ApplePay Sets Benchmark for Crypto Mobile Payments

Cryptocurrency payment platforms are gradually being integrated into major e-commerce platforms and retail stores, but they still have a long way to go in terms of user experience and performance compared to Apple Pay. Stijn Paumen, the CEO of Helio, a growing crypto payments platform, spoke about the current state of the industry in an interview with . Paumen acknowledged that Bitcoin and Ethereum have pioneered decentralized blockchain protocols, but the underlying infrastructure of these chains cannot match the speed and functionality of traditional financial systems, such as Apple Pay.

Paumen believes that the benchmark for crypto payments is Apple Pay, which allows users to make quick payments with a simple tap on their phone. He explained that newer blockchain networks, like Solana, are starting to bridge the gap, but there are still some technical challenges to overcome. Despite potential congestion issues, Paumen is confident that engineering resources can find solutions.

Helio was founded in March 2022 by Paumen and chief technology officer Jim Walker. They were attracted to Solana’s high transaction per second (TPS) and fast finality features, which served as the foundation for their crypto payment platform. Paumen highlighted the poor user experience of early crypto payments and their long processing times. Helio aims to address these issues by providing a platform that allows merchants and e-commerce sites to accept cryptocurrency payments.

Currently, Helio mainly caters to the Web3 space, both on the user and merchant sides, processing approximately $30 million in monthly payments. The platform has gained traction in the Solana ecosystem, facilitating the sale of 80,000 Solana mobile phones through its payment plugin. It has also integrated with popular e-commerce platforms like Shopify and WooCommerce. Helio supports Bitcoin, Solana, Solana-based USD Coin, SPL tokens, and Ethereum-based payments. It facilitates ticket sales for the Ethereum Community Conference.

Paumen acknowledges that mainstream adoption of Web3 payments is still a challenge. While experienced crypto users can make payments quickly using Helio’s platform, the majority of users are not yet familiar with cryptocurrencies. Paumen believes that progress will be gradual as more novice users start using Web3 wallets and make payments in their preferred tokens. He also emphasizes the need for a user-friendly onboarding experience that can be easily accessible to a wide range of users, including those who are not well-versed in blockchain technology.

Looking to the future, Paumen envisions a decentralized way to send money worldwide without intermediaries, fast settlement, and low fees. He mentions the possibility of Apple Pay settling payments on its own blockchain, but he remains committed to the idea of decentralization. Paumen finds hope in Visa’s partnership with Solana, seeing it as a positive sign for the industry. While onboarding major e-commerce platforms is a significant step towards mass adoption, Paumen also sees potential in streaming platforms like Vimeo and OnlyFans for crypto payments.