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Even though cryptocurrencies have made it well beyond a concept and thousands of transactions are done through them on a daily basis, they still face issues when it comes to average day-to-day use. Big online stores and other merchants are accepting digital tokens and coins, but buying groceries or paying for a dinner in a restaurant is largely not possible because an average merchant still hesitates to accept crypto.
VegaPay: Crypto Acceptance by Any Merchant
VegaWallet, the “complete cryptocurrency platform,” is on a mission to make cryptocurrencies mainstream and acceptable as a medium of monetary exchange in all walks of life. Their VegaPay mobile application is designed to this effect.
The mobile app allows purchasers to pay for their shopping, food, and even groceries through any supported cryptocurrency. When used, the mobile app will verify the transaction amount and use the platform’s native VegaWallet Exchange to exchange the purchaser’s correct amount of crypto to fiat and transfer it through near field communication (NFC) to the merchant terminal.
Through this novel approach, merchants and other businesses do not need to set up special hardware to support cryptocurrencies. As long as they have a modern touch-and-go POS (point of sale), they can accept VegaWallet payments.
The mobile app does this by creating a one-time usable credit card number for the fiat transaction. Contactless POS terminals do not require a card to swipe. The NFC chip-enabled cards can just be touched against the scanner and the transaction is initiated. NFC, now a common technology in mobile phones, emulates a credit card and allows for easy transacting. Since the credit card number is generated just once, there is no chance of an unauthorised transaction. Even if a hacker or scammer does get his or her hands on the card number used, it will be expired and useless, thereby offering added security.
Although the VegaPay system can be used on any NFC-enabled POS, the platform is also going to introduce its own POS. This POS will be like any other terminal, but it will allow merchants to offer crypto to people, too. A consumer could simply walk up to a VegaWallet POS terminal, ask for the purchase of specific cryptocurrency, touch his or her mobile to the POS to acquire the crypto and pay the POS owner.
POS operators could transfer the crypto from their wallet or, for a small commission, transfer required tokens from the VegaWallet Exchange.
Billed as The Complete Cryptocurrency Platform, VegaWallet offers a real-life application of cryptocurrencies in day-to-day transactions by making it easy to store and spend them. It also offers zero-fee transfers, a major edge since daily use cases in crypto are so small in amount that transactional fee makes it infeasible.
The platform has also partnered with AscellaHealth, a major healthcare company, to implement its payment system and is in talks with other major companies. VegaWallet is on the right track to make cryptocurrency as easy to use and transact as any fiat.
For more information on VegaWallet and its payment system, visit their website: https://www.vegawallet.com/