Canada: Stack announces partnership with STK Global Payments to enable POS cryptocurrency payments

Stack has announced a partnership with STK Global Payments to enable cryptocurrency payments. The STK token, which permits the use of cryptocurrency at physical stores, will be implemented within the Stack mobile wallet. The app is currently scheduled to fully launch later this year.

"The move will be a step forward for the use of cryptocurrency in physical locations, as currently, consumers must exchange cryptocurrencies into local currency before they can be accepted, due to a low level of acceptance."

The move will be a step forward for the use of cryptocurrency in physical locations, as currently consumers must exchange cryptocurrencies into local currency before they can be accepted, due to a low level of acceptance across Canadian merchants.

Miro Pavletic, Co-founder and CEO of Stack commented: “We’re working towards a universally accessible alternative to traditional banking that allows you to store your money safely, access it instantly and transact with it anywhere, in any currency, including cryptocurrency.”

Whether there will be demand for the feature remains undetermined, with RFi Group Canada Payments Council data outlining that only 1% of Canadian consumers have used the most popular cryptocurrency, Bitcoin, over the past 12 months. However, the move may increase usage due to ease of use and efficient transaction time.

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