A cryptocurrency payment gateway is a payment processor for digital currencies, similar to payment processors, gateways, and acquiring bank credit cards. Cryptocurrency gateways enable you to accept digital payments and receive fiat currency immediately in exchange.
These companies remove any uncertainties or reservations about cryptocurrency and allow you to offer more payment options. It’s important to note that digital currency payment gateways are not required. It’s perfectly acceptable to use your wallet to accept cryptocurrency payments; however, gateways take the extra work of exchanging cryptocurrency and managing a wallet out of your hands.
One of the fundamental tenets of cryptocurrency is eliminating third parties from financial transactions. While this may sound great to those who embrace and understand change, it may not be acceptable to others. Cryptocurrency is a new concept that is difficult to grasp in a world where tangible assets always have exchangeable value. Only recently have developed countries adopted a financial model in which most of their transactions are credit and debt-based, with no possibility of exchanging physical money.
How Do Cryptocurrency Payment Gateways Work?
Third-party payment processors that deal with digital currencies such as Bitcoin and Ether are known as crypto payment gateways. These types of service providers play an important role in today’s crypto and blockchain landscape by accelerating merchant adoption of cryptocurrencies.
A crypto payment gateway is similar to a traditional payment processor in that it accepts digital currency payments and converts them into fiat money on behalf of merchants who have opened accounts with that service provider. This works straightforwardly
A user makes a purchase and pays in cryptocurrency. The payment processor receives the digital currency and instantly converts it into fiat money based on the current market value of the cryptocurrency. The merchant’s account is then credited with the exact amount of fiat money. The funds can then be transferred to a designated bank account.
There are several options in the market with Unbanked considered as a leading industry player. Unbanked is a blockchain-based global fintech solution.
Unbanked Offers the Best of Crypto and Fiat payment systems
Unbanked connects traditional enterprise, fintech, and banking systems with blockchain infrastructure, expanding the utility of cryptocurrency for investing and everyday purchases.
It is based on the ethos that financial access and control are fundamental human rights. The company offers a suite of highly customized financial products that allow the banked, unbanked, and underbanked to create a unique financial experience.
Merchants can integrate Unbanked to their online stores to receive payment in crypto and withdraw to their fiat account. In addition, residents of 200+ countries can get an FDIC bank account for buying crypto at Unbanked.com.
Unbanked’s infrastructure is licensed and utilized by other Web3 organizations such as StormX, Nexo, Stacks and others. Unbanked is also the underlying provider of Litecoin Card the official debit card of the Litecoin foundation. These features shows that Unbanked has a real business model to support its operations and generates profit towards building sustainable products.
Unbanked’s ecosystem is powered by its native utility token called UNBNK. This unique token is available on the Stellar and Ethereum blockchain and can be swapped 1:1 at Unbanked.com.
UNBNK is the base token asset on its debit card that facilitates transactions within its ecosystem. So when users deposit their crypto assets, it is converted to UNBNK and held on the card until it is withdrawn or spent on a transaction. In addition, card holders can stake UNBNK to earn up to 1-6% back in cash spend rewards.
Unbanked has continued to make new developments with the latest the introduction of card services to the United Kingdom and a few European countries.
Unbanked launches unique crypto-card services in UK and Europe
Unbanked recently announced a partnership with MasterCard to provide card services that allow customers to spend their digital assets through this approved program. Residents of the United Kingdom and other European countries can apply for a user account at Unbanked.com, deposit their cryptocurrency, and, if approved, receive a card to spend their digital assets.
Unbanked cardholders can fund their user account with 15 different cryptocurrencies, including BTC, ETH, UNI, XLM, and UNBNK. Cryptocurrency funds are linked to a cryptocurrency-backed card issued by Moorwand, allowing users to convert cryptocurrency to fiat in real time at merchants that accept cards.
Furthermore the crypto card offers unique financial, payment, and crypto services that improve cardholders’ access to and use of digital currencies. Speaking on the development, Daniel Gouldman, Co-founder and CEO of Unbanked noted that it would provide a great way for residents in these regions to access an innovative crypto-powered card services.
It’s great to know with this launch, we will be able to provide residents in the U.K. and parts of Europe access to one of the most innovative crypto-powered cards in market.” He said.
Founded in 2018, Unbanked is considered one of the top blockchain-based payment processing platform with an established client base that includes Litecoin Foundation, Nexo, Stacks and StormX. This latest development is expected to lead to more adoption of its payment services as residents in the U.K and Europe.
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