Electroneum team keeps investing time and efforts in their Instant Payment System which is being developed to minimize waiting time while paying a bill at the restaurants or any physical shop. ETN Vendor API system Integration to the ePOS systems will eliminate waiting time for blockchain transaction confirmations and will engage payments instantly.
Today is the day when Instant Payment system will be tested, ETN team informed its users that Electroneum wallets and mobile miner will not be accessible during that time.
We’ll be testing our Instant Payment system tomorrow (Monday) between 10am and 1pm. You won’t be able to access your #Electroneum wallets or mobile miner during that time. We’ll let you know when we’ve finished.
— electroneum (@electroneum) September 9, 2018
How Electroneum Instant Payment System works
The Vendor API system provides instant notification that a payment has been made. ETN API has webhooks for ecommerce, allowing its servers to “PUSH” notification to an ecommerce shop via a URL provided by the vendor (in a similar style to a Stripe credit card integration). It also has a “PULL” notification for ePOS systems behind a firewall, allowing them to poll our API gateway asking if a payment has arrived.
The vendor does not get the cryptocurrency instantly, but Electroneum system acts as a trusted 3rd party to ensure the ETN or other cryptocurrencies such as Bitcoin is sent (their patent covers ETN, Bitcoin and other cryptos). The vendor knows the payment is sent and will make its way to the blockchain, so they can allow instant checkout – and the customer can walk out of the store with their cup of coffee or checkout online etc.
See how system works on youtube.
Electroneum states that their instant payment system and vendor API are nearly ready for trial in the real world.