RocketFuel Blockchain, a blockchain payments processing firm, aims to allow merchants to accept crypto payments quickly and seamlessly globally. Following how the legacy payments system running on old technology is changing rapidly, the firm is rolling out a one-click check-out solution. It is expected that the solution will allow users to make purchases using a variety of cryptocurrencies and direct bank transfer options. On the other side, the solution will help merchants scale their daily operations and expand their global footprint.
Following that, the latest one-click, check-out service launch would be a massively bullish event for cryptocurrency adoption. The Coin Republic had an Exclusive Interview with Peter Jensen, CEO of RocketFuel Blockchain.
The Coin Republic: RocketFuel will be officially launched on March 31. What are the few things that our readers shall know about the launch?
Peter: The payment market is changing fast. The existing solutions are 30+ years old and based on old technology. Problems for merchants include high costs, fraud, chargebacks, available cash flow, etc.
The future is digital: Block-based and Cryptocurrencies are the future and will fundamentally change the payment industry. Adoption is picking up with companies and central banks endorsing the new technologies and regular people buying cryptocurrencies. But until now, it’s not easy to spend it. RocketFuel has introduced a one-click solution that makes it easy and seamless for people to pay with crypto or bank transfer. This will drive adoption just like Amazon’s ease of use (i.e., their one-click payment) has driven adoption of eCommerce.
The transformation of the payment industry is similar to the transformation of the transportation industry where Uber and LYFT used new, modern, mobile technology to fundamentally change an old-fashioned industry based on old technology and processes.
The Coin Republic: Currently there are two customers who have boarded the platform? Can you share insights and experience what made them sign and why others shall follow the same?
Peter: Our merchants sign up for several reasons:
- They want access to a new revenue source, i.e., people with cryptocurrencies.
- They want to begin moving parts of their expensive, inefficient legacy-based payment systems (such as credit cards) to a modern platform that can reduce chargebacks, fraud, cart abandonment, and support costs while increasing cash flow, customer confidence, and conversion rates.
- They’re under competitive pressure as their competition accepts crypto.
- Their current solution for crypto payments is cumbersome for them and their customers, which prevents widespread adoption.
The Coin Republic: Can you explain the working of the platform so our readers can understand it even better?
Peter: Ecommerce merchants integrate our technology on their platform. Next to the “pay with credit card” button, there’s now a “pay with crypto or bank transfer” button, too. The first time the consumer links to their crypto exchange(s) and/or bank account(s). Once that is done, they can pay on any merchant’s site using RocketFuel with one click using crypto because their information is securely stored. If the user wants to pay the old-fashioned way with a QR code, they can do that too.
The Coin Republic: Currently you are accepting 43 cryptocurrencies on your platform, will users be seeing more of them in the future?
The 43 supported currencies represent 98% of all crypto funds. We will add more over time as people request them or as others become popular.
The Coin Republic: What will be the benefits to the ecommerce merchants who will use this system on their platform? And what about the consumers/users who will be using that system on these websites?
Peter: Our merchants see several benefits, most of which we stated above already. Things like moving away from inefficient legacy payment systems and reducing chargebacks, yet at the same time increasing customer confidence by giving them new-age options.
Consumers who use the system get the benefit of being able to choose from 43 different cryptocurrencies to make online transactions, which ensures our payment platform can be used by all – not just those who hold bitcoin. And they also get the security of a blockchain-based payment system to avoid common issues like bank account hacks and/or fraudulent purchases on their credit cards.
Consumers want an easy and secure way to pay. They’re tired of payments being blocked by their bank and/or getting calls from their bank to confirm the transaction. They’re tired of having to create an account and share their personal, shipping and credit card information on every merchant website they want to purchase from, and they’re tired of reading about the latest data breach and worrying that it’s one of the 50 merchants they’ve shared their information on And they’d like to avoid clunky interfaces with redirects, which confuses people.
The benefit of our platform is that we address all that. They enter their information once, and can use our 1-click payment solution at any site accepting RocketFuel. No sharing info across 50 sites, no redirects, no calls from banks or blocked transactions. Things just work the way they should
The Coin Republic: Crypto payments are slowly moving towards becoming a mainstream. What are your thoughts on this?
Peter: Correct, cryptocurrencies are currently used as a store of value. Crypto payments become more mainstream as governments issue their own digital currencies and pass legislation to regulate/them. We are also seeing larger companies come out supporting crypto-payments as more people own these currencies.
When people can easily use their cryptocurrencies as an alternative to traditional payment methods, adoption will accelerate.
This is similar to the early days of the internet. Just because Jeff Bezos launched Amazon it didn’t mean that all brick and mortar stores closed the next day. Adoption is a function of the business fundamentals (i.e., efficiency, cost, and ease of use). In this case, the current system is inefficient, expensive, and hard to use. And the alternative is much better. That’s why adoption has started and, we think, will continue.
We’ll see adoption faster in some market segments and geographies. There are verticals that have a high percentage of crypto owners, such as the online gambling industry, and there are countries with volatile fiat currencies already seeing a higher proportion of their citizens converting their salaries to cryptocurrencies (pegged to USD or EUR) to protect the value of their assets. These verticals and geographies will help drive adoption.
The Coin Republic How long do you think it is before we can see major adoptions of the crypto payment systems in the world?
Peter: It’s happening now. All the major merchants, payment providers and governments are coming out with initiatives and support on a daily basis. Just like people are still using mainframes from IBM and some are still taking a regular taxi, there will be people using old payment solutions for some time. But I think we will see 50% adoption within five years.
The Coin Republic: What are the few major problems that you faced during the launch and how did you overcome that?
Peter: Our biggest hurdle was to solve the technical challenges allowing us to provide a seamless and easy-to-use one-click solution without redirects. Ease of use was an important piece we had to get right because that will accelerate adoption.
The Coin Republic: Do you think the current market bull run has increased in the use of Cryptocurrency payments in the space? And do you think it will slow down once this market bull run settles?
Peter: What is going to drive the change is e-commerce merchants implementing new technologies and providing incentives for their customers to use them in order for the merchant to reap the benefits. Think about how some gas stations offer you a discount when you pay cash.
In a bull market, optimizing the last 1-2% is less important, they’d rather capture more customers. When the bull market settles and focus returns to reducing costs and optimizing profits, we’ll see more merchants focusing on how they can benefit from new technologies like ours.
The fact that most consumers have made good money on their cryptocurrency investments or assets makes them more likely to try paying with their cryptocurrencies. But that’s secondary. If merchants don’t implement solutions for consumers to pay efficiently and securely with crypto or bank transfers, nothing happens.
The Coin Republic: What is the one biggest challenge your company is facing currently that needs to be overcome before you make it big?
Peter: We’ve launched our product. No one has what we have. And we have our first customers. Our biggest challenge is to get the word out about how these payments can be done. As an example, many people in the crypto world still believe that in order to pay with crypto, you need to use a cumbersome, QR code-based process. Not the case. Once we get that message across, we can onboard as many merchants and partners as we can.