Monneo Provides Merchants with Crypto Payment Solution
UK-based payment ecosystem provider Monneo has enabled merchants to accept cryptocurrency payments natively through their websites.
The new solution converts the cryptocurrency payment into its equivalent fiat currency value and then Monneo settles it to the IBAN of the merchant, also provided by Monneo in a time and cost-effective manner.
The company's crypto payment solution ensures merchants do not take any volatility risk. The customer has 15 minutes to complete the transaction where the crypto to fiat rate is locked in and the merchant receives the full fiat amount, regardless of any rapid exchange rate fluctuations. It uses the Lightening Network (where available), a second layer of technology which helps facilitate cryptocurrency to be exchanged instantly.
According to Monneo, with an increase in demand for payments being made in cryptocurrency, its new service, which is integrated within the company's existing application, facilitates cryptocurrency payments for customers and online merchants alike. With over 300 million cryptocurrency owners worldwide, the new update could enable online merchants to expand their base of customers, improving revenue levels in the process.
The new update represents Monneo's latest foray into the world of cryptocurrency. In 2021, the company announced a landmark project with cryptocurrency exchange, Coinbase. On account of the partnership, merchants using Monneo's platform can now settle B2B invoices in a range of leading cryptocurrencies. In addition to this, the platform continues to offer further payment options across 130+ fiat currencies.
Source: The Paypers
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