One day at a time, cryptocurrencies are aggressively marching towards mainstream adoption. This new form of money and its technology are disrupting different industries across the world, and this time, digital currencies have made another penetration into commerce.
In a recent development, Amazon-owned Whole Foods Market, Crate and Barrel, Nordstrom and other major retailers, have reportedly disclosed that they are now accepting Bitcoin and three other major cryptocurrencies as payment options for purchases on their stores.
This is undoubtedly the first widespread and low-friction opportunity that allows consumers to shop with digital currencies. According to the report, the initiative is as a result of a partnership between the retailing giants, Gemini crypto exchange, and Flexa, a payment startup.
Flexa works by piggy-backing on digital scanners, which is commonly used by many big retailers to accept payments made through their mobile apps and digital wallets such as Apple Pay.
The retailers, which also include Gamestop, Baskin Robbins, and Regal Cinemas are expected to set up their scanners to recognize and authenticate payments done with Flexa’s cryptocurrency app known as Spedn.
The Spedn app reportedly supports Bitcoin, Ethereum, Bitcoin Cash, and the Gemini Dollar – a US dollar pegged stablecoin by Gemini Exchange with supposed backings from American State Street Corporation.
Furthermore, customers just have to make payments with the cryptocurrency of their choice from their Spedn app without the cashier knowing if they paid using the dollar or digital currency. The merchant, on the other hand, will receive real-time payment either in crypto or fiat, depending on their preference.
With the latest development, e-commerce merchants can now conveniently offer crypto payment options since the scanner system provides an easy way for them to accept digital currencies.
This is indeed, another win for the cryptocurrency industry.Never miss out on our daily crypto news, stories, tips, and price analysis. Join us on Twitter | Telegram | Facebook or subscribe to our weekly Newsletter.