Fintech Company OLB Group Enables Cryptocurrency Payments

Jafrin  |  Mar 1, 2021

Fintech company and e-commerce merchant service provider, OLB Group has enabled cryptocurrency payments options. Customers can now use their cryptocurrency wallets at any point of sale (PoS) that uses OLB’s OmniSoft cloud-based business management platform. General wallets such as Apple Pay and Google Pay can also be used in any purchases at PoS serviced by OLB’s SecurePay gateway.

Enabling Cryptocurrency Payments through Point-of-Sale Architecture

U.S. customers can now pay with cryptocurrencies in-store or through their mobile phones with their cryptocurrency wallets. The payments will be processed through SecurePay, a payment gateway that authenticates the transaction.

The gateway will enable converting the cryptocurrency to U.S. dollars while approving the final sale. SecurePay gateway will support multiple cryptocurrencies from Bitcoin, USDC, and DAI, across all their merchant platforms.

Ronny Yakov, OLB Group’s CEO, emphasized that payment gateways and point-of-sale architecture are mostly used by merchants for making payments. Hence, integrating cryptocurrencies through such channels was a reasonable choice. He even expressed that cryptocurrencies are still at an early stage of adoption:

“It’s very early in crypto-as-a-payment adoption, but we see increasing interest from merchants exploring this payment option as a means to meet their customers however and wherever they prefer.”

SecurePay Gateway to Facilitate the Crypto Payment Options

SecurePay gateway supports mobile, tablet, and cloud-based payment solutions and can be integrated into the merchant’s current payment ecosystem to facilitate crypto payment options.

Merchants using the SecurePay gateway are paid in U.S. dollars without the need to invest directly in digital currencies. When a consumer selects the cryptocurrency options in the payment app, the transaction is processed without additional steps or action from the consumer or merchant.

The move to integrate cryptocurrency payments was partly induced by the growth of contactless payments and online orders during the Covid-19 pandemic. Since, OmniSoft platform already provides numerous options for alternative payments of their choice, integrating cryptocurrency as a payment option came as a necessary choice.

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