Nium, a Singapore-based fintech , announced on Wednesday during Bitcoin Conference 2022 its new product Crypto Accept, an API-based solution that enables global businesses to accept crypto payments.
According to the press release, as of launch, Nium Crypto Accept supports Bitcoin (BTC) and Ethereum (ETH) payments, with plans for more currencies in 2023. As a result, online merchants can accept crypto payments without fear of price volatility. Instead, payment is made the next business day in USD or another leading fiat currency directly into their bank account.
“Consumers hold more than $3 trillion in cryptocurrency and are looking for more places to spend this money online. Crypto Accept allows merchants to quickly and securely enhance their digital commerce experiences to serve consumers demanding more payment options,” Joaquin Ayuso de Paul, Senior Vice President and Head of Nium Crypto, commented.
For this purpose, Nium has partnered with BitPay, the largest provider of Bitcoin and cryptocurrency payment services, to provide a safe and easy way for merchants to accept crypto payments online. To complete their transactions, consumers can scan a QR code at checkout to select their preferred crypto wallet.
Solution to Be Rolled Out Later This Year
In addition to verifying crypto funds’ availability, the service promptly settles the transaction in the merchant’s local currency bank account. “BitPay’s partnership with Nium connects our network to the Nium rails to enable a fast safe and easy way for merchants to embed crypto payments into their online business. Together, we’re making it possible for customers to live life on crypto with more options to spend their crypto with the businesses they know and trust,” Stephen Pair, the Co-Founder and CEO of BitPay, stated.
Nium Crypto Accept allows merchants to broaden their customer base and enhance their online payment experiences while remaining protected from the volatility of cryptocurrency markets. Nium-powered solutions will be rolled out later this year.
