Global payments firm Nium on Wednesday (April 6) debuted Crypto Accept, an API-based solution to allow global businesses to accept cryptocurrency payments, starting with bitcoin and ethereum before expanding to other currencies next year, according to the company press release.
Through Crypto Accept, payments are sent to online merchants’ accounts the next business day in USD or other fiat currencies, allowing sellers to broaden their reach and boost their online payment experiences while protecting against price volatility.
“Consumers hold more than $3 trillion in cryptocurrency and are looking for more places to spend this money online,” said Joaquin Ayuso de Paul, senior vice president and head of Nium Crypto, in the company press release. “Crypto Accept allows merchants to quickly and securely enhance their digital commerce experiences to serve consumers demanding more payment options.”
Nium teamed up with crypto payment platform BitPay to power Crypto Accept. Consumers will select their preferred cryptocurrency wallet and scan a QR code to complete their transaction, and the service will verify the availability of digital funds and settle the transaction in the merchant’s preferred currency.
“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,” said Stephen Pair, co-founder and CEO of BitPay, in the joint press release. “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.”
In March, Nium unveiled a brokerage payment tool that’s designed to serve as a faster and cheaper alternative to the SWIFT (Society for Worldwide Interbank Financial Telecommunications) payments network.
Nium says the product gives financial institutions (FIs) an opportunity to lower costs, with no need for its customers to add technological integrations. FIs using the tool can save up to 90% on each transfer and attract new customers, while also lowering the friction associated with investing in U.S. markets as an international investor.