The collaboration will see Volt offer stablecoin pay-ins at checkout to its merchants and partners, the companies said in a Monday (Dec. 15) news release.
This will allow these businesses to “take advantage of regulated digital assets for faster, cross-border payment acceptance,” the release added.
“Today’s consumers are tired of legacy systems that have been built to slow them down – they’re demanding speed, affordability, stability, and efficiency,” said Chris Harmse, co-founder of BVNK. “This partnership with Volt is enabling a new generation of payment experiences that meet their expectations and empower them to participate fully in the modern digital economy.”
According to the release, the new capability is designed for merchants including cross-border platforms like eCommerce marketplaces, trading and investment apps and remittance providers, who can “benefit from stablecoins’ universality and reduced friction.”
In addition, the release added, the partnership can help digital goods and gaming companies whose customers enjoy paying with stablecoins, as well as travel and ticketing operators, and luxury retailers, hoping to “support high-value, cross-border purchases with faster, more predictable acceptance.”
The partnership is happening at a moment when stablecoins are “emerging as a potential solution, or workaround,” for the problem of “moving value globally with near-instant settlement,” as PYMNTS wrote earlier this month.
“As stablecoins mature into serious financial instruments, the question is no longer whether enterprises will use them, but how they will do so without adding chaos to their financial stack,” the report added. “Increasingly, the answer resembles an overlooked but decisive piece of infrastructure: a stablecoin clearinghouse.”
Enterprises, the report continued, need to be “rail-agnostic” as customers, suppliers and partners might all decide to go with different networks. A clearinghouse can handle this complexity and lets organizations settle outflows and inflows without understanding the underlying technical execution.
“The biggest problem in crypto is not adoption, it’s the user experience,” Bam Azizi, CEO and co-founder of Mesh, told PYMNTS in an interview in May.
“You need to make payments so simple that even a grandmother will use it one day, maybe without even knowing that the mechanism behind the scenes is a stablecoin … to do that, you need to do a lot of heavy lifting.”
