Aeon has unveiled a new payment authorization feature utilising the TON blockchain, designed to streamline transactions for everyday services. The announcement was made in a news release on Friday, November 29, where the Singapore-based company highlighted its commitment to enhancing the functionality of blockchain technology.
"By contributing to the TON ecosystem’s infrastructure, Aeon enhances the usability of blockchain technology in everyday scenarios," the company stated. This integration marks a significant step towards practical applications of blockchain, particularly in how consumers can engage with services and products in real-time.
The feature is set to debut in ShareX's Telegram mini-app, which allows users to rent power banks, showcasing the innovative use of blockchain in simplifying daily transactions. Users will initiate the rental process by selecting a service or product and then authorising the payment through Aeon’s system, which locks in the necessary amount. Once this initial step is completed, users can access their service with no further payment actions required.
“Upon completion of the service or transaction, the payment is automatically processed based on the initial authorization, ensuring a smooth and secure closure without manual intervention,” the release noted, underscoring the system's efficiency.
Aeon’s use of the TON blockchain infrastructure enables support for a diverse array of cryptocurrencies and wallet integrations, providing users with flexibility in selecting their preferred payment methods. This adaptability could enhance user experience and encourage the adoption of blockchain technology in more sectors.
Meanwhile, the payment landscape is evolving significantly, with PYMNTS reporting on the transformative effects of blockchain in the loyalty industry. A recent report titled “From Transaction to Transformation: Blockchain’s Loyalty Proposition” indicated that the loyalty market is expected to generate over $24 billion in revenue over the next five years as brands increasingly look to capitalise on blockchain’s capabilities to create more appealing and profitable reward systems.
“Blockchain technology is reshaping loyalty programs by offering more flexible and engaging reward structures,” the publication observed. Key to this advancement is the utilisation of smart contracts—automated agreements that remove intermediaries, thus streamlining processes and reducing costs while enhancing profitability.
Tokenization, which converts assets into digital tokens, is further driving customer engagement. The ability to trade, sell, or rent rewards in secondary markets incentivises participation and opens additional revenue streams, as evidenced by Yuga Labs' estimated $150 million in royalties from tokenized loyalty initiatives.
PYMNTS also noted that blockchain has transitioned from being viewed as a solution in search of a problem to one that is now exploring the implications of regulatory clarity. The cryptocurrency market has seen a resurgence, with its market capitalization soaring to over $3 trillion.
“As the global economy warms to novel applications of blockchain technology and digital assets, regulations in the U.S., U.K., and EU are emerging as critical arbiters of the future of the Web3 infrastructure for payments and commerce,” the report concluded. As businesses continue to explore and implement these innovations, the landscape of commerce is poised for significant change driven by technological advancements and evolving regulatory frameworks.
Source: Noah Wire Services