In the video you can see an instant cryptocurrency payment of ETN being made between the Electroneum smart phone app and two different types of ePOS (electronic point of sale) devices. The first is a tablet based system that is used at festivals and restaurants to provide a checkout process for bars or table service. The second is a conventional point of sale till.
The instant payment system also works between mobile phones, allowing payments to be made in undeveloped countries (or anywhere in the world) between mobile phone users, without having to wait for frustratingly slow blockchain confirmations.
The integration of ETN to the ePOS systems was surprisingly easy to achieve thanks to our new Vendor API system.
The Vendor API system provides instant notification that a payment has been made. Our API has webhooks for ecommerce, allowing our servers to “PUSH” notification to an ecommerce shop via a URL provided by the vendor (in a similar style to a Stripe credit card integration). It also has a “PULL” notification for ePOS systems behind a firewall, allowing them to poll our API gateway asking if a payment has arrived.
The vendor does not get the cryptocurrency instantly, but our system acts as a trusted 3rd party to ensure the ETN or other cryptocurrencies such as Bitcoin is sent (our patent covers ETN, Bitcoin and other cryptos). The vendor knows the payment is sent and will make its way to the blockchain, so they can allow instant checkout – and the customer can walk out of the store with their cup of coffee or checkout online etc.
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