Cryptocurrency payments network Flexa now supports Litecoin (LTC) as the fifth digital asset on its platform. Flexa offers direct point-of-sale payments at more than 39,250 stores across the US for fast and secure payments.
Speaking at the Asia Blockchain Summit in Taipei on Wednesday, Litecoin creator Charlie says LTC’s integration on Flexa helps push mainstream adoption of Litecoin payments.
“Being able to pay with LTC at all these new major merchants is great for the entire Litecoin community.”
Flexa says its strategy for mass adoption starts with shoppers. The company enables cryptocurrency spending on the consumer side while it helps merchants receive payment in fiat. The solution is designed to make the process simple, fast, cheap and fraud-proof.
According to the Flexa team, the key to scaling crypto is to integrate it directly with a merchant’s existing hardware and software, reducing the learning curve and an outpouring of capital for new infrastructure. The company partners with retailers and their processors to make payments to a merchant’s bank directly, and avoids piggybacking off of Visa by using debit cards.
“We don’t believe that cryptocurrency payments should become dependent on the existing Visa and Mastercard debit networks and their customer data requirements.”
Crypto adopters can spend LTC using Flexa’s SPEDN app. Billed as “the simplest and easiest way to spend cryptocurrency in stores,” SPEDN transforms a mobile phone into a direct payment device for crypto without needing to load up onto a debit card or cash out into US dollars.
Instead, a shopper can select the name of their favorite Flexa-accepting store. By tapping on a brand and scanning a unique code, users can make instant point-of-sale payments. Crypto is converted into dollars as soon as a cashier scans the code that appears on a shopper’s screen.
The Flexa option is integrated into point-of-sale hardware systems such as Clover, with an on-screen payment selection prompt.
“As in credit and debit networks, merchants receive settlement after each transaction takes place (and after the corresponding amount of cryptocurrency has been converted to fiat) through any preferred settlement method.”
Flexa reportedly has a long list of big brands on board, including the following retailers.
- Barnes & Noble
- Baskin Robbins
- Bed Bath & Beyond
- Caribou Coffee
- Crate and Barrel
- Regal Cinemas
- Whole Foods
The app is currently available for iOS, with an Android beta launching on July 9th. In addition to Litecoin, SPEDN supports Bitcoin, Bitcoin Cash, Ether and Gemini dollars.