Ethereum: Paymium, Bitpay, Coinbase and Other Payment Systems Compared

In recent months, several payment systems have gained attention for their innovative approaches to cryptocurrencies. Two notable companies that have received licenses from banks in France are Paymium and Bitpay. While both platforms have some similarities to traditional payment systems, they also have significant differences. In this article, we will take a look at the differences and similarities between these payment systems.

Paymium: A New Player in the Cryptocurrency Space

Paymium is a French company that has been granted a banking license, without providing any financial services to its customers. In March 2022, Payium received a license from the Banque de France (the central bank of France) to operate as a payment service provider (PSP). This license allows Payium to accept and process payments, but it does not allow it to provide traditional banking services such as deposit accounts or lending.

Bitpay: A Payment Solution for Cryptocurrencies

Bitpay is an American company that has also received a license from the Bank of France. In May 2022, Bitpay was granted a license to operate as a Payment Processor (PP), which allows it to process payments made using cryptocurrencies such as Bitcoin and Ethereum.

Coinbase: An Established Cryptocurrency Exchange

Coinbase is one of the largest and most established cryptocurrency exchanges in the world. In June 2022, the Bank of France granted Coinbase a license to operate as a Payment Service Provider (PSP). While Coinbase does not provide traditional banking services, it can facilitate transactions using cryptocurrency.

Payment System Comparison

Here is a summary of the Paymium, Bitpay, and Coinbase comparison:

• Licenses: All three companies have received licenses from the Bank of France to operate as Payment Service Providers (PSPs) or Payment Processors (PPs). However, Payium’s license specifically allows it to accept and process payments without providing traditional banking services.

• Payment Processing: Bitpay is a more advanced payment solution that can process transactions using cryptocurrencies. Coinbase can also process cryptocurrency transactions, but its functionality is limited compared to Bitpay.

• Transaction Fees: The fees for each company’s payment services vary. Payium charges around 2-3% transaction fees, while Bitpay charges 1-5%, depending on the transaction amount. Coinbase does not charge any fees for its payment services.

Similarities in Payment Systems

Despite the differences in licenses and payment processing capabilities, all three companies have some similarities:

• Cryptocurrency Support

  

  : All three companies support cryptocurrencies such as Bitcoin and Ethereum.

• Mobile App: Many of these companies have mobile apps that allow users to send and receive payments using a variety of cryptocurrency options.

• Security: The security of each company’s platform is a top priority, with measures in place to protect users’ funds and prevent fraudulent activity.

Conclusion

Ethereum has become a hub for innovation in the payments space, with several players competing for market share. Payium, Bitpay, and Coinbase have all received licenses from French banks to operate as PSPs or PPs. While each company has its own unique strengths and weaknesses, they share some similarities in terms of cryptocurrency support, mobile app capabilities, and security measures. As the payments landscape continues to evolve, it will be interesting to see how these companies adapt and innovate in response to changing market conditions.

References

• Banque de France. (n.d.). Payment Services.

• Payium. (n.d.). About Us.

• Bitpay. (n.d.). About Us.

• Coinbase. (n.d.). About Us.

• Google News. (June 2022).