Leading Chilean cryptocurrency exchange Crypto MKT has announced a partnership with payments processing company Flow.cl to provide an instant crypto to fiat method of payment at over 5,000 local stores.
The new system will bypass the risk posed by market volatility, the biggest hurdle stifling mass cryptocurrency adoption as a payment method. With an instant conversion at current market rates, price fluctuations won’t factor into unwanted costs for either the consumer or retailer.
A platform developed by Crypto MKT called CryptoCompra will work in conjunction with the Flow.cl payments system to instantly convert Bitcoin (BTC), Ether (ETH) or Stellar Lumens (XLM) into either Chilean or Argentinian Pesos as well as Brazilian Real or Euro.
The system also boasts very competitive fees of only 0.9 percent, considerably lower than fees often charged by many card payment systems.
Growing interest in retail payments
In a time when cryptocurrency markets are suffering declining prices amidst questions of real-life use cases, the news comes as a very positive sign for the future. If global retailers can implement similar systems in American and Japanese stores, the digital assets market will no doubt experience a significant boost.
Recently, an apparent announcement by Starbucks that it will be accepting cryptocurrency payments garnered a hugely positive response from the community, giving prices a decent hike. Unfortunately, the news turned out to be more hype than reality but it shows a sure sign that crypto-enthusiasts are eager to use their digital assets to make everyday retail payments.
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