PEY is an innovative smartphone-based payments system (software/hardware) that uses blockchain technology to securely and quickly confirm its transactions. PEY's focus is to bring a high standard of security and usability to the mobile payments workflow used in brick-and-mortar stores while also shrinking the value-chain and thus reducing the cost for all parties involved.
In addition to iBeacon and NFC technology PEY's uses an open and internet based transactions network to securely confirm all transactions in an affordable way by cutting out intermediaries. Although we use the Bitcoin Network in the current implementation, this solution is easily adaptable to any of the 500+ blockchain networks or cryptocurrencies in existence. From a customer perspective PEY is positioning itself to be for Apps, what VISA and MasterCard are for plastic cards. PEY's software solution will be offered as a white-label and co-branded App to existing banking institutions and retail chains.
Founded: November 2014
Category: Mobile payments / bitcoin, blockchain, cryptocurrency
Key People: Ricardo Ferrer Rivero, Hartmut Borchers