InTime set the launch date in Vietnam
InTime, one of the first e-commerce platforms to accept crypto currency payments, is expected to launch in the Vietnamese market later this month.
CyberMedia is the company responsible for deploying and operating InTime in the Vietnamese market. The company said it is rushing to complete the technical infrastructure, before entering the Alpha Test phase with a limited number of users on March 31.
InTime is one of the pioneering commercial platforms in integrating cryto currency payment solutions. Along with the already popular forms of payment in cash and electronic wallets, users can also use electronic currencies such as Bitcoin (USDT), Tether (USDT), Ethereum (ETH) and soon Next is the GES Token (GES) for convenient payment for domestic and foreign orders.
According to spokesman of CyberMedia, brands and retailers opening booths on InTime during the period of Alpha Test will be exempt from all service usage fees and gifted with encrypted Click vouchers for each order. Successful transactions are worth over 20 USD. This incentive program will apply until the end of April.
Besides, CyberMedia also believes in InTime’s potential development in Vietnam in the future thanks to the unique “Click auction” model. Specifically, products posted on InTime will not show public selling prices. Users must buy a Click voucher (Click voucher priced at 0.1 USD) to experience and pay for the order. If you really care about the product, users only need to spend a certain amount of Click vouchers to see the actual selling price of the product.
“Anyone using Click to see the price has an equal opportunity in 20 seconds to compare the product price on InTime with other stores and ecommerce platforms to decide whether to buy it or not ”, spokesman of CyberMedia explained. “The selling price of the product will continuously decrease through each price flip and can be significantly lower than the starting level offered by the vendor.”
Benefits of cryptocurrencies in e-commerce
Along with the wave of price increases of Bitcoin, crypto currency has become a hot topic earlier this year. Many big names like Paypal, Tesla or Square have long expressed interest in this new field. However, e-commerce with integrated electronic money payment solution is still an untapped market segment.
Industry experts say that cryptocurrencies can play a leveraging role in promoting the development of e-commerce in the future. If this form of payment becomes ubiquitous, users won’t have to exchange money as it can be used around the world, and retailers don’t need to adjust product prices in each country either. This is also an opportunity for the retailer to reach a large number of crypto owners globally.
Cryptocurrencies also have the advantage of nearly instantaneous transaction speeds, compared to bank transfers that can take a few days to process. The early payment by the retailer means the goods are shipped sooner.
Not only that, cryptocurrencies are considered a safe and transparent payment solution thanks to their operation based on the smart contract protocol. Thereby, users are less worried about their assets being interfered by a third party. The blockchain technology that InTime is applying has outstanding security capabilities, helping to minimize the risk of users’ personal information being stolen by hackers.
Furthermore, blockchain is also beneficial in exchanging information between buyers and sellers. Retailers can use them to track product inventory, create personalized offers and target a targeted audience.
The development of the InTime e-commerce platform was announced by the UK-based InTime Click by the end of 2020 and immediately attracted the attention of reputable financial institutions including GES Global.
In addition to investing millions of dollars, the Singapore company to commit to supporting InTime to build its own payment channel, expand the market and connect with partners in the e-commerce industry.
The first three markets targeted by InTime are Vietnam, South Korea and India, all of which have great potential for e-commerce and high internet penetration rates.
At the end of January, InTime Click representatives signed a cooperation agreement with CyberMedia to soon bring InTime into operation in Vietnam. The company also allows third parties to replicate this model in another country under the form of a comprehensive franchise.
InTime’s goal is to get 100,000 participants in the first year and around 500,000 to 1 million users the following year. The company expects three-digit annual revenue growth.
“Cryptocurrencies have all the essentials to become a popular payment option on e-commerce floors. Although it’s still young, its future is definitely bright”, Julian Ellison, CEO of InTime Click said.