Splendor Labs has developed and demonstrated a payment system that turns an ordinary smartphone into a payment terminal. Instead of using a traditional card machine, a merchant can accept payments directly through the Splendor Wallet. The customer can authorize the payment using a physical Splendor Security Card or a smartphone. The money moves directly from the customer’s digital wallet to the merchant’s wallet through the Splendor Quantum Chain, without needing traditional card networks or banks to process the digital asset transfer.

In testing, Splendor successfully completed a payment using its metal security card and a smartphone, with the transaction confirmed directly on the blockchain. The company has also developed a phone-to-phone payment option. In this process, the merchant simply enters the payment amount in the Splendor Wallet on their phone. The customer receives the payment request on their own phone and approves it using their smartphone. Once approved, the digital assets are transferred directly to the merchant’s wallet and the transaction is recorded on the blockchain.

“For decades, payments have depended on banks, card networks, and intermediaries. We are changing that. With Splendor Pay, your phone becomes the payment terminal, your card or smartphone authorizes the transaction, and our blockchain moves the value directly. We are not building another payment system. We are building the infrastructure to make the old one unnecessary,” said Todor Ivanov, CEO of Splendor Labs SA.

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Today, when someone pays with a traditional bank card, the transaction typically passes through several companies, including banks, card networks, and payment processors.

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