Monneo is enabling online merchants to accept cryptocurrency payments natively through their websites.
The end-to-end payment ecosystem provider is to facilitate the process of making and receiving online crypto payments.
Its latest solution converts the customer’s crypto payment into the equivalent value in fiat currency, before Monneo settles it with the international bank account number (IBAN) of the merchant.
Monneo’s crypto payment solution ensures merchants do not take any volatility risk. The customer has 15 minutes to complete the transaction where the crypto to fiat rate is locked in and the merchant receives the full fiat amount, regardless of any rapid exchange rate fluctuations.
Where possible, the solution leverages the Lightning Network; a second layer of technology that facilitates the near-instant exchange of crypto.
With an increase in demand for payments being made in crypto, Monneo’s new service makes the online crypto payment process far more tangible.
When speaking previously to The Fintech Times, Brent Johnson, CISO at the payment and data security company Bluefin, explained the evolving appetite for crypto payments in the everyday: “Visa reported $2.5billion worth of transactions using crypto-linked cards in the first fiscal quarter of 2022, and while this is still using traditional payment card technology on the front end, it demonstrates consumers are becoming more comfortable with concepts such as converting crypto to fiat.”
In this light, it is clear to see how Monneo’s solution is fit to accommodate this demand.
The payments provider Checkout.com painted a similar picture earlier this month, when it announced that 30 per cent of its UK consumers intend to use crypto as a form of payment in 2022; a figure that grew to 40 per cent when viewed globally.
With over 300 million crypto owners worldwide, Monneo’s solution has the potential to help online merchants expand their customer base whilst improving revenue levels in the process.
Research from the payment network Mercuryo makes light of this and the business appetite for crypto payments.
Its data, which was released at the very end of last year, revealed that 75 per cent of large businesses and 43 per cent of SMEs wanted a crypto payment option.
It also showed how 55 per cent of businesses now view crypto as the future of payments, with 57 per cent of businesses claiming they believe accepting crypto payments will give them a competitive edge.
Speaking on the update, Lili Metodieva, managing director of Monneo, commented: “We’ve all witnessed the huge growth of crypto in recent years, but many online merchants have been unable to truly take advantage of this trend.
“Fortunately, this will now change thanks to a new update to our leading payment ecosystem platform, which is available to all merchants currently using our services. The new platform converts crypto payments into a fiat alternative, using real-time conversion rates.
“Being able to lock in the rate of conversion gives peace of mind that the payment is locked in place for 15 minutes with our in-built mechanism protecting online merchants and consumers from the effects of market volatility.
“We’re now looking forward to seeing how it helps our customers take advantage of this important area.”
The update represents Monneo’s latest foray into the world of crypto. Last year, the company announced a landmark project with the crypto exchange Coinbase.
On account of the partnership, merchants using Monneo’s platform can settle B2B invoices in crypto, as well as additional fiat currencies.