BiiLabs is a Taiwan-based startup. Using blockchain technologies it has developed BlaPay. This is a solution for merchants wishing to lower transaction fees, aggregate all payment services and ensure financial authorities can monitor payments without leaking trade secrets. A key attraction, according to BiiLabs, is that it does this for a tiny fee.
“Everyday more than 1 billion credit card transactions occur all over the world and the existing issues include delayed payment for merchants, multiple but incompatible payment gateways and high transaction costs,” said Lman Chu, BiiLabs CEO.
“We learn from our clients and previous projects to adopt a two-layer design to our payment solution and strike a balance between user privacy and regulating.”
For future digital currencies
Although one of the major bottlenecks for blockchain is proving to be compliance with the regulations, BlaPay introduces centralised account management. This improves the ability of businesses to satisfy compliance requirements. It occurs because blockchain networks are globally accessible. In this light, BlaPay becomes, in the view of BiiLabs, a potential option for enterprises.
Designed for a future digital currency era, the Blapay payment system offers merchants:
- payment aggregation; for example, it supports ApplePay, GooglePay Credit Card, QRCodes, etc
- instant settlement; this speeds up receiving efficiency
- a global DLT infrastructure. which aims to lower operating costs as well as enable public auditability
- a loyalty point exchange; with incentives Blapay can realize network effects
- tiny transaction fees; by removing middlemen from the payment chain, transaction fees can shrink
- a digital currency-ready solution; by supporting digital currencies – such as crypto and CBDCs.
BlaPay for mobility
BiiLabs is working with a ‘charging pile provider’ to launch a mobility solution using BlaPay. The client aims to build one million charging stations for electric bikes in three years with BiiLabs providing a two-layer infrastructure:
- the first layer involves investing tokens to enable crowdfunding for a single charging station
- the second layer will have utility tokens so that users can pay their charging fees.
A side-benefit is that the investing tokens can be transformed into utility tokens with attractive discounts. In this case, BiiLabs combines crowdfunding and the token economy to help its client reclaim users from other third-party payment companies. It follows that, if this is successful, the client will open up a deeper engagement with its users through enhanced data analysis and then precision marketing.
Enterprise Times: what does this mean
BiiLabs is offering the blockchain-based payment system to merchants. It hopes to shorten the processing period and enhance the turnover rate for scalability. The purported attraction is BlaPay’s instant settlement services. In addition, BlaPay means clients can aggregate all payment options with reasonable charges.
Beyond the specifics of the BlaPay payment system, BiiLabs says it is dedicated to developing blockchain technology, communicating and cooperating with partners to uncover essential needs and then delivering digital transformation. Its stated objective is to create digital value for the future of the Internet of Things.
These are big and brave words. However, in the view of Enterprise Times, the promise – if delivered – of compliant blockchain transactions executed for tiny fees could open up possibilities which existing transaction costs have kept closed.