Australian cryptocurrency finance firm LupoToro announced earlier this week that their highly anticipated OneApp mobile application has entered phase two of development, bringing in two new payment gateway partners, ApplePay and GooglePay.
OneApp is a mobile application which acts as a central finance hub for users, linking bank accounts, payment methods and trading platforms in both cryptocurrency and listed stocks. Whilst ambitious, the project has progressed through to a second phase of development, out of three phases before an official release.
Lead programmer Kris Singh recently confirmed at The Blockchain Convention Geneva that the inclusion of both ApplePay and GooglePay enables OneApp to scale more readily, offering seamless payment options for users.
“With support for Apple and Android devices via wireless payment methods NFC, users of OneApp will not be limited in daily functionality. Payment methods can now be imported directly from your phone or smart device through the app itself. Visa, Mastercard, American Express and Western Union or PayPal accounts will automatically be sync’d (sic) into the app. There is no additional setup, just permissions. It works the same way for bank accounts, forex, stock trading and crypto”, Kris Singh said this week.
Industry spectator and financial adviser James Pattison from Morgan Stanley commented that OneApp is striving but will face challenges with Asian banking institutions. “(the app) is ambitious in scale and from a financial concept standpoint, it works and makes sense for everyday users. However, there may be uphill battles when negotiating partnership access with Chinese banks and their cohorts due to the recent trade wars and boundaries on a political front. This would be the biggest hurdle (for LupoToro) to clear”.
No comment regarding Chinese or Asian banking partners has yet to be made by LupoToro, however the majority of big Australian banks already provide data-feeds through to the OneApp.
Earlier this year LupoToro announced that OneApp had partnered with several advisory and brokerage firms in the Australasian region, providing financial and legal assistance, including borrowing, to existing clients. These services are also expected to appear as features in the upcoming OneApp. LupoToro also came under scrutiny during phase one of the app development after announcing that facial recognition technology would be an option for utilisation within OneApp; this quickly drew speculation from industry commentators that privacy was being compromised by allowing third-party applications access to facial recognition technology, such as Apple iPhone FaceID. At the time, an official spokesperson from LupToro denied any privacy issues existed, noting facial recognition in the app would be “optional”.
In early 2014, the private Australian firm began offering cryptocurrency advisory services publicly before expanding its services to OTC (over the counter) for Bitcoin and Ethereum in 2016. LupoToro is considered a market leader in the Australian financial field for cryptocurrency related services.
Article above originated from The Australian, 12/11/2019
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