And although Block Pay’s declaration is not new, it may have escaped notice. Block Pay revealed in October 2022 that they would be constructing their network using an Avalanche subnet for documenting and authenticating all Block Pay money transfers. Having said all that, let’s examine the Block Pay elements and why this is favorable for Mexico, Avalanche, and Blockchain technology.
COMPONENTS OF BLOCK PAY
Terminals
This is the device where the customer swipes or touches their card to complete a transaction. It is a transportable system, perhaps marginally smaller than the consoles found in the United States. The devices have Wi-Fi connectivity, chip detectors, and receipt printing capabilities. Visa, Mastercard, American Express, and Carnet cards are accepted. According to Block Pay, terminal operators can offer anything they want and promote the machines as a way to boost revenue by taking credit cards. It is also convenient that the ports are propelled by 250 mAh batteries that can retain a charge for three hours.
Cards
Every Block Pay card is a preloaded debit/credit card that can be loaded on the Avalanche subnet with Bitcoin and stablecoins. Mastercard’s latest revelation that cryptocurrency wallets may be utilized to authorize payments thru collaboration with Immersive is especially compelling. Theoretically, a customer could obtain a Block Pay Mastercard, load it with $BTC or $USDC via Avalanche, then utilize it for activities in the actual world or web3 services. The cards are recognized worldwide, can be reloaded at any time, and offer rewards and benefits.
Blockchain
The Block Pay system is being constructed on an Avalanche subnet that will utilize its native $BPAY token. To function as a verifier or delegator, you must possess the token. It looks that validators will be compensated with 15% APY. Basically, after a Block Pay card is used to make a payment, it is recorded in a centralized database and transmitted to the subnet to be protected, authenticated, and recorded.
BULLISH FINAL THOUGHTS
It is essential to remember that the Mexican Peso (MXN) has been performing very well recently. This may be owing to a 1.6% increase in production in Mexico in 2022. Alternatively, it might be owing to tourism growth. A final positive measure for Mexico is that overseas direct investment will reach $35.29 billion in 2022, a 12 percent rise from 2021. It may be a great moment to invest in Mexico, Block Pay, and Avalanche, which will enable all of these trades to occur on the blockchain.