While the Facebook currency is stuck in Libra, Bitcoin Suisse is moving forward with democratization of crypto currencies. The start of Zug has now won one of the largest payment providers.
The crypto-broker Bitcoin Suisse and the French payment provider Worldline signed an intention to jointly increase the acceptance of crypto currencies in retail and e-commerce. This came in a message from two partners on Friday.
The collaboration is based on payment infrastructure (well-known card terminals in the retail sector) across Switzerland from SIX Payment Services. This provider has been part of Worldline since the end of 2018. More than 85,000 dealers in Switzerland are connected to the terminal network. In their work, you should be able to process payments with crypto currencies in the future.
Start at 2021
As Bitcoin Suisse has learned, there is a solution that can be used to pay for selected transactions in crypto currencies at the beginning of the Zug. For example, Startup Inapay, for example, Zurich uses the technology to enable crypto payments at the luxury hotel Dolder. Payments to investors are made in Swiss francs or euros, and transactions such as other card payments are included in the vendor dashboard.
From the customer's point of view, the process works in a similar way to the Helvetian payment application Twint: A QR code is displayed at the point of sale or at the web shop scanned with the crypto-wallet application. It then shows how much the purchased goods cost in the desired encryption currency. Once the user approves the payment in the application, the ad is triggered, processed, and approved.
Already next year, a pilot project is planned. With the "launch" of the solution within the Swiss Worldline is now expected in 2021.
From Switzerland to Europe
However, Wordline plans to expand its new crypto currency payment services across Europe after a successful launch in Switzerland. In general, the French operate in 30 countries around the world. If the new alliance achieves its goals, the importance of crypto currencies in daily life should increase significantly.
So far, no widespread acceptance as a payment solution has been achieved – Facebook has been created with tools for organizing large projects such as parallel currency scales. Meanwhile, the owners of proven digital currencies, such as bitcoin or ether, can finews.ch has already been reported.
If Bitcoin Suisse and Worldline want to make a lasting change in their pioneering projects, they won't face the technical challenges of dealing with the high price fluctuations of Bitcoin & Co..
Beneficial money laundering risk
The question marks also arise especially in the prevention of money laundering. Crypto currencies are Ruch for use in concealing criminal revenue. The risk of money laundering should be increased if the token and coin circulation spans the retail trade.
According to Bitcoin Suisse, they are aware of this problem. The company works on a solution that can be used against “money laundering risks paralel in parallel with the technology at the point of sale. Worldline ensures that the two partners comply with all financial market regulations. The two partner companies want to provide more comprehensive information in the context of the Swiss Payment Forum on 11 and 12 November.