According to a press release shared with Bitcoinist, Xumm’s XRP-based wallet has partnered with loyalty program platform Friiworld. The partners launched a cryptocurrency payment system in the Netherlands to connect traditional businesses with the benefits of digital assets.
Traditional businesses can accept XRP payments using Xumm’s product
According to the release, Xumm and FriiPay have launched a new point-of-sale (POS) payment solution in the European country. The solution will allow businesses to process payments, digital vouchers, and validate transactions using Xumm’s XRP-based wallet.
The first company to integrate the product with its business model is 36aWay. The owner of the company, Akin Sariyildiz, said the following about the integration of XRP payments:
I like the unbanked part of using this innovative and secure payment method. Now we’re ready for the future of payments, and hopefully we’ve enabled other stores to do the same!
The partners’ ultimate goal is to combine the power of crypto payments with a mainstream point of sale for everyone, even people who aren’t tech-savvy. Customers can use the digital assets in the Xumm wallet and pay on the old POS.
The payment solution supports Xumm Wallet, XRP Ledger (XRPL), and traditional payment rail via Visa and Mastercard. Thus, merchants can provide customers with access to new payment options while retaining traditional options. FriiPay CEO Farhan Dawood said:
Brands will be able to pay digital vouchers that will be visible in the Xumm wallet and validated using the POS app and ledger. This strategy will allow us to bring non-crypto consumers into our world.
Going forward, the partners will seek to continue disrupting the payment sector by providing merchants and customers with “customized options free from the constraints of traditional finance,” according to the release.
“When is the Xumm debit card?”
never. Legacy payment networks and systems bring the same inefficiencies and costs that we fix.
And that’s why we’re so excited at first @tweet Yesterday’s POS terminal “Pay with Xumm” (XRPL QR payments) was installed.
One stop: Card and Xumm. pic.twitter.com/Im1Pna0d36
– Xumm Wallet (@XummWallet) February 16, 2023
Wietse Wind, CEO of the company that created Xumm, XRPL Labs, stated that the payment solution will allow customers to pay for their products with “anything.” When using cryptocurrency for payment, the solution will convert the amount into Euros, US Dollars or British Pounds. winds added:
There is much more than just XRP on Xumm; I have some from CasinoCoin, Gatehub EUR, Bitstamp USD, Stably USD, GBP, etc. For assets with sufficient liquidity (buy/sell offers on DEX), XRPL allows me to send one of these coins and have it delivered on any store that orders.
