Helio CEO Stijn Paumen recently spoke with Benzinga where he shed light on the transformative role of blockchain technology.
"You might have applications that actually have hidden wallets and self-custody wallets," Paumen explained, indicating a future where blockchain is so embedded in services that consumers transact "without even knowing that it's crypto."
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Paumen anticipates that the behind-the-scenes nature of blockchain will not only continue, but will reshape consumer behavior.
The key, he suggests, lies in the fact that consumers won't have to alter their habits significantly: "If people can continue to pay for their goods and services, but they're using blockchain rails instead of Visa or MasterCard or other payment networks, then we've made it seamless."
Helio's approach points to a world where digital payments are more efficient, cost-effective, and instant, leveraging the power of peer-to-peer networks. The company aims to facilitate this transition by offering an intuitive user experience, allowing consumers to use crypto payments without needing to understand the underlying technology.
The Helio CEO also highlighted the economic benefits of blockchain-based payment systems, pointing out the potential for reduced fees and instant transactions.
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"On average, payment fees are around 2% for online payments. At the moment, we can achieve at least half of that," he said, underscoring the efficiency blockchain can bring to the financial world.
As for the differentiation between Helio and traditional payment processors like PayPal, Paumen was clear: "What is very different with Helio is that we actually facilitate the payment between the buyer and the merchant using a P2P system... Helio never touches the money, doesn't sit on it, and doesn't take custody. We just facilitate that P2P direct transaction between the buyer and the seller."
In addressing security concerns, Paumen expressed confidence in the robustness of blockchain networks and the importance of thorough audits to ensure the security of smart contracts.
He also stressed the importance of meeting anti-money laundering standards and know-your-customer programs to maintain the integrity of the payment system.
Paumen is also optimistic about regulations, suggesting that the path forward for blockchain payment services is to adopt best practices from fintech and strive for compliance with emerging regulations.
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