ForumPay, the point-of-sale (POS) solutions provider, unveils its crypto-and-fiat interchangeable payment platform, which enables consumers to pay in crypto and merchants to receive payments in either crypto or fiat.
The platform also allows customers to use any e-wallet or coin with which they choose to pay, without any need for physical contact between merchant and customer.
One of the biggest barriers to widespread crypto adoption has been enabling businesses to seamlessly accept payments in cryptocurrency. As the number of people who own cryptocurrency rises globally, so too does the demand to pay for goods and services with digital coins. Between Q3 of 2016 and Q1 of 2020, blockchain wallet adoption rose over 425 percent, according to Statista, and crypto-paying consumers in the marketplace are spending in excess of €3.4 trillion annually, according to an EU report on virtual currency and monetary policy. But some merchants, many of whom are unsure about cryptocurrency and blockchain’s future, have not been as fast to match levels of customer demand. That’s where ForumPay comes in.
Harnessing blockchain’s superior security protocols, ForumPay bridges the gap between the fiat and crypto worlds, allowing merchants to tap into an emerging crypto-paying consumer base by enabling interchangeable crypto-fiat payment transfers. ForumPay－which can be integrated into any POS system, website, smartphone, or tablet－offers crypto users and merchants:
- Large market cap: ForumPay offers over 90 percent of coin-market capitalization, providing customers with crypto-agnostic payment options.
- Unmatched security: ForumPay utilizes blockchain’s smart-contract and private-key protocols to protect user and merchant data, as well as payment information eliminating the risk of identity theft in the payments process. Users and merchants are also provided two-factor authentication with Google Authenticator and SMS protection.
- No chargebacks: Due to the nature of the blockchain transaction protocols, with ForumPay transactions, chargebacks are a thing of the past.
- Instant transactions: The platform provides instant payment processing comparable to credit card transaction per second (tps) speeds.
- Full exchange integration: Exchange from crypto to fiat and vice versa is instantly settled, without any lag time or exchange risk.
- Wallet-agnostic platform: Any kind of blockchain-based wallet that uses crypto can be easily used to pay for products on the merchant’s existing POS system.
- Lower fees: Processing fees are lower than mainstream credit card companies’.
Through its crypto-fiat exchange system, ForumPay normalizes coexistence between crypto and fiat, opening the opportunity for wider crypto adoption and increasing cryptocurrency acceptability and stability.
“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,” says ForumPay CEO Joshua Tate. “These kinds of projects also open the door for crypto to see wider adoption, while fostering a payment ecosystem where crypto and fiat can coexist, without the need for one to supplant or outmode the other.”