Fold Enables Payments With Bitcoin
The Fold payment platform introduces the Lightning Network protocol, which will allow customers to make purchases with BTC at Starbucks, Whole Foods, AMC, Uber and Southwest Airlines.
Although clients will transfer BTC, payments will be made in any currency chosen by the seller. This will avoid the risk of crypto-asset volatility for sellers, whereas increasing the amount of potential customers willing to implement transactions with Bitcoin.
Will Reeves, CEO of Fold Inc, stated that the protocol integrates with ongoing payment systems at point of sale, directly dealing with prepaid programs, such as gift cards, store credits, or other methods that vendors are used to.
Fold is not be directly connected to none of the big sellers. Transactions are displayed on the company’s financial balance as a gift card purchase or in another way, depending on the way Fold integrates with a certain outlet. This integration doesn’t require any effort from the part of the seller and also there is no need for installation of new software or hardware.
Reeves sees Lightning transactions as a technique to attract people to use crypto-assets not only as a means of preserving capital, yet also as a method of payment.
Reeves said: “Customers navigate to the Fold app, where they are presented with a list of available merchants. Then they select the denomination and how much they want to spend.”
Fold doesn’t require a deposit and allows customers to manage any wallet of their choice. After filling out the invoice, it instantly displays a bar-code or other payment system, which is created using own gift card API of the seller. The whole process takes about 30 seconds.
What’s more, Fold won’t charge any fees for service and plans to get a percent from sellers for attracting new clients. Reeves also notes that the organization has a profit source and doesn’t depend on venture capital investments.