Decentralised global payment processing framework Radpay has launched a new technology, which will enable merchants to accept digital wallet payments even when the customer is not in front of the cash register.
Dubbed SpeedPath, the new technology is said to address an $863bn market gap for digital wallets.
Traditionally, digital wallets are installed on mobile phones or wearable devices and should be held in front of the payment terminal or cash register to make transactions.
The data stored in the wallet is encrypted and transferred to merchants’ cash registers wirelessly.
The new technology is said to make wallet payments feasible for restaurants, where the payment terminal is not close to customers.
Radpay co-founder and CEO Dana Love said: “SpeedPath fills the void when a consumer wants to use a mobile or wearable wallet in a retail transaction where the register is not in front of the consumer.
“SpeedPath lets restaurants accept digital wallets without any capital cost or investment on their part, which is a huge win for digital wallets and a real benefit for restaurants.”
Radpay claims that its merchant card payment solution can boost net margin by as much as 200%.
The firm’s offerings leverage blockchain and PCI-compliant card payment infrastructure to support convenience, while addressing security concerns.
Its technology is compatible with card-present as well as card-not-present environments, covering retail, e-commerce and mobile merchants, as well as app developers.