Even though Bitcoin was designed as a peer-to-peer payments system, it is safe to say the digital asset has ticked more boxes in the financial system than it was designed for. Nowadays, we have seen new firms and investments buying up a huge chunk of the asset as a hedge against inflation or holding it to make profits.
Despite the asset being touted to become a mainstay for payments, more than ten years along the line, it is still not happening. To this effect, a company based in New York, USA, has pointed out that certain things are in the works to make the digital asset acceptable by merchants.
The platform uses SecurePay to facilitate the payments
Even though Bitcoin has done so well in terms of price, a series of issues like volatility, transaction confirmation time has not made merchants look to it as a feasible payment mode. And according to the company, OLB Group, they are hoping to make it easier for merchants to start accepting digital assets as a means of payment for goods and services. Presently, the company has about 8,500 merchants and businesses on its Omnisoft platform.
The merchants and businesses on this platform earn their payments for goods and services in some of the leading digital assets like Ethereum and Bitcoin while infusing a little of stablecoins like USDC and DAI using a point of sale method. With this, customers who want to pay using digital assets can either pay on the online platforms using their crypto wallets or choose to pay for it in person.
To make this feasible, the platform enlisted a payments platform, SecurePay, which approves and exchanges the digital assets into dollars before paying them into the merchant’s account. The decision to adopt a method like this was thought and improved upon after it became necessary for stores to move their services online or conduct contactless transactions.
Omnisoft said the pandemic brought the need to add a crypto payment option
While the platform was already in the works before that, the team at Omnisoft felt that adding digital assets was the next integral step. It is not surprising, seeing as digital assets have blown up over the past few months, but it was not like that during the first stages of the pandemic. Bitcoin had a very disastrous turn in fortune which saw the digital asset endure a massive decline, pushing other coins in the red zone with it.
In his review, the CEO of the platform, Ronny Yakov, pointed out that merchants were already familiar with the kind of payment gateway they use before adding cryptos, which made the integration of the digital assets an easy one. Yakov also gave his verdict on digital assets, with the CEO pointing out that he believes that he believes that adoption is still early, and we can only wait to find out what it has in store.
“Even though things are looking like adoption is still at the early stages, merchants and sellers have been increasingly anxious to explore them as a payment option. The digital assets allow them to provide services and take payments anytime and anywhere they wish to”, Yakov added.