Is Flexa Taking Cryptocurrency Mainstream?
There is a huge chance that we can now make day-to-day transactions and daily purchases using cryptocurrency like bitcoins. An American fintech start-up, Flexa, is now letting some big brands in the states use its payment platform, a payment processing network will now let shoppers make purchases with cryptocurrency.
Cryptocurrency so far has been a form of investment people hope will increase in value. But Flexa now wants people to open their digital wallets. The company, Flexa, launched on Monday, 13th May 2019. According to the Chief Executive of the company, they want people to be able to spend their cryptocurrencies.
The system offers a reasonable commission too. The transaction fee is supposedly cheaper than credit cards. It also offers a system that gets retailers their payments in real ordinary money while still having their cryptocurrency safely tucked away. The CE of the company, Tyler Spalding, also explained that the intrinsic blockchain-based accounting system of cryptocurrency proffers a solution to the problem of transaction fraud.
One of the major problems retailers have with cryptocurrency is that the payment systems include the difficulty of identifying the payer. Another big one is the long confirmation wait; the transaction mostly takes a while to reach completion.
Flexa says users can use their system by simply having a digital wallet. Then they select the appropriate retailer from the app. The app will subsequently show a QR code that retailers can then scan with the sales terminal hardware. The system will debit the user’s wallet and transfer US dollars to the retailer using regular bank transfer.
Flexa reveals that it intends to integrate the wallets in cryptocurrency exchanges like Coinbase in the nearest future. The company says it plans to make transactions easier for customers.