Cryptocurrency XRPayNet says it wants to compete with companies like Klarna and AfterPay and offer customers what it calls one of the buy-now, pay-later (BNPL) options in the crypto industry.
The company announced the implementation of XRPayNet in a press release on Monday (January 10), saying that it will provide an interface for small payments processed by the XRP ledger, ensuring low transaction costs and lightning speeds.
“We aim to capture and overcome the current needs of real-time and on-demand cryptocurrency payment systems that are increasingly demanded by individuals and businesses around the world,” the company said in the statement.
XRPayNet says the app includes a payment interface for online and in-store retail transactions, B2C payments, integrated direct payments solutions and BNPL features.
However, the company says it has no interest in competing with companies like blockchain solutions provider Ripple.
“Our goal is to change the world of payments forever by focusing on transforming the world of online and in-store payments, enterprise-to-consumer payment markets (plumbers, electricians, etc.) and peer-to-peer transactions,” XRPayNet said. Ripple and XRP are currently entering the market with a focus on the interbank and international payment markets. We aim to provide a marketplace for everyday transactions and micro-payments.”
Last year, Ripple revealed plans for a platform that will allow users to buy, sell and hold digital assets. The Ripple Liquidity Hub will help companies access liquidity deep within the markets and accelerate the transition to cryptocurrency.
See also: Ripple plans a cryptocurrency trading platform for financial institutions in 2022
Affirm BNPL also announced it was entering the bitcoin space last year, with CEO Max Levchin saying that his company was developing a feature that would allow customers to buy and sell cryptocurrency from their savings accounts, though he did not specify a timeframe for that.
“It is time for Affirm to support cryptocurrencies in a way that seems natural to us,” Livchin said. “We will soon leverage our savings accounts to seamlessly enable crypto ownership.”
Read more: Confirm plans to add cryptocurrency trading to attract small investors