Whole Foods, the company in Amazon possession, together with some other big-name retailers, is now going to accept payment in cryptocurrencies. The latest development has been made possible by the collaboration between Gemini, which is a crypto that the Winklevoss twins own, and Flexa, a payments startup.
The partnership of Gemini and Flexa allows accepting crypto
The collaboration between Flexa and Gemini is going to permit the big retailers like Nordstrom, Whole Foods, Crate and Barrel, to accept cryptos as payments for different goods.
This crypto payment option takes advantage of the digital scanners which the retail outlets use to receive payments based on mobiles from applications such as Apple Pay.
On its own part, Flexa convinced the retailers listed above, as well as some other like Gamestop, Baskin Robbins, and Regal Cinemas to design their scanning devices in order to recognize payment which is made from Spedn, which is its crypto application.
This app actually permits people to pay for some services and products on the retail platform with the use of cryptos, such as Bitcoin or BTC, Bitcoin Cash or BCH, Ethereum or ETH, and Gemini dollar or GUSD.
Tyler Spalding, who is the chief executive of the application, pointed out that the merchants are actually interested as the payment option will give them the chance to reduce the commission rates they actually pay to the other existing payment platforms. Tyler also added that crypto payments will create the opportunity for stores to test out some new types of customer benefits based on blockchain.
Crypto payment is still in the preliminary stage
The crypto payment option is still in the preliminary of the experimental phase, according to some reports from recently.
One source which is close to this project, speaking anonymously, revealed that the retailers did not want to comment on the development, as the crypto payments are still an experiment.
The companies do not want to talk about the cryptocurrency payment solution unless they increase their own understanding of the technology, as well as its customer demand, according to the same source.
While utilizing the Spedn application to make crypto payments, the store cashiers are often not aware of the fact that the customer pays with digital currencies. In the meantime, the merchants receive real-time payment for the services or goods in either crypto or USD.
GUSD eliminates volatility concerns
The price volatility of the cryptos remains one of the most significant concerns of the merchants, and the reason why many of them aren’t accepting them as options for payment. While the regular cryptocurrencies are volatile, the stablecoins aren’t.
The Winklevoss brothers also pointed out that the problem with volatility included in paying for goods via the Spedn app could be eliminated with the use of the Gemini dollar or GUSD stablecoin. The GUSD is actually pegged 1:1 to the USD and the twins claimed that the stability of their stablecoin and the ease-of-use of Flexa are going to lead to broader use of the app.
It is going to become even more appealing to an increasing number of individuals who appreciate the technology which stands behind the digital currencies.
Spalding also added that for some companies which want to integrate the scanner payment technology into their application, they are going to be providing them with the developer kits.
The development from lately is a perfect one for the crypto sector, with its success probably to see other retailers adopt some similar payment options.