Digital Transactions Authoritative, insightful and timely information for payments professionals
Flexa Inc., a digital-payments provider, has introduced tap-to-pay for cryptocurrency transactions. The contactless-payment method enhances digital-asset usability by enabling blockchain payments via NFC-enabled hardware wallets without a mobile phone or internet connection, the company says.
Hardware wallets, known also as burner wallets, are physical devices that store private keys for cryptocurrency offline. They are not connected to the Internet. Such wallets function like contactless payment cards, but process blockchain transactions instead of credit and debit payments.
Flexa is partnering with hardware-wallet providers such as Burner. The Burner wallet, which works in a user’s Web browser, is automatically generated upon visiting the xdai.io blockchain network, and stores the user’s private key locally.
To make a transaction, consumers enter their PIN on a Flexa-enabled point-of-sale device and tap their Burner virtual card, which is processed on the blockchain to authorize the payment.
The payment option will initially be available for use at merchants using Flexa’s Point of Sale app for iPhone and Android devices. Information was not immediately available regarding how many merchants use the app. Flexa plans to expand support to include offline payments from mobile wallets that embed the Flexa software development kit.
In related news, Wirex, a United Kingdom-based financial-services platform that allows users to buy, sell, store, and exchange crypto and traditional currencies, is rolling out its Wirex Pay stablecoin app in the United States.
Wirex is partnering with Bridge, an application programming interface-based platform for stablecoin issuance and orchestration as a service. The partnership will enable consumers to make payments directly from non-custodial wallets via card and bank transfers and initiate real-time exchanges between fiat currencies and stablecoins, Wirex says.
Unlike custodial wallets, which are operated by third parties that hold a user’s private keys, such as a cryptocurrency exchanges, non-custodial wallets allow consumers to retain full control over the stablecoin.
Also on the crypto front, cryptocurrency exchange Bybit.com says it will fully reimburse users for their next Netflix transaction if they sign up for a Bybit card and spend at least $100 on the card. The promotion, which began Feb. 25, runs through March 25. The rebate is capped at $10 per Netflix transaction and is limited to the first 500 users that meet the promotional criteria each day. Bybit is offering the promotion independently of streaming service Netflix.
