SGPay is a 3rd generation wallet platform. The SGPay Token uses Ethereum technology on the blockchain and is used as an incentive and utility token on the SGPay platform.
What Does SGPay Do?
- 1 What Does SGPay Do?
- 2 What You Should Know About the Mobile Payments Field in Asia
- 3 How Is SGPay Poised to Dominate the Growing Cryptocurrency Field in Singapore?
- 4 What Are Some of the Standout Features of SGPay?
- 5 What Should You Know About the SGPay Token?
- 6 How Many Users Does SGPay Hope to Get?
- 7 What Else Is on the SGPay Roadmap?
- 8 Conclusion
- 9 Useful Links
SGPay is essentially a wallet service. This service uses just one platform to do a multitude of tasks. Users can make e-payments using their credit cards, buy and sell their cryptocurrencies, or use a wide array of services on board. This gives its users an intuitive way to manage all their assets in a single spot.
Put simply, SGPay combines the platform and token to virtually everything – from your credit and debit card e-payments, to crypto and fiat e-wallets – in the same place. At the same time, it provides numerous integrated services, like an online mall, the ability to pay utility bills, bike rentals, and more.
What You Should Know About the Mobile Payments Field in Asia
To get a better idea of why SGPay makes such a difference in Southeast Asia, take a closer look at the growing arena of mobile payments in Asia. At the moment, Southeast Asia alone has a $12 billion USD e-payments industry. In addition, reputable sources such as the Straits Times regularly point out its growth. In fact, some estimates say that by 2021, Southeast Asia will have over $30 billion USD in mobile payments. More and more users in Southeast Asia and beyond are demanding mobile payment services. This growth is occurring as more users want an alternative to carrying cash, something they see as inconvenient and unsafe.
Of course, this growth is slower in certain parts of Asia than others due to fears like identity theft, or simple lack of knowledge. That is where a reliable platform like SGPay comes into play. With its straightforward design, even those unfamiliar with technology or the ins and outs of cryptocurrency can get used to it. Because of its extensive security features, identity theft would be of no concern.
How Is SGPay Poised to Dominate the Growing Cryptocurrency Field in Singapore?
Singapore is an area in Southeast Asia with one of the strongest growths in cryptocurrency. The recent Bitcoin surge has led to an even greater interest in cryptoassets and multiple new cryptocurrencies popping up in this country. Out of all the cryptocurrencies appearing in Singapore, SGPay is set to dominate the field due to its real-world practicality, a quality that is lacking among local startups.
Many of such platforms prioritise the uniqueness of their ideas and crypto exchanges – but SGPay aims to be a platform that people can use during their day-to-day life. Everyone makes purchases, and SGPay brings simplicity to that action. It takes the growing success of platforms like Apple Pay, and brings its design into the cryptocurrency world to let users make payments at stores, online, and more with their crypto or fiat assets.
Singapore will be the base location for SGPay, but it is well poised to expand to the rest of Southeast Asia. Once there, it will be able to reach tens of millions of users just waiting to get into the world of e-wallets and mobile payments.
What Are Some of the Standout Features of SGPay?
The biggest draw of SGPay is the ability to conduct all your daily transactions in a single app, from buying movie tickets and shopping online to buying Bitcoin and making e-payments. SGPay makes it easy to manage your cryptocurrencies no matter where you are, including the ability to buy and sell on the platform itself. The mobile version will have portfolio tracking in real-time 24/7, so you always know exactly where you stand.
While most similar platforms available in other markets only offer the ability to pay with fiat currencies or cryptocurrencies, SGPay does both. Use whichever currency you prefer at the participating retailers, so you are in complete control of your finances. Looking at Southeast Asia, SGPay has support for more cryptocurrencies than any other local e-wallet. That support translates into the ability to diversify your e-portfolio, mitigating risk and protecting your financial interests.
Users can use their stored fiat balance to transfer money to other users. SGPay aims to build a monetized reward system so that when you shop on the partner online mall, you get reward points without any expiration date or long and boring terms and conditions to pour through. For security, SGPay includes biometric verification and several other built-in safeguards.
SGPay is targeting big partnerships together with the local banks as well as in other verticals. The platform was modelled as a hybrid platform and not a pure crypto-play so collaboration should be easier with the traditional banking industry.
What Should You Know About the SGPay Token?
The SGPay Token, SGP, is based on the Ethereum blockchain. The team will receive a fixed supply of 3.8 million SGP and the public supply will be up to 10 million, depending on the sales during the ICO. This will lead to a total supply of between 3.8 million and 13.8 million, depending on the success of the sale.
The pre-sale contribution period will take place on Feb 1–14, giving participants a full two weeks to get involved. During this pre-sale period, there will be 2 million tokens available, with the rest later available during the main sale period.
Those who hold the token will get lower transactional fees when buying or selling cryptocurrencies using the wallet. You can also use SGPay tokens just like you would Bitcoin or any other major cryptocurrency to make transfers or payments.
Those who hold the token will get lower transactional fees when buying or selling cryptocurrencies using the wallet. You can also use SGPay tokens just like you would Bitcoin or any other major cryptocurrency to make a transfer or payment.
How Many Users Does SGPay Hope to Get?
As with any other platform, SGPay doesn’t want to be limited by predictions as to the number of users and views more growth as a great thing. However, it has predictions in place based on the team’s research of mobile payment demands and the product.
In 2018, the team plans to have 500,000 users in Singapore alone. During 2019, they hope to spread their influence throughout the entire ASEAN region with 5 million users. In 2020, the reach will hopefully span the APAC region with 50 million users.
What Else Is on the SGPay Roadmap?
During the first half of 2018, SGPay will be in Phase 2. During this time, the token generation event (TGE) will take place and the platform prototype will be released. This phase also includes the launch of the e-wallet function, listing of SGPay tokens the confirmation of the advisory board. In Phase Three, the second half of 2018, the team will launch the e-payments function, have the Intensive Adoption Drive, support more tokens, and participate in both Strategic Partnerships and Community Marketing. Phase Four, the first half of 2019, will see merchant partnerships; SDK and API capabilities; and integration for NFC, QR, and CC.
SGPay is a platform that will benefit many due to its capability to be incorporated into everyone’s daily lives. It brings about a concept unprecedented in Southeast Asia that has proven to be successful in other parts of the world. With a formidable team backing the project, SGPay promises to be a useful platform for people of various ages and tech literacy, bringing even greater awareness towards e-payment and cryptocurrency in Singapore and the rest of Southeast Asia.