Aeon, a Singapore-based company, has launched a new authorisation payment feature built on the TON blockchain, aimed at enhancing the usability of blockchain technology in everyday transactions. This innovation was announced in a news release on November 29. Aeon claims that by contributing to the infrastructure of the TON ecosystem, the company is improving the practical applications of blockchain in various scenarios.
The inaugural real-world application of this payment feature can be seen in ShareX’s Telegram mini-app, where Aeon is simplifying the rental process for power banks. Aeon’s system allows users to initiate a transaction by selecting a service or product. Subsequently, users are prompted to authorise the payment, locking in the necessary amount. Once this step is completed, customers can access the desired service or product without the need for additional payment instructions.
According to the release, "upon completion of the service or transaction, the payment is automatically processed based on the initial authorisation, ensuring a smooth and secure closure without manual intervention.” This automatic process is anticipated to make transactions both efficient and straightforward for users.
Utilising the TON blockchain infrastructure, Aeon has indicated that it can support multiple cryptocurrencies and wallet integrations, thus allowing users to select their preferred payment methods freely. This flexibility is expected to enhance the overall user experience and streamline transactions.
In a broader context, PYMNTS has reported on the evolving landscape of blockchain technology and its implications for the loyalty industry. In a recent intelligence report titled “From Transaction to Transformation: Blockchain’s Loyalty Proposition,” it is revealed that the loyalty market is projected to surpass $24 billion in revenue over the next five years. Brands are keen to leverage blockchain's capabilities to create more flexible and appealing reward structures for consumers.
According to PYMNTS, “blockchain technology is reshaping loyalty programs by offering more flexible and engaging reward structures." A significant advantage of this development is the potential utilisation of smart contracts. These self-executing agreements eliminate intermediaries, potentially streamlining processes, reducing costs, and increasing profitability for businesses engaging in loyalty programmes.
The concept of tokenisation is also gaining traction, which involves converting assets into digital tokens to elevate customer engagement. This approach creates secondary markets where consumers can trade, sell, or rent their rewards, thereby incentivising participation and opening new revenue streams. Notably, early adopter Yuga Labs has accumulated around $150 million in royalties through its tokenised loyalty programme.
Moreover, the cryptocurrency market has witnessed remarkable growth, with its market capitalisation exceeding $3 trillion, reflecting a broader acceptance of novel applications of blockchain technology and digital assets. The increasing interest is paralleled by the emergence of regulations in the U.S., U.K., and EU, which are deemed critical in shaping the future of Web3 infrastructure for payments and commerce.
As these developments unfold, businesses across various sectors are exploring the vast potential of AI automation and blockchain technology, applying innovative solutions to improve operations, enhance customer experiences, and drive growth.
Source: Noah Wire Services