Yurii Olentir, Paytomat CEO: “We’re Aiming to Become a Visa or Mastercard 2.0 for Crypto”

Yurii Olentyr, Paytomat CEO
Yurii Olentyr, Paytomat CEO

Paytomat: “We’re aiming to become a Visa or Mastercard 2.0 for crypto”

There are over 1500 cryptocurrencies in the world with over $311 billion market capitalization. But how many of them are used for actual payments, not trading or speculation? The thing is that very few cryptocurrencies have real-life application, and Paytomat is here to solve this problem.

Paytomat is a business advancing a cryptocurrency payments solution for point-of-sales and e-commerce. Launched in August 2017, it has already partnered with over 150 merchants in Europe, and now is holding a token sale to expand globally and introduce a blockchain-based loyalty program. In order to understand a bit more about the project, Yurii Olentir, Paytomat CEO, joined us and answered our questions about the company, the solution they already offer, the token sale and their future plans.

FinSMES: Yurii, let’s speak about Paytomat. Which market issue or problem do you want to solve?
Yurii: Paytomat aims to incentivize businesses and customers to accept cryptocurrencies while bringing liquidity to those currencies. To this end, it offers real life applications to various cryptocurrencies by enabling local stores and online merchants to accept payments in crypto. We have created a ready-to-use solution which can be easily implemented into an existing point-of-sale, so for merchants it’s no additional investment into new hardware. For customers we’ll offer a user friendly cryptocurrency wallet.

FinSMEs: How does it work? Can you tell us a bit more about the features of the platform?
Yurii: We are a blockchain powered liquidity network, featuring a point of sale interface, a smart asset platform, and a loyalty program with incentives for both merchants and customers. We have already built an extension to receive payments in crypto on existing POS (point-of-sale) solutions and deployed it on 150 merchants in Ukraine using Poster, Profit Solutions and 1C. Our clients include popular restaurants, beauty salons, gyms, e-commerce. Here’s a video we did on the first transaction in crypto.

The product works by streamlining the process of accepting the payment in crypto for the merchant, and giving an extra incentive for the customer to pay in crypto of their choice with no extra conversion, in the same way a pharmacy or grocery loyalty card accumulates rewards and special bonuses every time they spend money with them.

Technically, our loyalty program is based on the PTM coin, which incentivizes merchants to accept payments in crypto, and the PTX token, residing as an asset on top of the PTM blockchain and incentivizing end customers to pay via crypto. For the purpose of our token sale, we will create a Waves-based token called PTI. Later users will be able to exchange it to PTM at 1:1 rate. PTM will be based on its own blockchain.

FinSMEs: What about the team?
Yurii: The core development team is based in Kyiv, Ukraine. The company is registered in Estonia. We have a great background in IT, blockchain, cryptocurrency trading, as well as retail and customer support. Most of the team have been working together in different IT projects for over 10 years. In 2008 I launched ITX Security, which has become a major Ukrainian IT integrator in the sector of security and monitoring. Since 2009, I became interested in Bitcoin and blockchain technology. I launched Glorymine — a company that sells hardware for the mining pools, and later in 2016 founded DailyCoin — an investment fund specializing in crypto which quickly became one of the major closed crypto investment funds in Ukraine. This is where I decided to launch a blockchain infrastructure project – Paytomat. Apart from developing those businesses, I’ve have been an advisor to other blockchain projects and successful ICOs.

FinSMEs: Why an ICO? How are you using the funds?
Yurii: We’ll use the funds to continue to develop our platform, increase our marketing efforts and conduct further research activities. In addition, we want to expand abroad, and we already targeting Germany as our first external market. As a result of this token sale, we’ll launch our loyalty program and reward merchants and customers for using crypto.

FinSMEs: Where do you want to be in the next 5 years?
: We want to become a Visa or Mastercard 2.0 for crypto.

Additional Info

Paytomat Token Sale Roadmap

  • Fri, March 2: Whitelist registration opens
  • March 12—17: Closed pre-sale for the core teams of the cryptocurrencies
  • April 2—18: Public pre-sale
  • May 8—25 or until the last token is sold: Main token sale for general public
  • 10th day after the token sale is closed: Tokens are distributed to the backers

About Paytomat

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