Buy cappuccino and pay with Bitcoin
An increasing number of merchants are warming up to crypto for payments, and one of the cryptocurrencies seeing the greatest interest is Bitcoin (BTC).
A new project that says its goal is to make cryptocurrency accessible has launched a service in Europe that allows customers to buy coffee and pay with bitcoin. As the group pointed out in a Medium postpublished in October 2018, users only need to scan a QR-code at any point-of-sale (PoS) to complete the transaction.
The tech startup on this mission is called Cyclebit, whose simple idea is already making cryptocurrencies spendable, with the end result being a likely increase in the number of people seeking to buy cryptocurrency as payments.
Spanish news outlets reported at the time that the Cyclebit solution would be launched in Nostrum, taking in a total of 130 coffee shops across the country. The shops would accept as well as sell Bitcoin (BTC).
Apart from coffee shops, convenience stores and other online retailers are also leveraging the startup’s technology to accept digital currencies for goods and services. These businesses integrate a “crypto gateway” that allows it to connect to a payment processor.
Over 200,000 point-of-sales have been identified for the system, with Cyclebit partnering with Ibox- a payment platform that claims to turn over more than $1 billion annually.
Merchants get a customizable “ready-to-install” app that works on iOS and Android devices, making it possible user to pay with crypto on both mobile crypto wallets and from a conventional bank account.
The Cyclebit team noted that most shoppers who would like to use crypto for payments find the process “prohibitively complex,” which sees many fall back onto fiat-based payment options. But the startup wants to change that, by making crypto convenient and accessible to both merchants and everyday shoppers.
The idea behind the platform is to transform the payments ecosystem so that purchasing and paying become as easier than using traditional payment methods like credit cards.
The firm has started with bitcoin for cappuccino, but will eventually add as many cryptocurrencies as possible.