In 2013, Herminio Fernández, now CEO of EurocoinPay®, went on a training trip to the United States. There, he learned about blockchain technology and had the idea of creating an innovative company that would use it to offer services not only for buying and selling cryptocurrencies, but above all payment services, thus giving these currencies the possibility of being used as a means of payment for goods and services instantly.
Herminio Fernández, CEO of EurocoinPay®
Today, the company has a team of more than 35 people. “It is a group of engineers, analysts, consultants, economists and lawyers who are investing their time, energy and wisdom to make this project a reality; in addition to more than fifteen technology providers who have worked on the project since its inception with a high degree of commitment and involvement,” explains Fernández.
Official support
EurocoinPay® has received support from official bodies such as the Bank of Spain, for which it was selected for the Spanish Sandbox. In addition, the company received the CEE seal of excellence for its cryptocurrency payment method and the backing of the CDTI (Industrial Technology Centre) and the Junta de Castilla y León. “We are currently awaiting registration at the Bank of Spain to be regulated by official bodies and to be able to be within an environment of legal certainty like any other sector,” the company’s CEO tells us.
The company has also created a development, support and cybersecurity team in Madrid to begin a strategic international expansion plan for the three-year period 2022-2025. To do so, they have the support of companies such as Naturgy Luz y Gas, Restaurante El Capricho, Siluj Iluminación Internacional or Generali León that have already integrated the EurocoinPay® POS.
A disruptive proposal
The idea of EurocoinPay® is to democratise the economy by putting at the top of the financial pyramid the customer needs that, in the midst of a time of digital transformation as a result of the pandemic, are shifting towards faster, cheaper and more secure payment transactions. The company, which integrates revolutionary technologies such as blockchain and cryptocurrencies, has the potential to help the financial market through its transparent, peer-to-peer nature, without intermediaries and offering services to more than 2 billion people around the world who are unbanked. “We digitise the entire administrative accounting chain with four immutable databases, one of them on the public blockchain,” says Herminio Fernández.
Naturgy signs a commercial agreement with EurocoinPay® to charge for electricity and gas with cryptocurrencies
Companies that decide to use cryptocurrencies as a means of payment have before them the possibility of reaching a niche market of 200 million people who hold cryptocurrencies (6 million in Spain), a figure that is expected to reach 1 billion by 2030. “Businesses can charge their customers with cryptocurrencies and choose to receive euros. It’s perfect for freelancers and small businesses, as you don’t have to pay anything for maintenance or integration. On the other hand, there is a fixed commission fee to be paid for each transaction, so there are no surprises. Companies will gain many customers if they accept payments with cryptocurrencies, since having a business in 2022 implies having a vision of the future, betting on innovation and all of this starts by installing a cryptocurrency POS in your e-commerce or physical shop”, summarises EurocoinPay®. “Using our solution, the company receives instant payment from anywhere in the world in just 7 seconds and without the possibility of a refund, which provides security in the management of collections for any business. Customers of any business can choose the cryptocurrency they want to pay with, and the company with which they want to be paid”, adds Herminio Fernández.
Advantages for private individuals
In addition to having no charges or costs for merchant customers, the EurocoinPay® platform includes an App together with an electronic wallet that allows users to have cryptocurrencies in their personal wallet as a store of value, and to make payments intuitively and easily through the physical or virtual e-Wallet with the different applications or web environments designed in the project. In this way, the payment process is very simple and secure for the customer, who can pay from the App at any physical or virtual merchant with the cryptocurrency of their choice, instantly and without commission. And all of this with real-time support. “Another very important advantage is that there is no fraud in payments, since, by eliminating intermediaries, there is no room for disputes with third parties. Transactions are very fast and secure and, since 2010, more than 100 billion transactions have been made on the blockchain and not a single one has been fraudulent,” the company explains.
Pioneers in Spain
EurocoinPay® is the only immediate, universal and comprehensive crypto POS in Spain, as it allows these new alternative means of payment with cryptocurrencies to be quickly, securely and easily available in any company or business, regardless of the technology they use for their sales procedures.
In addition, the presence in the Marketplace created by the company gives companies direct visibility to the more than twenty-one thousand registered customers. “We offer online and telephone support in Spanish (and other languages) with an account manager assigned to each client that personalises interactions with the platform and the real digital transformation of our clients,” says Fernández.
Once the operations are regulated in the regulatory framework of the Bank of Spain, the ecosystem will burst into the PayTech market by guaranteeing the real utility of cryptocurrencies for e-commerce, retail, Marketplace or even retail services, thus creating new market opportunities in Europe and worldwide in a disruptive way. “Success stories such as the integration of EurocoinPay® in the IBEX-35 company Naturgy are not by chance, but are born from an initiative of its management that chose our platform among several national and international crypto companies, to allow its customers to pay their electricity and gas bills with bitcoin as part of its digitization strategy and improvement of its online channel. This milestone is just the beginning of the massive implementation of our technology in our country”, concludes the CEO of EurocoinPay®.
Source: expansion.com
Disclaimer: The information set out herein should not be taken as financial advice or investment recommendations. All investments and trading involve risk and it is the responsibility of each individual to do their due diligence before making any investment decision.
