receive taxes for such operation.“
To do this, the client just needs to transfer the required amount of BTC or other cryptocurrency to the virtual wallet JOYS Wallet, after which Joys converts it into fiat at the time of purchase. At the same time, cash accounting is conducted in the national currency.
“I bought a cup of coffee for tokens for the first time in my life. The apps and the wallet with coins are developed on the blockchain, in this case this turned out to be a Joys Digital creation, “- says Evgenia Ovchinnikova, the Director of Innovation of Raiffeisenbank.
Joys Digital has already launched the first test platform in the Center for Digital Transformation in Moscow, where the purchase takes place in the internal currency of the Center.
Large banks – Sberbank, VTB and others – understand the whole story, and the sooner they start using the service for accepting cryptocurrency, the faster they will receive their customers coming from one and a half million crypto holders in Russia. So what is the future of banks and payment systems?
Opinions vary, but most analysts agree that in the future cash and plastic cards will become extinct. They will be replaced by electronic means of payment, which we can use to pay for any goods and services. Banks have already seen competition from financial companies and mobile operators. If mutual lending joins fintech, then more than half of the banks will simply be destroyed in ten years. The bank office will move to a mobile phone, through which it will be possible to pay for the whole set of services. Most likely, cards as a means of payment will disappear, and remote identification will allow you to receive loans and carry out other types of transactions. The main advantages of cryptocurrency over fiat cards:
- availability at any time,
- openness of code (transparency);
- high reliability;
- consensus on operations;
- independence, low transaction costs, etc.
Owners of cryptocurrency can already make different financial transactions in any cryptocurrency anywhere in the world. With time and competent state regulation, the use of cryptocurrency will become normal and will be widely applied. The American banker and author of the book “Bank 3.0” Brett King states that our generation is the last one using plastic cards. The future is the time without the usual paper money. “Future money is a digital record in a certain information system or systems, the value of which will be determined by technology, their scope and user confidence in such systems,” says the creator of Joys Andrei Mikhailishin. And, finally, banks that do not implement financial technologies similar to Joys will soon leave the financial market or lose a large part of it.
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