OpenNode, a BTC payment processor announces its plans of testing a new payment solution that will allow its merchants to receive payments in Bitcoins. According to their official announcement, the firm has launched a pilot program to test the feasibility of such a procedure over a few months.
Following this announcement, a renowned capital investor, Tim Draper, took to Twitter to congratulate the OpenNode network. Also, recently, OpenNode made the list of top 50 startups to watch in 2020 collated by Built-in LA on the 21st of January, 2020.
OpenNode’s Solution: Pay In Fiat, Your Merchant Can Receive Bitcoins
With OpenNode, according to their official statement, the reverse of the process above is also possible. OpenNode paves way for a new payment solution in the crypto industry. According to their official announcement, there is an increasing number of merchants who are entirely bullish on bitcoin. Furthermore, they believe in the long-term sustainability of bitcoins and are willing to hold on to much of the top cryptocurrency.
The payment system however, notes that there have been a shift of events from individuals to corporate bodies adopting the use of bitcoins. According to OpenNode, one of the ways these bodies are responding to the use of bitcoin is by accepting it as means of payment. However, the only problem is that many people are not yet using bitcoin for their every purchase. This, fortunately, is one basic reason why OpenNode has partnered with wyre to make such relationships possible.
“THEY [SHOPPERS] PUT THE CARD INFORMATION INTO THE WIDGET THAT OPENNODE IS USING, IN SOME CASES THE CARD INFORMATION MAY ALREADY BE STORED, FOR EXAMPLE WITH YOUR APPLE PAY.”
The Actual Innovation (How It Works)
In an introduction to this new payment solution, OpenNode explains that the new system will allow interoperability between fiat and bitcoins in a single line of payment. In contrast to existing systems which allow you to pay bitcoins to only merchants accepting it, now, users will be able to make payments to all merchants irrespective of their choice of currencies.
Moreover, OpenNode has partnered with Wyre to complement its service for Apple pay users; the latter handles BTC conversion and the deposits into merchants’ digital wallets. Given the current crypto wave, traders who find value in leveraging digital currencies stand to benefit from this collaboration.
The system makes it possible for customers to make fiat payments while their merchants can get the same amount in bitcoins and vice-versa.
“With OpenNode, merchants have the power to accept Bitcoin or dollars via the Apple Pay/debit card integration and choose to hold Bitcoin in full, in part, or not at all.”
Image Source – OpenNode