In recent months, reports have emerged stating that PayPal, the leading online payments provider may be making a move in favor of cryptocurrencies. This has been echoed by PayPal’s previous business companion eBay. Yet, there seems to be an alternative in the market. Blockchain-based startup Crypterium led by former Visa UK CEO Marc O’Brien enables its users to send crypto directly to bank accounts. Crypto users can now top up their PayPal account or send a payment to their bank account, as well as shop with Bitcoin wherever bank transfers are accepted as a payment method.
Despite Bitcoin and other virtual currencies being billed as currencies, they are still perceived more as investment assets, and accepted by a very limited number of outlets. A blockchain-based startup, Crypterium changes that by enabling its users to transfer crypto directly to bank accounts opening the door to many new use cases. Wherever IBAN bank transfers are accepted as a method of payment, you can now pay with cryptocurrencies through the Crypterium App.
“Businesses are still reluctant to accept cryptocurrency. It doesn’t matter what the value of Bitcoin is, you simply couldn’t use it to pay your mortgage, or buy something on eBay, or pay your student loans. That’s something we’re trying to overcome” says Marc O’Brien CEO of Crypterium. “With our app, users can pay with crypto for a variety of goods and services, replenish their PayPal wallets or spend their coins at any platforms that accept bank transfers as a payment method” – he adds.
This new Crypterium feature allows you to use crypto to pay for a diverse range of bills and loans. These include your mortgage payments, loan repayments, utility bills, taxes, and supplier payments. Once you send crypto, the bank or merchant will receive funds in the currency of their choice. Crypterium takes care of all the conversions.
Bringing crypto payments mainstream
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“Cryptocurrencies will become the next mainstream payment solution within the next decade”, a study from the Imperial College of London argues. “In 5 years, buying your cup of coffee with Bitcoin and shopping abroad with your favorite coins and tokens will be a commonplace” – O’Brien believes, and it is this belief that drives Crypterium to continue to break down barriers.
“Despite the growing interest towards crypto, there have always been a lot of unknowns holding regular people from using it. For example, high transaction fees, complex and sometimes suspicious exchanges, lack of use cases… the list goes on and on,” he explains. “Crypterium is addressing those unknowns and is moving forward to bring cryptocurrencies to the masses by developing simple but effective crypto solutions for everyday life”.
The company is partnering with banks to issue cards, (both virtual and physical) that will be linked to users’ cryptocurrency accounts. Crypterium’s goal is to make it easy to pay with cryptocurrencies in everyday situations at any of the world’s 42 million NFC terminals by scanning QR codes or doing an online transaction. While the card solution is estimated to go live at the beginning of 2019, the app already allows its users to top up their mobile phones with crypto, buy Steam and Skype vouchers and make direct IBAN payments. “Making people confident they can use bitcoin, ether and other popular currencies across millions of payment terminals globally is a necessary step for crypto to become the ‘new money’” O’Brien sums up.