PayFair Update  16-5-2018 - Marketing, Temporary Fee Promotion, Exchange Update & More

Please find below the new weekly update that will be published every Wednesday moving forward. We have decided to stop producing “spot” updates as if you are not always watching the announcements you may miss something!

Topics within the weekly update will include, but are not limited to: Marketing, Exchange news, last weeks completed developments, this weeks planned developments and anything else deemed newsworthy!

Marketing

The platform has come a long way since go-live. As such we now feel that we are in a far stronger position to start pushing the PayFair name. Therefore we are looking to implement Stage 1 of marketing on the 1st June 2018.

Stage 1 - Referral Programme Roll Out

This is an integral part of our marketing strategy as this will allow users to help spread the PayFair image across social media commencing on the 1st June 2018.

Every individual that you refer to the platform will net you 10% of the fee of every non-escrow transaction completed by the referred. There is no limit on how many individuals that you refer. These fees will be taken from the percentage designated “Marketing and supporting the ecosystem”. Therefore Trust and Escrow node holders will not be impacted and their payouts will remain unchanged.  These numbers are being finalised but is unlikely to change significantly (if at all).

Stage 2 - Digital Adverts

Advertisements will commence after the referral programme has come into operation. At this time we do not have a fixed date as we would like to give our community an opportunity to spread the word.

Temporary Fee Promotion

PayFair will be reducing its fees within the platform effective immediately until the 31st May. All trades within the platform will be reduced to 0.1% for Non-Escrow (normal) and 1% for Escrow (dispute) trades while we focus on the remaining bugs, implementing quality of life upgrades and run performance tests ahead of the referral programme launch. As such would like to encourage as much trading volume as possible until Stage 1 of marketing, the referral programme, is implemented.

21 additional exchange enquiries have been sent and several talks/negotiations are ongoing. Due to Non-Disclosure-Agreements (NDAs) we are unable to disclose the names. Please note that this process does take time as each exchange can have terms and conditions that need to be reviewed by legal, favourable terms agreed and reasonable fees for both PayFair and its customers.

Weekly Development Plan

This week our current focus will be on the following:

Implement an adjustable Gas meter into all wallets enabling the user to select how much Gas they would like to pay for the transaction;

Implement email notifications to improve quality of life. Browser push-notifications are also planned but will not be completed this week;

Improve and update Buy and Sell adverts. The aim is to improve a customer's user experience throughout the process;

Integration of a “Transaction Status” for withdrawals. This will help combat queries and provide a significant quality of life update;

Continued work on the optimization of transactions within the system;

Further development on the referral system.

Last Weeks Development Progress

Additional FIAT Pairs and Payment Methods have been added (more planned):

Fiat Pairs:

Bangladesh - BDT

India - INR

Ukraine - UAH

Kazakhstan - KZT

Saudi - SAR

Malaysia - MYR

Indonesia - IDR

Thailand - THB

Canada - CAD

Payment Methods:

Paym

Alipay

WeChat

Swish

MobilePay

Skrill

Vipps

Giftcard

Gaming Gold

Improved guides redirection defaulting to the landing. Added a trade guide for the escrow node, in the form of a pop-up window;

Agreed trades can no longer be changed from the original by more than +-5% for both price and quantity. This is to reduce “over haggling” preventing high-volume traders completing transaction swiftly;

Fixed minor bugs in the interface: footer bug, display bug in both buyer / seller screen;

Integration of internal logging of server errors / notifications;

API response headers have been created to further strengthen the platform security;

Rounding of rates to 2 decimal places has been added;

Limits to Fiat have been improved (note: Crypto/Fiat has no daily trade limit on the platform, this is in relation to buyer and seller adverts and the limits they choose to set);

Added the ability to enter Fiat when creating a transaction through exchange;

User issues with deposit / withdrawal / transfer tokens has been solved. Should you be experiencing any issues please email [email protected]

Sell Advert creation is no longer possible if the user does not have the required crypto available. An error message has also been added in to provide clarity should a user try to trade without the required funds;

Added 2FA names for keys in the Google Authenticator;

Fixed several problems within the registration process;

Fixed multiple minor bugs.