The cryptocurrency XRPayNet says it wants to compete with companies like Klarna and AfterPay and offer customers what it calls one of the first buy now, pay later (BNPL) options in the crypto industry.
The company announced the XRPayNet app in a news release Monday (Jan. 10), saying it would provide an interface for micropayments processed by the XRP ledger, ensuring low transaction costs and ultra-fast speeds.
“We aim to capture and overcome the current needs of real-life and on-demand crypto payment systems that are increasingly demanded by people and businesses across the globe,” the company said in the release.
XRPayNet says the app includes a payment interface for online and in-store retail transactions, business-to-consumer payments, built in solutions for direct payments and BNPL features.
However, the company says it has no interest in competing with companies like the blockchain solution provider Ripple.
“Our goal is to change the world of payments forever by focusing on transforming the world of online and in-store payments, enterprise-to-consumer payment markets (plumbers, electricians, etc.) and peer-to-peer transactions,” XRPayNet said. “Ripple and XRP are currently entering the market with a focus on the interbank and international payment markets. We aim for the market for everyday transactions and micropayments.”
Last year, Ripple unveiled plans for a platform that would let users buy, sell and hold digital assets. The Ripple Liquidity Hub will help enterprises access deep liquidity within markets and expedite the transition to cryptocurrency.
See also: Ripple Plans Crypto Trading Platform for FIs in 2022
BNPL firm Affirm also announced it was entering the bitcoin space last year, with CEO Max Levchin saying his company was developing a feature that would let customers buy and sell cryptocurrencies from their savings accounts, although he did not specify a time frame for this.
“It’s time for Affirm to support cryptocurrencies in a way that feels organic to us,” Levchin said. “We will soon leverage our savings accounts to seamlessly enable crypto ownership.”
Read more: Affirm Plans to Add Crypto Trading to Woo Younger Investors
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