Fintech enters crypto market, leveraging NPP
RelayPay has launched a digital currency payments service that will allow cryptocurrency holders to shop online, pay a bill or do bank transfers and is already getting business buy-in.
The fintech will use the New Payments Platform to speed up settlement, and connects users with a global network of crypto-fiat exchange partners with a combined $344 billion yearly trading volume.
RelayPay’s services allows people to buy crypto or exchange back to dollars, directly from their crypto wallets or bank accounts, by aggregating the best market rates from global exchanges and connecting to local bank infrastructure in real-time.
This means people can overcome the friction, complexity, waiting times, and risk in accessing traditional and overseas crypto exchanges - especially when many overseas lack Australian dollar options - while exposing Australian businesses to $600 billion in global cryptocurrency assets.
Indeed, RelayPay announced a number of businesses as clients including Piper Alderman. The law firm will use the service to offer its local and international clients the option to pay invoices using cryptocurrencies with automatic same-day conversion and settlement.
“It’s easy to talk the talk when it comes to digital currencies. We are proud to work with RelayPay to actually walk the walk,” Piper Alderman Fintech Group partner Michael Bacina said.
“We work with innovative clients who rightly expect that their lawyers are also innovating.
“Digital currencies will only become more important over time as central banks and businesses around the world explore this space,” Bacina added.
According to RelayPay founder and CEO Charlie Karaboga, Australian retailers were already squeezed by online competition, even before COVID-19.
“Access to new markets like the $600 billion in cryptocurrency assets is critical for their recovery,” Karaboga said.
However, he acknowledged that part of the reason cryptocurrencies have a negative stigma is the logistical nightmare of transacting with local and international exchanges due to the risk, painstakingly complex processes, and exorbitant fees.
“We wanted to solve these two problems by removing the barriers to buying and using digital currencies at global market rates, while also opening up new revenue opportunities for retailers,” he said.