Any transaction involving the buying or selling of any good or service by machines requires payment. The peaq network enables machines to securely and autonomously pay and be paid using traditional currencies and $PEAQ. The payment function allows machines to: 1) pay for goods and services 2) be paid for providing goods and services.
Payment using PEAQ Tokens
payment using PEAQ tokens
  1. 1.
    After the authentication and before the provision of the good or service by the provider starts, the Consumer Wallet transfers a fixed amount of $PEAQ to the Escrow Wallet.
  2. 2.
    Once the provision of the good or service is successfully completed, the Escrow Wallet sends the right amount of $PEAQ to the Provider Wallet. If there are leftover funds, they are returned to the Consumer Wallet. Optionally more parties can be involved in the settlement process from the funds provided to the Escrow Wallet so that instant settlement can be achieved between all parties.
Payment using Fiat (Traditional Currencies)
As the transition to token based payment processes will take time, the peaq network will also offer integration with traditional payment methods in order to enable the best possible user experience and a seamless transition to native, on-chain payments. Seamless transition to Web3.
In order to, for example, provide M2M payment functionality using E-Euro bank accounts, peaq enterprise has partnered with CashOnLedger. You can read more about the partnership here.
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