When you think of paying friends back, you typically think of apps like Venmo, CashApp, or Zelle. These are standard ways to move money around socially after you get lunch, drinks, or forgot your wallet (we’ve all been there).
But what about if you wanted to pay a friend with crypto? You might discover that this process is a little more…complicated. While the price of the latest meme coin is fun water cooler talk, there are real use cases that projects like EarnPay are tackling to move the crypto space forward.
Here are 3 reasons why payment reward tokens (like EarnPay) are vital to crypto adoption:
1. Crypto evangelism via paying friends
Imagine everytime you wanted to pay a friend back, instead of paying them $10 through Venmo, you sent them $10 worth of EarnPay. Then, you received instant crypto back rewards + rolled for a chance to get rewarded via a reward pool. All of a sudden, you get the benefit of cashback style rewards, introduced a friend into crypto, and fulfilled your friendbligation (new word? friendship + obligation) of paying back your bud for lunch.
In this early stage of crypto, this is the equivalent of sending your friend an instant message or text instead of a letter, so that they experience/witness easier communication. It’s vital to show new users how simple tasks like paying people back can be done and getting crypto back rewards are a straight forward way to show a positive utility.
2. Incentives will encourage crypto payments
Let’s be honest, it takes a lot to change someone’s habits. Especially, if things “work just fine”. As the old saying goes — “if it ain’t broke, don’t fix it”.
Well, payments and loyalty rewards are broken. There are like 50 million loyalty reward apps (ok not really 50 million, but you get it) and they all do very basic functions of connecting fiat dollars to points. Which is fine. But that’s just it…it’s “fine”. Sometimes “fine” is our way of dealing or coping with broken things around us.
What about small business owners that can’t afford to develop loyalty apps? Freelancers that know rewards are powerful, but haven’t had time/budget to set that system up? Still seem “fine”?
Incentives/Rewards will be needed to truly encourage and connect the crypto enthusiast friend to new crypto users. Then, later on, merchants can use the blockchain to more securely offer loyalty tracking to their customers.
3. The future of payments AND loyalty rewards is crypto
If you have researched crypto, you understand how cryptocurrency is an improvement over credit cards by being faster, more secure, and having less fees. Now imagine the other everyday systems built on top of payments. Subscriptions, discounts, cashback, loyalty rewards, etc.
This is the problem EarnPay is tackling.
The EarnPay project is starting in the Binance blockchain, having already launched a full dapp filled with various features. Our goal is to continue delivering with an upcoming iOS wallet in Q2 and expanding our partnerships (currently partnered with Affinity, AutoCrypto, ADACash, and Doken). We also have plans to make the EarnPay token available on other chains as we continue to develop our code and user experience.