niuma Singapore-based cross-border payments company, has announced the launch of a new API-based solution that will allow businesses to start accepting payments in cryptocurrency.
According to the announcement, the newly launched product is called Crypto Accept. Allows online sellers to accept Bitcoin (BTC) and Ethereum (ETH) before expanding to other digital assets in 2023. Payments are sent to Internet merchants’ accounts in US dollars or other fiat currencies the next business day, allowing merchants to expand their market and enhance their online payment experiences, while avoiding price volatility. prices.
Nium has partnered with crypto payment processor BitPay to launch the Crypto Accept feature. Consumers will choose their preferred cryptocurrency wallet and scan a QR code to complete the transaction. The service will verify that the digital currency is available and settle the transaction in the currency chosen by the merchant.
According to Joaquín Ayuso de Paul, Senior Vice President and Head of Nium Crypto, “Consumers own over $3 trillion in cryptocurrency and are looking for more places to spend this money online”.
Nium was founded in 2014 under the name Instarem and is based in Singapore. The payments company claims to have a global network of 130 million consumers. The company is licensed as a Money Services Business (MSB) in Singapore, Australia, Hong Kong, Malaysia, India, Canada, Europe and the United States.
Nium’s latest move follows in the footsteps of other popular payment providers to accept cryptocurrency payments. As Cointelegraph reported, PayMaya, a major Philippines-based fintech company, recently launched a new cryptocurrency feature on its app that allows users to trade, buy, and spend digital assets using their accounts..
PayPal-owned Venmo has a similar feature that allows users to buy, store and trade cryptocurrencies directly in the app through a partnership with Paxos Trust Company. PayPal also started accepting Bitcoin as a means of payment for its millions of sellers around the world last year in March.
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