Helio Director Stijn Paumen recently spoke with Benzinga, where he shed light on the transformative role of blockchain technology.
“You might have applications that actually have hidden wallets and self-custodial wallets,” Paumen explained, indicating a future where blockchain is so embedded in services that consumers transact “without even knowing it’s crypto.”
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Paumen expects that the behind-the-scenes nature of blockchain will not only continue, but also reshape consumer behavior.
The key, he believes, lies in the fact that consumers do not have to significantly change their habits: “If people can continue to pay for their goods and services, but they use blockchain rails instead of Visa or MasterCard or other payment networks, then we have made it seamless.”
Helio’s approach points to a world where digital payments are more efficient, cost-effective and instant, leveraging the power of peer-to-peer networks. The company aims to facilitate this transition by providing an intuitive user experience, allowing consumers to use crypto payments without having to understand the underlying technology.
Helio’s CEO also highlighted the economic benefits of blockchain-based payment systems, noting the potential for lower costs and instant transactions.
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“On average, payment costs are around 2% for online payments. Right now we can achieve at least half of that,” he said, underscoring the efficiencies that blockchain can bring to the financial world.
Regarding the distinction between Helio and traditional payment processors such as PayPal, Paumen was clear: “What is very different with Helio is that we actually facilitate the payment between the buyer and the merchant using a P2P system… Helio never touches the money does not sit on it and does not take over custody. We only facilitate that direct P2P transaction between the buyer and the seller.’
In addressing security concerns, Paumen expressed confidence in the robustness of blockchain networks and the importance of thorough audits to ensure the security of smart contracts.
He also emphasized the importance of complying with anti-money laundering standards and know-your-customer programs to maintain the integrity of the payment system.
Paumen is also bullish on regulation, suggesting that the way forward for blockchain payment services is to adopt best practices from fintech and pursue compliance with emerging regulations.
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