You may soon be able to leave your wallet behind and pay at Skyline with crypto-currency!
Blockshow Asia is the largest gathering of the crypto community in Singapore, and Skyline will be accepting crypto-currency as payment for drinks and food during the 2-day event.
This early trial run is the first of its kind here in Singapore and will be done using the widely traded Ethereum. Customers will be able to use their Jaxx and Ethereum Free wallets to pay for drinks with Ether using the COSS PoS system which is a pilot collaboration between COSS and Skyline.
While this may be a foreign concept to some, let’s start by answering a few basic questions.
1. How to pay with crypto?
The payment gateway is an e-Commerce merchant service allowing COSS users to authorize online payments sent through the platform.
It is an effective marketing tool that supports multiple currencies, integrates the exchange rates, has speedy KYB process, reporting, integration and payment mechanisms. The payment gateway offers COSS users multiple exchange rates from FIAT to crypto-currencies. Reporting tools within merchant platform are aimed to simplify Merchant's accounting.
The payment link is a merchant tool which allows receiving payments for their products online quickly. The payment link is generated from the merchant’s profile. It contains the information that a user requires to be able to pay for a specific item (the amount of crypto, the crypto-currency used and the merchant’s wallet address). This link can be sent to the customers through any means of communication, and when clicked on, it opens up a page similar to the Payment Gateway page.
2. Why accept crypto?
It’s the future of money. Singapore is widely regarded as one of the most crypto-friendly countries in the world, largely due to its stable politics, reliable infrastructure, and favourable business environment.
Incumbents such as major financial institutions are also investing time and resources in blockchain initiatives to keep themselves relevant in this fast-changing domain. Local banks such as DBS, UOB and OCBC have participated in proof-of-concept of Project Ubin using the blockchain technology developed by R3-- a distributed ledger platform that has integrated with Microsoft's cloud service.
3. What is Ethereum (the currency being accepted)?
Ethereum is a decentralized platform that runs smart contracts; applications that run exactly as programmed without any possibility of downtime, censorship, fraud or third-party interference.
These apps run on a custom built blockchain, an enormously powerful shared global infrastructure that can move value around and represent the ownership of property. This enables developers to create markets, store registries of debts or promises, move funds in accordance with instructions given long in the past (like a will or a futures contract) and many other things that have not been invented yet; all without a middleman or counterparty risk.
To learn more about crypto-currency, come down to Skyline for the Blockshow Asia after-parties and network with the experts!
Venue: Level 45, Singapore Land Tower
Date: 29 & 30 November 2017