The year is 2020, and while we have Elon Musk making plans for installing microchips in our brain, we’re somehow still figuring out how to make a crypto payment application that fulfills every merchant’s need. It seems unbelievable, especially since there have been dozens of projects, tokens, and platforms built for this exact purpose.
While there are some solid contenders out there (we’re looking at you, BitPay), there are still huge issues with fiat settlement and restrictions set by credit card companies that maintain control over who can use these services. Purchasing crypto through an exchange can be daunting enough, let alone figuring out how to get your Litecoin ready to buy groceries.
What about higher-risk industries that desperately need payment solutions? Is it a good use of your crypto? Or the smaller transactional currencies, which are fast and have liquidity but no one accepts them as payment.
Crypto payments are a great idea in theory, but extremely difficult to execute in reality.
Traditionally, cryptocurrency is viewed as a store of value, not a method of everyday payment. While there have been blockchains and tokens built for transactional applications, none of them have really taken off on a global scale– whether that be because of the volatility, liquidity, or the crypto merchant gateway providers being a nightmare to use.
The entire process is relatively complicated, and finding merchants to accept crypto, in any form, is unbelievably difficult if you don’t live in Singapore or San Francisco. Now, there are projects such as MobiePay, which are setting up a platform that will make the entire experience of paying with crypto seamless and accessible at some of your favorite stores.
MobiePay has a three-product approach to tackling this overwhelming problem.
First, Mobie – being developed as a mainstream consumer wallet and banking product, helps consumers use crypto as a payment method at some of the biggest retailers in the country. It will include cash back incentives and rewards, a banking and debit card, and peer-to-peer payments (see ya, Venmo).
MobieX is the internal exchange, a trading app being developed to allow users to transfer between fiat and crypto within seconds.
Last but not least, MobiePay – a merchant gateway and settlement product that will be integrated with the loyalty and rewards program to reduce payment processing fees and chargebacks thanks to blockchain security.
MobiePay intends to help both high risk and regular retailers with huge payment processor issues.
The MobiePay universe will be a loaded, all-in-one payment solution with heavy benefits for both the customer and the merchant. With a planned payroll option, an in-app crypto wallet, cross-border remittance feature, and POS integration, MobiePay is looking to create an incredibly well-rounded system with uses in a wide variety of industries. From traditional eCommerce to the nonprofit sector, there is practically no area of commerce that MobiePay won’t be able to reach.
MobiePay intends to provide a groundbreaking opportunity to millions (if not billions) of people around the world to use cryptocurrency every single day by bridging the gap from mainstream to crypto. For some, it may not seem like a compelling use case, but for higher-risk industries such as cannabis, gambling, and even construction, which have always struggled to find payment processors and banks that will work with them, it could allow them to run their businesses more effectively. Even “regular” retailers often are required to pay a whopping 3-15% of their gross receipts to payment processing companies.
MobiePay is planning on launching their beta mobile wallet and banking integration early 2020, and is already establishing over 350 major retail partner relationships in the U.S. alone. This is targeted to include popular brands such as Trader Joes, Whole Foods, Amazon, Target, Rite Aid, Microsoft, and many more. MobiePay has also partnered with the likes of BitMinites, Stellar, and WAX for their upcoming launch.
*The writer of this article has a personal relationship with MobiePay. The Daily Chain encourages you to carry out your own research before you make any form of investment and educate yourself about how to stay safe in the crypto space.