Point-of-sale service provider ForumPay has introduced a crypto-to-fiat interchangeable payment solution. Users will now be able to pay merchants in fiat or cryptocurrency.
The Malta-based point-of-sale-service solution provider recently announced the new development. It enables its customers to use any cryptocurrency or electronic wallet to make payment for goods and services. According to the announcement, customers will no longer have to make any physical contact to make payments.
Facilitate the Coexistence of Crypto
Forum Pay CEO Joshua Tate said the project would provide an opening for cryptocurrency to experience wider adoption. He said crypto will foster a payment ecosystem that facilitates the coexistence of crypto and fiat currencies ‘without the need for one to supplant or outmode the other.’ Tate stated:
“We are excited to launch ForumPay’s payment platform – offering security, flexibility, and opportunity to both customers and merchants – and enabling them to tap into a growing consumer base.”
Despite its vast potential, crypto adoption has remained a distant mirage due to the absence of a seamless payment system. There has been a steady increase of people who own cryptocurrencies. This corelates the number of businesses desirous of accepting digital assets as payment for their goods and services.
Real-Time Payment Processing
According to ForumPay, blockchain wallet adoption has grown steadily. Crypto paying consumers spending an estimated €3.4 trillion annually on the least. The firm says that it provides at least over 90 per cent of coin-market capitalization, offering customers crypto-agnostic payment options with “unmatched security.” The service secures transactions via two-factor authentication with Google Authenticator and SMS protection. Merchants will appreciate the fact that there are no chargebacks as a result of blockchain transaction protocols.
ForumPay’s system will offer real-time payment processing to credit card and exchange from fiat to crypto and vice versa. This goes a step beyond a service introduced in 2019 by CryptoPay. The service offers cross transfers with the British pound through the Faster Payments Scheme.
Revolutionize the Financial Industry
CryptoPay runs a blockchain wallet and payment platform for consumers and merchants. Users can buy, store and send bitcoin anywhere in the world besides being able to convert their crypto to Euro or British Pound Sterling, and withdraw fiat cash using their CryptoPay VISA debit card at various ATMs. The CryptoPay solution facilitates money transfers over the BTC protocol via a strategic processing relationship with iPaytotal.
A similar solution is Celsius Network’s CelPay, the platform’s free in-App payment solution. It enables users to transfer all the significant cryptocurrencies with a single touch. The solution enables users to make payments and receive funds in Ethereum or Bitcoin in just a few clicks. CelPay can be used to make payments to anywhere on earth with access to SMS, WhatsApp or email.
Blockchain payment solutions continue to attract attention as a possible way to revolutionize the financial industry. The current hype shows that given the right conditions, the technology will live up to its promise. Many organizations continue to explore the technology’s possibilities with new approaches.
