Singapore based cross-border payments firm Nium announced the launch of a new API based solution that will enable thousands of merchants and businesses to accept cryptocurrency payments in a safe and easy way with zero price volatility or risk. The newly launched product is called Crypto Accept.  

For launching Crypto Accept feature Nium partnered with world's largest Bitcoin and cryptocurrency payment services processor BitPay. Nium Crypto Accept will support sellers to accept Bitcoin (BTC) and Ethereum (ETH) before expanding to other digital assets in 2023. This allows vendors to expand their markets and enhance their online payment experiences without facing price volatility.

Quick Response (QR) code will be scanned to complete the transaction after customers select their preferred cryptocurrency wallet during checkout. The service verifies whether the crypto funds is available and settles the transaction promptly in the merchant's bank account in their preferred local currency. The next business day, merchants receive payments directly to their bank account in U.S. dollars or other fiat currencies.

As per senior vice president and head of Nium Crypto Joaquin Ayuso de Paul, consumers hold more than $3 trillion in cryptocurrency. He added "Crypto Accept allows merchants to quickly and securely enhance their digital commerce experiences to serve consumers demanding more payment options." They are seeking for more places online where they can spend this money. The customer will have improved online payment experiences because of Nium Crypto Accept. It will also enable merchants to broaden their customer base. Later this year, merchants will begin giving Nium powered solutions.

Recently a Philippines based major fintech firm PayMaya launched a new cryptocurrency feature on its app that allows users to trade, purchase and spend digital assets using their accounts. similar feature can be seen in PayPal-owned Venmo. It allows users to purchase, store and trade cryptocurrencies right on the app through a partnership with Paxos Trust Company. in March last year PayPal, began to accept Bitcoin as a means of payment for its millions of global merchants.

About Nium :

Nium located in Singapore was founded in 2014 as Instarem. Around 130 million consumers are the network that the payment company claims. In Singapore, Australia, Hong Kong, Malaysia, India, Canada, Europe and the United States the company is licensed as a Money Services Business (MSB).

Indrani bose

CBW - External Analyst

INDIA