Reltime delivers Decentralized Web3 Merchant Payment Solution

PRNewswireFebruary 20, 20237 min

Reltime AS, global leader in Web3, Layer 1 Proof of Authority and Metaverse financial services platform is leading the shift from traditional e-commerce (controlled by many intermediary organizations) to a direct e-commerce where values are exchanged instantly between consumers and or merchants/ businesses globally. Reltime’s platform is currently supporting such a direct e-commerce across 170 countries.

Reltime’s revolutionary Web3 Micro Merchant Payment with QR code allows customers to make payments using their mobile devices by scanning a QR code displayed by the merchant. When a customer makes a purchase at a store or online, the Reltime Micro Merchant directly connects the seller to the buyer without any intermediary organizations. The customer then uses the Reltime app or Open APIs to execute the payment. This type of payment is extremely popular and taking over payment in many parts of the world due to its convenience, ease of use and top-class security. It eliminates the need for customers to carry cash or credit cards, and it provides merchants with a faster and more secure way to process payments.

With Reltime the transactions include the unique Identity that is generated in the Web3 technology and secured end–to end by a blockchain which is impossible to manipulate. Reltime does not charge any transaction fee to its B2B2C customers, allowing them a solid ROI. The platform will support over 170 countries and all major global fiat currencies. The platform, first launched in October 2022 is already live in multiple markets across LATAM, Europe and APAC.

Reltime Application

“E-Commerce has transformed the world like never before, allowing consumers and merchants to transact seamlessly. We are proud to have built an end-to-end blockchain Web3 e-commerce platform that allows consumers and merchants to send and receive payments instantly (within 3 seconds) without the need for traditional intermediaries.

“Reltime is offering this platform as a fully white label solution and as Open API to its B2B2C customers that want to offer, improve, globalize and modernize their e-commerce solutions,” said Frode van der Laak.

Market outlook

According to ResearchAndMarkets, the global online payment market size was valued at $4.6 trillion in 2019 and is expected to reach $17.6 trillion by 2026, growing at a compound annual growth rate (CAGR) of 20.3% during the forecast period. The growth of the online payment market is driven by factors such as the increasing use of mobile devices for online purchases, the rise of e-commerce platforms and marketplaces, and the growing adoption of digital payment methods by businesses of all sizes.

According to Allied Market Research, the global QR code payments market was valued at $1.35 billion in 2019, and is projected to reach $17.76 billion by 2027, growing at a CAGR of 32.8% from 2020 to 2027.

The Asia-Pacific region is the largest market for QR code payments, with countries like ChinaIndia, and South Korea driving much of the growth. In China, for example, QR code payments are widely used for everything from retail purchases to transportation fares, and mobile payment platforms like Alipay and WeChat Pay dominate the market.

In other regions of the world, QR code payments are also gaining popularity, particularly in countries with a high penetration of mobile devices and a large unbanked population. This includes countries in Africa, where mobile money services using QR codes are increasingly being adopted as a way to expand financial inclusion.

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