Crypto Payment Processor PayBear Rebrands to Savvy

PayBear, a Zug-based cryptocurrency payment processor claiming over 3,000 merchant customers, has rebranded to Savvy and announced the release of two products: an update to its core merchant API offering, Savvy Merchants, and a new multi-currency crypto wallet, called Savvy Wallet, the company said on Monday.

The rebrand comes at the time when the company, which says it has already processed over US$10 million worth of transactions, is expanding its offering outside of e-commerce and the merchant market, and into the consumer market.

Savvy said it will continue to develop and improve its core merchant offerings but also make further investments into “other areas representative of how cryptocurrencies are and can be used today.”

“We want to make things simple. Deliver on the promise of cryptocurrencies as a superior medium of exchange,” said Dr. Rolf Hoefer, founder of Savvy.

“Our expansion into the consumer market, together with our commitment to educate users, drove a lot of the thinking behind the rebrand.”

Both the updated Savvy Merchant and the Savvy Wallet are now live.

Hoefer said Savvy Merchant “aims to be the cheapest, easiest and most trustless payment processing solution for merchants to accept and manage cryptocurrencies today.”

“Yet, we believe cryptocurrencies should be more than just a medium of exchange, and we plan to help educate our users to navigate this fascinating landscape,” he continued.

Savvy Wallet is a multi-currency crypto wallet supporting more than 50 currencies. The company says the platform will form the foundation on which Savvy will continue to expand its services.

Savvy Wallet has been designed from the ground up to be easy to use and built with merchants in mind. It supports sending, receiving and exchanging of currencies. The wallet uses industry standard encryption protocols, and includes a consolidation feature to help unite clients’ scattered ERC-20 token balances.

“Savvy Wallet strips away the complications and brings order and clarity for users,” Hoefer said.

“Savvy Wallet plans to become a one-stop-shop for people entering, navigating, and exiting crypto, educating users while helping them earn, borrow, and manage their digital wallet with the peace of mind that they are taken care of in savvy ways.”

Savvy Merchant supports Bitcoin, Bitcoin Cash, Bitcoin Gold, Ethereum, Ethereum Classic, Litecoin, Dash, and most recently stablecoin Dai and Binance Coin. The addition of Dai comes as part of a move into stablecoins in 2019.

Savvy Merchant is delivered to customers via shopping cart integration including Magento, Opencart, PrestaShop, and WooCommerce, targeted at non-technical merchants who want to accept cryptocurrencies as a form of payment, and developer API. The solution is available to customers at no charge and zero fees with the option of settling in non-volatile assets like stablecoins as well.

“Savvy is looking to increase the breadth of cryptocurrencies and fiat accepted on the platform while enabling passive yield and maintaining the industry’s lowest payment processing fees for merchants at 0%,” Hoefer concluded.