Payment firm Nium partners with BitPay to add crypto payments for businesses

Singapore-based cross-border payment company, Nium has announced that it has partnered with cryptocurrency payment processor BitPay to launch a new API-based payment solution that will allow businesses to adopt crypto payment acceptance. 

The announcement by the company reveals that the new product, called “Crypto Accept,” allows online sellers to accept Bitcoin and Ethereum before expanding to other crypto tokens in 2023.

Payments in US dollars or other fiat currencies are deposited to internet merchants’ accounts the next business day, helping them to grow their market and improve their online payment processes while avoiding price fluctuations.

Nium aims to enhance the digital commerce experiences of merchants

Consumers will select their favorite cryptocurrency wallet and finish the transaction by scanning a QR code. The service will confirm the availability of digital currency and settle the transaction in the merchant’s preferred currency. Nium Crypto’s head and Senior Vice president, Joaquin Ayuso de Paul, said that the users hold over $3 trillion in crypto and are looking for places to spend this money digitally. He added:

“Crypto Accept allows merchants to quickly and securely enhance their digital commerce experiences to serve consumers demanding more payment options.”

Founded in 2014 and located in Singapore, Nium claims a network of 130 million consumers all over the world. The company is licensed as a Money Services Bank in several countries, including the United States, Europe, India, Malaysia, Australia, and Singapore.

Before this, in February, USD Coin operating company, Circle, brought business accounts for businesses to help integrate crypto payments into their operations, as TheCoinRise reported. 

Several businesses and big names are adopting crypto payments amid the increasing demand for crypto acceptance by the younger generation. E-commerce platform eBay also declared in February that it is accepting crypto payments.

Through a partnership with Paxos Trust Company, PayPal-owned Venmo has a similar function that allows users to buy, store, and trade crypto straight on the app. In March of last year, PayPal, which also has plans on bringing its own stablecoin, began accepting Bitcoin as a form of payment for its millions of global merchants.