BNBPay: The Decentralized Payment Solution on Binance Smart Chain

“Disclaimer: The Capital has received payment in exchange for writing this article”BNBPay is a platform that aims to become the most widely accepted crypto for both traditional and e-commerce. Built on the Binance Smart Contract network (BSC), BNBPay plans to create a payment ecosystem where people can stake and pay using any BSC token. Led by Zave Huang, James Zhang and Teason Phang, the BNBPay team has over ten years of experience in legacy payment processing systems. BNBPay CTO Teason Phang has built multiple tech businesses, including two in merchant payments.Recently, the payment platform applied for an operational license with the Monetary Authority of Singapore (MAS). Consequently, if MAS gives the decentralized startup the green light, BNBPay may become a major player among digital currency payment platforms.The $BPAY token is the underlying currency used for all transactions on the BNBPay platform. The token has a total supply of 10 billion, with 60% of that amount put on public sale in Pancakeswap. Another 10% was set aside for payment rewards, with a further 10% going to the dev team. There are plans to burn 15% of the tokens to ensure $BPAY stays deflationary, while the final 5% has been earmarked for marketing.In the short time it has been around, BNBPay has seen an impressive organic uptake in its wallet numbers, with about 50,000 holders currently on the platform. Similarly, its market capitalization registered tremendous growth, going from under a million to almost 450 million at its peak.BNBPay imposes a 10% tax on all buy and sell transactions on Pancakeswap, with the resulting yield used to reward existing holders of $BPAY. However, merchants will not pay the 10% tax for making settlements in the near future.The BNBPay ecosystem comprises four elements that provide convenient and practical commerce (e-commerce), crypto and point of…