Radpay Launches Digital Wallet
Radpay, a decentralized global payment processing framework reimagining payments and rewards, launches SpeedPath, a patent-pending technology that is anticipated to redefine how restaurants and other merchants accept digital wallets.
Digital wallets replace plastic debit or credit cards. Installed on a mobile phone or wearable device like the Apple Watch, a digital wallet stores encrypted banking information, which is wirelessly delivered to a merchant’s cash register. When used in a transaction, the wallet must be held within inches of the payment terminal or cash register. However, the payment terminal in most restaurants is not near the customer; rather, a paper bill is presented and the server takes the payment method, typically a debit or credit card, away from the table for processing. This makes using a digital wallet in most restaurants essentially impossible.
SpeedPath lets restaurants accept digital wallets without any capital cost or investment,
The National Restaurant Association projects 2019 sales at $863 billion, across the more than 1 million restaurants in the United States. With seven in 10 restaurants classified as single-unit operations and a typical restaurant operating on a zero to 5% profit margin, Radpay believes their no-investment, no-capex solution is vital to the successful adoption of digital wallets as a replacement to plastic cards.
Depending on a merchant’s type of business, Radpay says it can improve net margin by as much as 200% using its patent-pending merchant card payment solution. Radpay has more than two dozen inventions, which blend blockchain (Ethereum Plasma) with PCI-compliant card payment infrastructure and mobile devices to merge convenience, security, and transparency.
For more information about Radpay’s SpeedPath, visit https://www.radpay.com/speedpath.html.