A crypto startup named Cyclebit seems to have come to the solution making cryptocurrencies a popular payment method in everyday life. Thanks to a new approach to fast micropayments, visitors to 130 coffee shops in Europe will soon be able to pay for coffee with Bitcoins.
It so happened that contrary to the crypto pioneers’ rhetoric, digital currencies are hardly suitable for daily use due to the lack of the relevant infrastructure from points of sale. The problem from both the coin holders’ and the sellers’ perspective, requires the simplest possible solution.
Cyclebit seems to have found the right approach to foster end-user trust in crypto as a convenient way to pay for goods and services. It hopes to make every point-of-sale device capable of accepting crypto payments as easily as fiat money. The startup is already integrated with several businesses in South Korea and Europe. It has an access to a working ecosystem provided by Ibox – an omnichannel payment platform with an annual turnover of $1 billion and 200k terminals in CIS and SEA countries.
The technology allows customers to drink cappuccino and pay in cryptos. It is now being rolled out in Nostrum – a network of 130 coffee shops throughout Spain – which has just started accepting and selling Bitcoin. The ultimate goal is to overcome yet-to-accept state within the shortest possible time by establishing a hassle-free payment option for the customers.
All it takes to implement payments in cryptos is just to install an application which runs on both IOS and Androids devices. The app allows getting the payments from online crypto wallets as well as the old-fashioned banks.
Utilizing crypto will unlock new revenue streams for merchants and entice crypto enthusiasts to spend their coins injecting some new funds into the economy. The mass adoption of cryptos will in addition significantly reduce their volatility.
“The idea is to make the purchasing and payment experience close to already existing well known procedures for credit cards or contactless payments”
the Cyclebit team says.
After Binance's announcement on June 14, 2019, that its U.S. customers will no longer be able to trade on Binance.com…