There are many ways to pay for goods and services on the Internet. The most popular is a bank card.
But what do cryptocurrency users do when it comes to transferring funds to some person or organization? You need a wallet address and an amount to be sent. This data should be copied correctly or entered manually, double-checked, and only then one can make the payment.
There should be no mistake because a refund is possible only if the recipient agrees to make a reverse payment. So this is not a refund, but another transaction.
For example, you want to buy ice cream from a street vendor. What could be easier than shaking your smartphone instead of pulling out a bank card or crumpled cash from your pocket?
Or let’s say you’re enjoying a cup of flavored tea with your friend at the local cafe. You want to send him a certain amount of money. Just shake your smartphones and you’ll get in touch right away.
Shake To Pay is a customizable feature. For example, when it comes to buying goods from a street vendor, the price has to be determined.
In this case, the seller will have to generate a QR code, which contains information about the buyer’s address and the amount of money to be sent.
It will be enough for the buyer to scan the code with his smartphone. This way the application will automatically fill the necessary fields, including the address of the recipient and the sum of the payment. If necessary a comment can be added.
Transactions made with KYCC are instant and don’t involve paying any fees. But it should be remembered that if the means of payment is another cryptocurrency, then you will need to pay blockchain fees.