Using NEX for payments


(Jopie) #1

I imagine that the NEX extension will be used on various websites to pay for products and services in the near future.

How easy will it be to add NEX as a payment option? Will there be something like a Wordpress plugin?


(MEGATRONxONE) #2

Shouldn’t be to hard. The biggest hurdle is getting people to accept it. NEX will have their own store in Q1 that will host merchandise and help the with payment testing.


(Aman) #3

It should be integrated with the existing payment gateway options using APIs. A simple example could be like this one:


(Newst Het) #4

NEX extension yes, NEX tokens well… never (I would like to keep those safe by my side staking 4Ever :wink:


(Aman) #5

Ofcourse. NEX extension. Using the extension one could pay using all the cryptos NEX would support. :heart_eyes:


(Frank) #6

NEX is a security, isn’t this treating it to much as a currency?
Would you pay an iPhone with Apple shares?


(Aman) #7

By Pay with NEX, it is meant using NEX extension to pay for services and products. Not NEX tokens. Through NEX extensions one could pay using any token NEX extension supports. This will generate indirect trading on NEX exchange because all such transactions will pass through NEX matching engine thereby generating dividends.


(Frank) #8

But how do you see this working?
Pay by NEX and then you select which funds you want to use? BTC/NEO/GAS/FIAT/Connected creditcards/Connected bankaccounts?


(Aman) #10

Well yea. Pay by NEX extension. Then just use whichever asset you like. BTC, NEO, GAS, ERC 20 tokens, NEP 5 tokens and almost every other token NEX lists on its exchange.
Say for example, you want to book a flight on makemytrip .com using your crypto (GAS) which you’ve stored in NEX wallet. You could use NEX extension to pay with GAS on makemytrip. com. In this case, basically, NEX will be selling your GAS for USD and then paying makemytrip. com (All to be done in the background through NEX matching engine). The best part is, all these transactions will increase trade volume in NEX, because all these transactions indirectly will lead to trading of assets on NEX.


(The Ron) #11

This was something I was wondering about. Are you sure about this? That would mean, that each transaction done by the payment service, would mean dividend for NEX stakers?
F.e. if in a few years, NEX extension is integrated like PayPal is now in all kind of webshops / websites, the amount of dividend would be massive?
Or is dividend only based by the trading exchange volume ?


(Aman) #12

I’m sure. I was talking to canesin on discord about it before ICO. Its logical too. Because say you have GAS in your NEX wallet and want to pay for some service say on travala…com. Now travala doesnt want your GAS, it wants USD. You are basically selling your GAS for USD and then paying Travala with that USD. In order to do that, NEX will sell your GAS for USD to someone who wants to buy GAS for USD using NEX exchange/matching engine (All in the background, you wouldn’t know). Hence, Fabio has said multiple times, crypto volumes on coinmarketcap are not real, because it covers only trading on exchanges and not other forms of transactions.


(The Ron) #13

Okay, that would mean that NEX dividend has way more potential than just a regular exchange which only provide trading.
This basically means you cannot compare volume to any other existing exchange, because it will have more ways of generating volume than only the exchange itself.
Starting to like this more and more. :smiley:


(Nick) #14

Sorry to crush your dreams guys, but @canesin told at the anniversary party that fees collected are only from crypto to crypto trades. Too bad, I know :sweat_smile:
This was after the AMA session, so it’s not recorded.


(Jopie) #15

That would be very weird? Why would NEX allow anyone to use its payment gateway if there is no fee/profit in it for NEX?


(Nex 4 Ever) #16

I have asked in another thread for official confirmation on that because my staking strategy will depend on this. Still waiting for official confirmation from him or NEX team. This statement need to be officialized. otherwise it results in too many rumors and irritation. We want to have clarity on that topic.


(Aman) #17

Best if the team issues a clarification. BTW Coinbase charges about 1.5% on fiat to crypto transactions.


(The Ron) #18

Hmmmm too bad! :slight_smile:


(Selftrustee) #19

That is really bad news. Would have expected that investors should benefit from success of all parts of the platform. Incentives are very important in any business model. The problem here is that the founders and owners of the shares in the company have different incentives than us as investors in the nex token. For them the payment solution could be the most profitable focus area. For the nex token holders not so much. Hopefully, we can get some clarification here @canesin


(Dennis) #20

Mmh that sucks. I would love to create a payment option for some websites with the API. But if there is no benefit than I think I will pass.


#21

My understanding is that whenever the matching engine is used, fees are collected for stakers. So when the payment service is used to swap tokens through the matching engine, those fees count.

It should be the same with fiat pairs in the future, fees will be collected for stakers