The fintech startup Crypterium, in collaboration with Liquid Group, a company specialized in mobile payments, has set up an open platform to make crypto-fiat payments with QR codes directly in retail outlets.
Liquid Group will launch an entity focused ad hoc on the development of a virtual currency payment network.
The new platform will be controlled by a sandbox in Singapore and the merchants involved will be able to receive crypto-fiat payments: even if the payment is made in cryptocurrencies, the merchant will receive the selected fiat currency.
During the test phase, all the technological and methodological implications will be evaluated, such as the speed with which transactions can be implemented or the cross exchangeability between different cryptocurrencies.
Liquid Group CEO Jeremy Tan said: “We will be working very closely with our service partners and regulators to make the pilot a success“.
Crypterum COO, Austin Kimm, said:
“We are very excited about this partnership as it allows us to expand the use of crypto in everyday life to Singapore that works towards becoming an innovative mobile payments country. Consumer interest towards cryptocurrency is also growing every day, thus we believe the option we offer will help merchants to maximise productivity and business outcomes by engaging with a high potential group of customers“.
Currently, the most popular cryptocurrency payment methods, such as Coinbase Commerce and Bitpay, require merchants to accept cryptocurrencies and subsequently change them into fiats, which may be cumbersome, while the solution identified by Crypterium and Liquid allows crypto-fiat payments in a simple and fast way.