Flexa, a New York-based Payments network has released a mobile app and payment network to assist consumers to spend cryptocurrencies at major American retailers. According to the company, its app enables immediate and secure cryptocurrency payments at major retailers. For this effort, select merchants can reportedly accept Ether, Bitcoin, Bitcoin Cash, and the Gemini dollar from consumers who have the new SPEDN mobile wallet app, which will be extensively accessible for download in the App Store from next week.
In a statement, Flexa CEO Tyler Spalding said that “This is the first real instance of decentralized global retail payments, with the power to make commerce more efficient and accessible for billions of citizens globally.” According to him, “The legacy payment systems are complicated and costly. This solution provides a way for cryptocurrencies to solve these problems and allow merchants to conduct inexpensive and fraud-resistant transactions.” Built on the open Flexa network, the SPEDN app created a liaison between merchants and the blockchain and requires no point-of-sale upgrades for merchants. To pay out cryptocurrency on Flexa, consumers need to send Bitcoin or other supported digital assets to the secure SPEDN wallet and scan the app’s barcode at the register similar to other kinds of digital payment. Then the company alters it to U.S. dollars in real time for payment to the merchant.
Flexa, which was founded last year in New York, is designed to make payments between buyers and sellers more efficient, accessible, and affordable for the very people doing the purchasing and selling. Recently, the payment startup had clinched USD 14.1 million to foster its then-unnamed payments network.