If you live in Australia or New Zealand, you can buy a Coke with bitcoin thanks to the work of a cryptocurrency company known as Centrapay.
Centrapay Opens the Door to BTC Payments
Remember what a big deal it was when bitcoin was used to purchase pizza roughly ten years ago? While the transaction itself is not that important, the idea behind it is. This is because bitcoin was originally designed to be a method of payment, alongside most of the world’s cryptocurrencies. However, it has encountered several bumps in the road thanks to the lack of businesses that seek to accept it the way they do cash or credit cards.
Bitcoin and other digital assets are known for their volatility, which has made many retailers think twice about accepting them as payments for merchandise or services, and to an extent, we really can’t blame them for being nervous.
Think about this: if you buy $50 worth of merchandise with bitcoin, for example, and then tomorrow the price of bitcoin goes down by ten dollars, you’ll still walk away with everything you bought, whereas the company who accepted the payment – granted they didn’t transfer the money into USD upon the completion of the transaction – winds up losing money.
It’s not entirely fair for retailers, and it also puts them at risk of potentially seeing their funds shrivel up.
Centrapay is one of the many companies looking to change that. As a digital asset integrator, the company seeks to allow individuals to pay with crypto and offer merchants the tools they’ll need to accept digital currency for the merchandise they sell. CEO of the firm Jerome Faury says that in the past, many people and companies alike have had negative experiences with trying to use or accept digital currency, while there are also many technical barriers that have gotten in the way.
Removing the Barriers
Faury says:
We have solved both these issues. Centrapay is pioneering the way to enable this new internet of value and bring its benefits to both consumers and merchants. At Centrapay, we’re working to create a future where individuals are in control of their own data and digital identity. Brands can connect directly and ethically with people, empowering them to make the right purchasing decision, whilst also supporting their retail and other distribution partners.
The company has enabled several vending machines (over 2,000, to be exact) with QR payment capabilities that will allow users to pay for soda and other goods with crypto. All a customer needs to do is install what’s called a Sylo Smart Wallet onto their phone and then scan the QR code on the vending machine they’re looking to buy from. The money will be deducted from their wallet and boom. The transaction is complete.
