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PointPay Blockchain Bank: Disrupting Regular Banking Systems

7 mins
Updated by Imogen Searra
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Extending financial inclusion to billions of the world’s unbanked population has been a foundational objective that the global cryptocurrency community has shared from the dawn of the blockchain movement. 

Starting with Satoshi Nakamoto, the elusive creator of Bitcoin, stakeholders across the board have pursued this objective using different approaches over the past decade. PointPay is one such project that aims to help the decentralized digital economy upstage legacy finance.

PointPay pitches itself as an all-encompassing blockchain ecosystem consisting of ten unique, high-value products. There is a crypto bank, an exchange, a crypto wallet, a crypto-focused educational platform, and a homegrown ERC-20 token to facilitate seamless transfer of value, among other products.

With the PointPay token (PXP) pre-sale garnering attention from various corners, we think it’s time to shed light on the individual products. While there, we’ll also try to evaluate how PointPay claims to have combined these to offer a self-sustaining blockchain ecosystem.

What is PointPay?

PointPay is a crypto startup founded in Estonia in 2018. It claims to be the first-of-its-kind blockchain-powered bank that enables people to open cryptocurrency check and saving accounts using their phone or another device. The platform states that users can earn daily sizable compound interest on their crypto holdings.

In 2019, PointPay was voted the best blockchain startup at Eastern Europe’s biggest blockchain conference, Blockchain Life.

As of May 2021, PointPay supports popular cryptos including bitcoin (BTC), ethereum (ETH), tether (USDT), tether gold (XAUT), as well as the platform’s homegrown PXP.

The PointPay ecosystem offers:

  • Blockchain-based bank (launched)
  • Crypto exchange (launched)
  • Crypto wallet (launched)
  • Payment system (launched)
  • Crypto school (launched)
  • Crypto loan module (launched)
  • Mobile banking applications for iOS and Android (launched)
  • Instant payment solution powered by PointPay’s native offchain technology (launched)
  • VISA crypto debit card (pre-order phase)

PointPay is available for users from all around the world, the only exceptions are countries sanctioned by the United States.

PointPay token: PXP

The PXP token is ERC20 compliant and issued on the Ethereum platform, ensuring timeous transactions and compatibility with third-party services. PointPay customers can earn higher yields on PointPay Bank with this token.


Customers are also able to reduce transfer fees and receive discounts for taking crypto loans for PXP token holders. Traders can also reduce maker/ taker fees on the PointPay Exchange. In the future, PointPay will roll out the following features:

  • Burning model for PXP token
  • Buy-back system for PXP token
  • Lower swap fees for PXP token holders on PointPay Crypto Wallet
  • Native blockchain creation

An in-depth understanding of the ten-product ecosystem

Through one account, PayPoint customers will have access to all ten products available within the ecosystem.

PointPay Crypto Bank

The blockchain-based bank is the first of its kind, according to PointPay. It allows people to open a cryptocurrency checking or savings account from anywhere. This can be done on a smartphone or other device. Those with an account can earn daily accruals. Account-holders can open a crypto savings and checking account that supports BTC, ETH, USDT, XAUT, and PXP.

Current features:

  • Crypto checking and savings accounts
  • Easy transfer options between accounts within the bank and ecosystem
  • Daily compound interest
  • Highest interest rates in the industry*
  • BTC, ETH, USDT, XAUT, and PXP support
  • A higher yield for PXP token holders on a progressive scale

* according to PointPay

Future features:

  • Fast bank-to-bank fiat transfers
  • Fast C2C fiat transfers
  • Banking license in Wyoming
  • Banking license in the Cayman Islands

How to buy PXP tokens in PointPay Bank:

  1. Use PointPay Payment System to purchase cryptocurrency for U.S dollar, euro, Russian ruble, etc if you do not have any cryptocurrency
  2. Using the deposit tab, transfer your cryptocurrency to PointPay Bank
  3. Click the “Convert to PXP” button on the cryptocurrency which you are going to spend

PointPay Crypto Exchange

Seamless custom trading UI with market, limit and stop-limit orders. For those newbies in the world of cryptocurrency, there are helpful video tutorials that can be utilized to get yourself familiar with a cryptocurrency exchange. Additionally, there is a Quick Exchange option. Exchange options include cryptocurrency to cryptocurrency, fiat to fiat, cryptocurrency to fiat and fiat to cryptocurrency.

Current features:

  • Crypto School
  • Market, limit and stop-limit orders support
  • Simplified cryptocurrency conversion option
  • Referral system (50% bonus) and bright advertising banners
  • Progressive discount scale for PXP token holders
  • Day or night mode
  • Multi-language chat in Chinese, English and Russian
  • Accessible from smartphones and tablets
  • 24/7 customer support
  • Automatical calculation of liquidity in chosen orders in the order books
  • Public API

Future features:

  • IEO capability
  • Visual effects for new created orders
  • Market depth chart
  • Trading competitions
  • OTC trading
  • Cashback
  • CFD trading
  • AI trading

PointPay Crypto Wallet

Through the Crypto Wallet, people can easily send cryptocurrency through email. The wallet also creates an easy way to track price changes within a person’s cryptocurrency portfolio. The wallet supports multiple currencies and offers real-time rates.

Current features:

  • Multi-currency capability
  • Real-time rates
  • Cryptocurrency portfolio
  • Sending the funds via email
  • Day or night mode
  • Balance top-up with QR codes
  • Email notifications for deposits and withdrawals
  • Accessible from smartphones and tablets

Future features:

  • Sending funds via a phone number
  • More currencies will be added
  • Instant swap
  • ERC20 tokens support
  • Recovery by the seed-phrase

PointPay Payment System

Buying popular cryptocurrencies is made simple through this payment system. Customers can purchase BTC, ETH, USDT, XRP, LTC, and more from their debit or credit card for 30 major fiat currencies including the U.S dollar, euro, and Great British pound. A sell option with the lowest fees is available for the U.S dollar, Russian ruble, and the Ukraine hryvnia, according to PointPay.

Current features:

  • Buy or sell options
  • Major fiat currencies support
  • Major cryptocurrencies support
  • A fully automated conversion process

Future features:

  • Public API for fintech projects
  • Cryptocurrency acquiring for merchants
  • More providers
  • More fiat currencies

PointPay Crypto School for the World

This is an extensive ‘how-to’ for beginners wanting to trade and make money in the cryptocurrency market. The comprehensive set of resources include over twenty tutorials.

blockchain education

To support global education in cryptocurrency and blockchain, there are three difficulty levels of understanding available for customers to further their knowledge: beginner, medium and expert. PXP token holders will receive access to premium video content that is not readily available to those who do not hold PXP.

Current features:

  • Over twenty video tutorials available
  • Three difficulty levels: beginner, medium and expert
  • Access to premium video tutorials for PXP token holders

Future features:

  • Additional free educational videos will be created
  • Written educational materials for PXP holders
  • Translation and availability in more languages

PointPay Crypto Loan module

Customers can receive an instant, crypto-backed loan anywhere in the world regardless of their credit history. PXP holders will be granted a lower cryptocurrency interest rate. PointPay states that the more PXP you have in your bank, the lower the rate. To purchase PXP tokens and decrease your interest rate, use this link.

Current features:

  • Instant cryptocurrency credit line
  • Top 10 cryptocurrency support
  • Adjustable LTV rate
  • Payment schedule
  • Discounts to PXP token holders 

Future features:

  • Fiat loans
  • Referral system
  • More currencies to be added as collateral

PointPay mobile banking applications for iOS and Android

A mobile banking app is available in the Google Play and Apple App Store. The apps allow customers to access the ecosystem to exchange currencies, buy or sell cryptocurrency, send or receive cryptocurrency, and conveniently access information at their fingertips.

PointPay Native Offchain Technology

PointPay’s native offchain technology allows for transfers between Bank, Exchange, Wallet, Payment System, and both Android and iOS mobile banking apps.

Current features:

  • Instant transfers between all PointPay products
  • Competitive fees
  • Off-protocol confirmation of transactions
  • Discounts for internal transfers for PXP token holders

Future feature:

  • Instant fiat transfers within PointPay ecosystem

PointPay VISA crypto debit card

Customers will soon be able to use a fully integrated VISA crypto debit card which instantly converts to fiat currency. With this, people will be able to purchase items from 25 million outlets worldwide.

Crypto Bank

The card, which is currently in its pre-order stage, will allow holders to spend their cryptocurrency at anytime and anywhere. Tokens can be transferred into local fiat funds within 15 seconds. All that will need to be done is a transfer of cryptocurrency from the PointPay Bank, Exchange or Wallet to the card’s crypto wallet.

Do PointPay offer a self-sustaining blockchain ecosystem?

PointPay has undoubtedly created an all-in-one cryptocurrency ecosystem. The offering can definitely be considered disruptive to traditional banking systems.

The approach to targeting new entrants to the cryptocurrency market is fool-proof. This is evident in the ease and simplicity of setting up an account.

PointPay makes it seamless for novice and experienced cryptocurrency traders to advance their skills by encouraging self-education through their online learning arsenal. Through this ecosystem, customers can issue invoices or send funds via email. Loans can be taken out under collateral of certain cryptocurrencies online or through the app.

Access to all ten products through one account certainly fosters the sense of a self-sustaining blockchain ecosystem.

However, it can be argued that if PointPay customers aren’t utilizing all of the products, such as not purchasing PXP tokens, can it then truly be self-sustaining? A piece of the puzzle is missing, sure, but this won’t halt the user experience or benefits entirely.

Customers simply won’t reap all the benefits available to them should they choose not to purchase PXP.

It can be argued that the ecosystem is self-sustaining, whether or not customers purchase PXP. They will however benefit greatly by purchasing PXP. Again it isn’t necessary to survive in the ecosystem but just far more advantageous to do so.

With PointPay, unlike most good things in life, you’re better off indulging in all their products. From a blockchain-based bank, cryptocurrency exchange and wallet, educational tutorials, a payment system, and a token sales platform: we may well be looking at the future of cryptocurrency banking systems.

To find out more about PointPay, visit their website, contact the team or sign up here.

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Imogen Searra
Imogen has two degrees in Corporate and Business Communication and over three years of work experience as a content writer, covering topics from tech to travel and hard news.