Radpay, a decentralized global payment processing framework reimagining payments and rewards, today announced the development of SpeedPath, a new patent-pending technology that is anticipated to redefine how restaurants and other merchants accept digital wallets.
Digital wallets replace plastic debit or credit cards. Installed on a mobile phone or wearable device like the Apple Watch, a digital wallet stores encrypted banking information, which is wirelessly delivered to a merchant’s cash register. When used in a transaction, the wallet must be held within inches of the payment terminal or cash register.
However, the payment terminal in most restaurants is not near the customer; rather, a paper bill is presented and the server takes the payment method, typically a debit or credit card, away from the table for processing. This makes using a digital wallet in most restaurants essentially impossible.
“Radpay’s recent patent filing titled ‘A Blockchain-based Secure Payment System’ laid out 26 novel claims. SpeedPath is one of those claim. SpeedPath fills the void when a consumer wants to use a mobile or wearable wallet in a retail transaction where the register is not in front of the consumer. SpeedPath lets restaurants accept digital wallets without any capital cost or investment on their part, which is a huge win for digital wallets and a real benefit for restaurants.”
– Radpay’s co-founder and CEO, Dana Love, Ph.D.
The National Restaurant Association projects 2019 sales for their industry at $863 billion, across the more than 1 million restaurants in the United States. With seven in 10 restaurants classified as single-unit operations and a typical restaurant operating on a zero to 5% profit margin, Radpay believes their no-investment, no-capex solution is vital to the successful adoption of digital wallets as a replacement to plastic cards.
Depending on a merchant’s type of business, Radpay can improve net margin by as much as 200% using our patent-pending merchant card payment solution. Radpay has more than two dozen inventions, which blend blockchain (Ethereum Plasma) with PCI-compliant card payment infrastructure and mobile devices to merge convenience, security, and transparency.
Radpay works in both card present and card not present environments, which means retail merchants, ecommerce merchants, mobile merchants, call centers, and app developers can all access and benefit from Radpay’s rewards system, transactional engine, and value.