Bernhard Müller scrutinized every other platform available to him for his global payments system and determined the STAS technology was not only the best, but the only available fit for his enterprise. Müller is the founder and chairman of CENTI, a Switzerland-based electronic payments company that offers the cash register of the 21st century for its merchants. It does so by utilizing the BitcoinSV (BSV) blockchain, where transaction fees are minuscule (often less than one-tenth of one cent), and deploying STAS technology to also enable cash payments with tokens.
“We looked at all kinds of token applications before we chose STAS. Why we’re working with this technology is simple. It scales, it’s stable, it’s compatible with existing platforms and infrastructure, and it aligns with businesses that want to do electronic transactions but are scared away by the big fees,” comments Müller. “For CENTI, it is very important that transactions can happen as a cash transaction. STAS makes that a reality.”
CENTI licenses the STAS technology from TAAL, which provides technical support, product upgrades, and additional services that Müller’s team can access as their business expands. Interest is rising as concerns grow about data privacy and continued monopolization of the transaction market by credit cards and banks. With the BSV blockchain, users never have to provide their identity to a third party in order to access funds and the merchant only gets as much user data as each user is willing to share. Perhaps even more importantly is the cost that is saved by BSV’s instant, no-charge-back transactions in electronic cash.
“CENTI are leading the future of electronic payments, and partnering with TAAL makes clear the potential for our STAS technology to power this digital transformation at scale,” says TAAL president Chris Naprawa.
“The process of issuing the credit card to you and to proving your identity so merchants know you are pre-qualified to make the purchase comes at a cost, and that cost is passed on in the form of transaction fees that impact the product price,” says Müller. “With cash it is totally different. We do a bilateral exchange. I give you the money, you give me the product and we don’t have this requirement of a third party. BitcoinSV as well as STAS transactions can be executed as cash transactions on a digital, open, and distributed platform.”
With the pandemic waning, Müller foresees rapid growth for CENTI as people return to large public gatherings and do so after having adopted more technology in their lives during the past 15 months.
“To be honest, in this pandemic a lot of priorities have shifted. Anyone who was sitting on the fence about whether to have electronic payments suddenly realized, ‘Yes, of course, I need to have it.’ When you tell them about micro-payments and very low fees and some of the extra things we can do, they are instantly and eagerly interested,” said Müller, who founded CENTI in 2020.
The company has three products in development and each one addresses a different market. The first to be released will be a payments product that is integrated at point-of-sale sites or in e-commerce.
In 2022, Müller expects to be at the forefront of transformation of the festival scene in Europe and beyond as event organizers take advantage of CENTI’s technology to reduce the lineups at food and merchandise kiosks. Using CENTI’s events-focused product, organizers will direct attendees to make purchases on their smart phones and pick up their items when they have been prepared or packaged. That will reduce the length of queues and solve the frustrations of long wait times that can hinder the enjoyment of an event.
In addition, CENTI recently announced an innovative media product that powers micro-payments that will allow the public to access content on a pay-per-read or pay-per-view basis.
The driving force of Müller’s enterprise is the belief that CENTI must provide cost savings, potential for revenue growth, and seamless integration with existing platforms. “TAAL’s products and services, focused on BSV and its STAS technology, were critical must-haves for CENTI to achieve our business goals,’ says Müller.
“It’s hard to get these business integrations nailed but if you do you really can access a lot more merchants rather than trying to bootstrap your own eco-system. So it has always been within the goal of CENTI to integrate bitcoin payments the way they should be: On the same channel, on the same hardware devices, and on the same infrastructure that is already there,” explains Müller. “You have to be where the customers are and that’s where CENTI is designed to be.”