Payment protocol Aeon has introduced an authorization payment feature built on the TON blockchain.
“By contributing to the TON ecosystem’s infrastructure, Aeon enhances the usability of blockchain technology in everyday scenarios,” the Singapore-based company said in a news release Friday (Nov. 29).
“The first real-world application of this innovation is in ShareX’s Telegram mini-app, where Aeon simplifies the rental process for power banks, showcasing the potential of blockchain to transform daily transactions.”
According to the release, users start by choosing a service or product and initiating a transaction. From there, Aeon’s system prompts them to authorize a payment, locking in the required amount. Once complete, users can access the service or product without additional payment steps.
“Upon completion of the service or transaction, the payment is automatically processed based on the initial authorization, ensuring a smooth and secure closure without manual intervention,” the news release added.
By using the TON blockchain infrastructure, Aeon said, the company can support a range of cryptocurrencies and wallet integrations, letting users easily pick their preferred payment methods.
In other blockchain news, PYMNTS wrote last week about the way the integration of this technology is transforming the loyalty industry.
The PYMNTS Intelligence/Solana report “From Transaction to Transformation: Blockchain’s Loyalty Proposition” shows that the loyalty market is projected to exceed $24 billion in revenue within the next five years, with brands racing to tap blockchain’s potential to offer more flexible, appealing and profitable reward structures.
“Blockchain technology is reshaping loyalty programs by offering more flexible and engaging reward structures,” PYMNTS wrote. “A key advantage for brands is the use of smart contracts — self-executing agreements that eliminate intermediaries, streamlining processes, reducing costs, and boosting profitability.”
Tokenization, turning assets into digital tokens, is increasing customer engagement, the report added. By creating secondary markets where customers can trade, sell or rent their rewards, this process incentivizes participation and opens new revenue streams. Yuga Labs, an early adopter, has taken in an estimated $150 million in royalties via tokenized loyalty.
Also last week, PYMNTS explored the way that blockchain has “gone from a solution in search of a problem to a solution in hopes of some regulatory clarity,” with the cryptocurrency market’s market capitalization climbing to more than $3 trillion.
“As the global economy warms to novel applications of blockchain technology and digital assets, regulations in the U.S., U.K., and EU are emerging as critical arbiters of the future of the Web3 infrastructure for payments and commerce,” that report said.
