Metallicus Inc. has announced the launch in the crypto payment app, Metal Pay. The app happens to be available on the iTunes App store and can be used in 39 U.S. states. The woking platform plans to expand to Canada, Korea, and Europe soon.
The app primarily functions as a peer payment platform, very much like PayPal. However, MetalPay allows users to transfer crypto and fiat currency alike. Good app’s home page, you may “pay instantly together with your Cash balance, transfer money at a linked savings account, or send cryptocurrency.”
Metal Pay may also get a rewards feature called Pop. Users gets up to 5% of these transaction’s value, that can be awarded from the platform’s own MTL token. The MTL token may be converted to fiat currency or exchanged on Crumbs, that could serve as a microinvesting platform.
A Rising Trend
Incidentally, Metal Pay does not have any relation to the Revolut Metal card which has been launched recently, even though it provides similar cashback rewards. Lumber is often coincidence, it’s not surprising that two services can take on similar names, because number of crypto payment services is rapidly increasing.
The selection is vast: Skrill, an internet-based payment processor, added crypto payments in July. Netcents will provide a crypto-enabled mastercard in Canada and Europe. Meanwhile, former people GoDaddy are launching Celo, a mobile crypto payment app.
On surface of all this, VISA has backed numerous crypto-enabled credit lines for some time. The list goes on, and these are just some of the many platforms that facilitate crypto payments.
Benefits To Merchants
These crypto-enabled payment services usually consider the form of a card or app that can convert cryptocurrency to fiat currency anytime a transaction is created. This enables merchants to “accept crypto” despite that they don’t employ a point-of-sale terminal.
Sometimes merchants will simply choose to be given the converted fiat currency, yet they usually have a choice of receiving crypto. Metal Pay incentivizes the second: according to the project’s whitepaper, merchants who accept the MTL token may benefit from low processing fees.
The whitepaper also suggests that merchant tools will arrive this winter. Although yesterday’s website article mainly is focused on peer payments, it would appear that Metal Pay will build a considerably widespread payment system that benefits merchants and consumers alike.