Paytomat is an Estonia-based cryptocurrency payment solution co-founded by the current CEO of the company, Yurii Olentir. The primary marketing strategy of Paytomat focuses on the adoption of cryptocurrencies using your existing devices.
The primary goal of Paytomat is to boost the infiltration of cryptocurrencies as payment instruments. The company plans on accomplishing this by presenting a reliable and feature-rich solution for acquiring cryptocurrencies and spending them.
The company currently accepts over 14 cryptocurrencies like Bitcoin, Ethereum, EOS etc. Its products are capable of integrating into the merchant’s current payment solution without any requirements for a third party software or additional hardware.
Paytomat was fully operational since August 2017. The company has already acquired around 300 merchants with more than 18,000 transactions on the system in different parts of Eastern Europe.
The business model of the company is based around the mix of the conventional business model with Decentralized Autonomous Organisation (DAO). Paytomat’s engineers have created the Point-of-Sale as Proof-of-Stake (POS as PoS) protocol to expand its decentralisation. This protocol will allow any POS device in their network to become a master node on the PTM blockchain.
Paytomat offers two unique loyalty programs based on the PTX token and PTM coin.
The PTM Coin
PTM will be the associated currency of the PTM blockchain. The PTM coin uses one of the quickest forked blockchains in the industry. The blockchain is capable of supporting atomic swaps and enables distributing tokens without utilising the Turing complete smart contracts.
The merchants who accept cryptocurrencies are the usual targets for PTM coins, and it incentivises them for it. The said merchants will meet with the established “Sui Generis” loyalty program.
The PTM coin rewards the merchants for accepting a variety of cryptocurrency payments by giving extra value to the merchants and implementing resilient loyalty programs. The currency covers the motivation and planning of what the company considers the most significant part of its ecosystem, the merchants.
It is common sense that the end customers need to adopt the payment system for the said system to be successful. However, it is the merchants that present the payment method to the end customers.
The PTX Token
The PTX token is a digital asset token on top of the PTM blockchain. The PTX transfers the loyalty tokens directly to the customer’s wallet and rewards the customer for spending the tokens. The rewards are similar to how grocery loyalty card accumulates the special bonuses and rewards everytime you pay the money with the service providers.
PTX grants a multi-brand loyalty program similar to those provided by FIAT payment processing systems and banks. The token holder can freely transfer the token between the PTM blockchain users with minimum transport fees.
The tokens used for purchasing of goods and services will end up at the loyalty pool. After a customer buys it using the tokens, then the used tokens will be permanently deleted from the system with no chance for restoration.