Cryptocurrency payment technology company ivendPay has unveiled a crypto payment system enabled by near-field communication (NFC).
By integrating NFC technology with cryptocurrency payments, ivendPay has made the payment process as seamless as using a traditional card, the company said in a press release on Monday (Nov. 27).
According to the release, users can now tap their phones equipped with NFC technology to make direct payments from their crypto wallets.
The release said that ivendPay’s technology integrates into various payment ecosystems, including point of sale (POS) terminals, merchant mobile apps, and vending networks, for convenience and security of cryptocurrency transactions within a retail environment.
The technology has attracted attention from players in the cryptocurrency industry, per the release. The company has entered into a partnership with Binance in which ivendPay has become the global payment gateway for Binance Pay.
IvendPay already serves around 400 active merchants in seven countries and plans to penetrate markets in Europe, the Middle East, and North Africa, according to the press release.
The release said that by making cryptocurrency payments as straightforward and quick as traditional card payments, ivendPay aims to accelerate cryptocurrency adoption in daily life.
Paying with cryptocurrency offers several advantages, according to the release. These include enhanced security, lower or nonexistent fees, independence from regulators, and global reach, the release said.
Furthermore, cryptocurrency payments are universal and can be made on any device. Over a million merchants already accept cryptocurrency payments, which is growing.
PYMNTS Intelligence has found that 35% of tech-driven consumers prefer to shop at stores that accept cryptocurrency, and 26% are so eager to use crypto for shopping that they are willing to switch to merchants that accept it at the checkout.
While these consumers make up only 15% of the overall consumer market, the decisions they make about technology are often a preview of what will define mainstream consumer behavior in the next few years, according to “Shopping With Cryptocurrency: Tech-Driven Consumers Drive Market Acceptance,” a PYMNTS and BitPay collaboration.