ForumPay, a point-of-sale provider based in Malta, is now offering a crypto-and-fiat interchangeable payment platform. ForumPay also enables customers to use any e-wallet or coin with which they choose to pay, without any need for physical contact, according to the company.
Seamlessly accepting payments in cryptocurrency has been a hurdle that has undermined crypto adoption. While the number of people who own cryptocurrency rises, the demand to pay for goods and services with digital assets has increased. ForumPay notes that between Q3 of 2016 and Q1 of 2020, blockchain wallet adoption rose over 425 percent and crypto-paying consumers in the marketplace are spending in excess of €3.4 trillion annually. But, understandably, some merchants, have not been quick to support crypto payments and that is what ForumPay wants to provide
ForumPay says it offers over 90 percent of coin-market capitalization, providing customers with crypto-agnostic payment options. It also claims “unmatched security.”
Users and merchants are provided two-factor authentication with Google Authenticator and SMS protection.
Due to the nature of the blockchain transaction protocols, with ForumPay transactions, chargebacks are a thing of the past – something merchants will appreciate.
The platform also provides instant payment processing in contrast to credit card transactions. ForumPay states that exchange from crypto to fiat and vice versa is instantly settled, without any lag time or exchange risk.
“We are excited to launch ForumPay’s payment platform－offering security, flexibility, and opportunity to both customers and merchants－and enabling them to tap into a growing consumer base,” says Joshua Tate, ForumPay CEO . “These kinds of projects also open the door for crypto to see wider adoption, while fostering a payment ecosystem where crypto and fiat can coexist, without the need for one to supplant or outmode the other.”