FinanceFeeds has released an insightful video interview with executives from Payperless at the Fintech Unplugged 2.0: Afterparty hosted during the iFX EXPO International 2024 in Limassol, Cyprus.
The event, sponsored by Sumsub, Nexpay, and Finery Markets, brought together professionals from the fintech, trading, crypto, and blockchain sectors. FinanceFeeds covered the event and our Editor-in-Chief, Nikolai Isayev, had the opportunity to interview Oleg Zyryanov and Nikita Plotnikov, CEO and CPO of Payperless, respectively.
Payperless, a self-custodial wallet connected to debit/credit cards
Payperless simplifies the process of buying, selling, and managing cryptocurrencies, catering to both seasoned traders and beginners. The crypto wallet allows users to buy crypto with their credit card, complete transactions within minutes, and easily track their portfolio and expenses.
“All you need is a phone number to get started – just sign up and start trading!”, the crypto wallet’s website states, adding that clients can use a credit card, debit card, bank transfer, or cryptocurrency exchange to fund their account balance with cryptocurrencies like Bitcoin (BTC), Ethereum (ETH), Solana (SOL), Tron (TRX) and more. Payperless can be used to spend cryptocurrency on goods and services worldwide.
The platform emphasizes security, compliance, and user-friendly experiences. Having invested heavily in technology and robust security measures to ensure the utmost safety of its users’ assets, Payperless built a scalable and efficient platform, capable of handling the rapidly growing demand for cryptocurrencies.
In 2024, the Payperless team focused on developing new solutions for businesses, including an OTC exchange, a crypto payments processing platform, and a banking service, as well as launching an omni-currency payment service provider for regulated high-risk businesses and e-commerce. The first three products have been soft-launched with trusted partners, and the hard launch is expected in Q4 2024.
Oleg Zyryanov has a rich background in financial technology. With over 10 years in crypto, he has founded several businesses offering B2B and B2C products within the crypto payments & infrastructure sector, achieving success in both the US and European markets.
Nikita Plotnikov has extensive experience in fintech, having held key positions in prominent tech firms prior to joining Payperless. These include Dataduck, Dats.team & Bank of Saint-Petersburg.
Those who adapt quickly to EU’s MiCA will lead the market
The interview covers the rise in demand for payment processing services driven by institutional adoption of crypto. Payperless executives are optimistic about the trend among the institutional players of integrating crypto payments, which is expected to influence the market. They welcome the Markets in Crypto-Assets Regulation (MiCA), which will come into effect on 31 December 2024 in the European Union and is expected to contribute to ending the legislative ostracization of crypto.
There is a link between regulatory compliance and staying ahead of the competition when it comes to offering crypto payment solutions with robust security. “MiCA is coming next year and crypto regulations are here to stay. We believe that those who adapt quickly to these regulations will lead the markets. We also strongly believe that such payment solutions should not be less affordable. That’s why we focus on making our payment products strongly compliant, yet accessible for the majority.”
The discussion also covered the new trends in the payments sector, particularly the adoption of AI for fraud detection and prevention, and the integration of crypto wallets with credit cards. “It feels just like magic when you pay, like with a regular card, but it is actually connected to crypto wallets.”
The growing issue of security breaches within the crypto wallet segment is not a particular concern for Payperless, which boasts a non-custodial wallet.
Self-custodial wallets are as safe as any other service, as long as users don’t share their OTPs
Security has always been a concern due to the irreversible nature of blockchain transactions. The growing issue of security breaches doesn’t affect Payperless on a technological aspect because of its non-custodial nature. There is, however, the issue of social engineering which the company cannot control.
Still, the firm has done its best to ensure users know what they should and should not do to prevent their wallets from being hacked.
“Actually, it’s simple. Don’t ever, ever share your OTP or passcode with anyone under any circumstances, and you’ll be good. And of course, we enforce 2FA everywhere. But, you know, although the funds are protected, we see a growing number of attempts to access user personal data.”
Mr. Zyryanov and Mr. Plotnikov also addressed the challenges of balancing innovation with compliance and maintaining customer trust. Mr. Zyryanov commented, “Balancing innovation with compliance and ensuring customer trust is our paramount concern.” Mr. Plotnikov reiterated the importance of regulatory adherence: “We prioritize user privacy and compliance, ensuring that our innovative solutions are secure and trustworthy.”
These insights from Payperless executives provide a comprehensive view of the current landscape and future direction of crypto payment processing.
