Cryptocurrencies obviously have their problems when it comes to everyday, face-to-face transactions. The point-of-sale infrastructure just isn't there yet. So, naturally, a lot of people would love to create a payment system that utilizes the existing point-of-sale network while drawing funds from a cryptocurrency wallet.
But building a payment system is hard. And the existing players have erected high barriers to entry, because they don't like competition. Which means if you want to use their network, you have to play by their rules, and you'll probably have to fork over some of your earnings to them.
The earliest attempt I can recall to create such a payment system was BitInstant. I knew their CTO and co-founder, Gareth Nelson, from Second Life (no, not Linden Lab; I knew him in Second Life. I just happened to be working for Linden Lab at the time). Fun fact: before BitInstant, Gareth and his wife tried to build a competitor to Second Life based on OpenSim, an open source implementation of parts of the Second Life simulator. Anyway, BitInstant folded, but not before getting lots of attention and money.
From reading Bonpay's white paper, I'm not seeing a lot to convince me that they have anything that BitInstant didn't have back in 2012. Sure, they plan to support multiple cryptocurrencies. But the white paper is not very professional and, while they say their token is not intended to be a security, I'm not sure what you call a token that represents rights to a certain percentage of customer transactions. Sounds like dividends. Their white paper also doesn't strike me as being particularly professional. They're supposedly located in the UK but they apparently couldn't find a native English speaker to proofread it.
I could be wrong, of course. I'm not a financial advisor, lawyer, or really anyone who should be giving any kind of advice about this sort of thing. But I certainly won't be participating in their ICO, and I would bet good Bitcoin that they won't be making significant improvements to crypto payments.