Payments startup Flexa has partnered with cryptocurrency exchange and custodian Gemini to launch a new payments system that allow retailers to accept Bitcoin. Flexa has developed an app called Spedn, which is compatible with digital scanners already used by retailers to accept payments from other digital wallets. The company has managed to convince retailers to configure their scanners to accept cryptocurrencies for payments. The announcement was made in the Consensus event, held in New York.
The platform already has big retailers on board. Leading names such as Amazon-owned Whole Foods, Nordstrom and Baskin Robbins, among others, are now using the Spedn app to accept cryptocurrencies for payments. As the consumer pays with cryptocurrencies, the merchants have the option of receiving the payment in cryptocurrencies or US Dollars.
The Spedn app allows merchants to accept four cryptocurrencies – Bitcoin, Ethereum, Bitcoin Cash and Gemini’s own stablecoin Gemini Dollar. Consumers who are not comfortable spending volatile assets such as Bitcoin and Ethereum can opt for the Gemini Dollar to make payments.
The Fortune report indicates that cryptocurrency payments is still an experiment for these retailers, but it is a step in the right direction. While such experiments have been done in the past, Spedn makes it easy to accept payments and clear transactions in real-time. Merchants can also lower the commission fees they pay to existing payment networks with the help of cryptocurrencies. Moreover, its broad acceptance among the biggest retailers in the globe and the ease of using the app will also make customers more comfortable with spending their cryptocurrencies.
Is it the big break that crypto needed in the mainstream market?
(Image Credit: Gemini |Medium)