According to a press release shared with Bitcoinist, the XRP-based wallet Xumm partnered with the loyalty program platform Friiworld. The partners launched a crypto payment system in the Netherlands to bridge traditional business with the advantages of digital assets.
Traditional Business Can Embrace XRP Payments With Xumm Product
Per the release, Xumm and FriiPay launched a new point of sale (POS) payment solution in the European country. The solution will allow companies to push payment, digital coupons, and validate transactions with the XRP-based Xumm wallet.
The first company to integrate the product with its business model is 36aWay. The owner of the company, Akin Sariyildiz, stated the following about integrating XRP payments:
I like the part where there’s no banking involved to use this innovative and secure payment method. Now we are set for the future of payments, and we hope we have enabled other shops to do the same!
The partners’ ultimate objective is to combine the power of crypto payments with mainstream POS for everyone, even people unfamiliar with the technology. Customers can use the digital assets on the Xumm wallet and pay on a legacy POS.
The payment solution supports the Xumm wallet, the XRP Ledger (XRPL), and traditional payments rail via Visa and Mastercard. Thus, merchants can offer customers access to new payment options while retaining traditional choices. FriiPay CEO Farhaan Dawood said:
Brands will be able to push digital coupons that will be visible in the Xumm wallet and will be validated using POS application and the ledger. This strategy will allow us to bring non-cryptocurrency consumers into our world.
In the future, the partners will seek to continue to disrupt the payment sector by providing merchants and customers with “bespoke options free of the constraints of traditional finance,” per the release.
“When Xumm debit card?”
Never. Legacy payment networks & systems bring the same inefficiencies & costs we’re fixing.
Which is why we’re SUPER excited the very first @FriiWorld “Pay with Xumm” (XRPL QR payments) POS terminal was installed yesterday.
One terminal: card & Xumm. pic.twitter.com/Im1Pna0d36
— Xumm Wallet (@XummWallet) February 16, 2023
Wietse Wind, CEO at the company that created Xumm, XRPL Labs, stated that the payment solution will allow customers to pay for their products with “anything.” When using crypto for payment, the solution will convert the amount into Euros, U.S. Dollars, or British Pounds. Wind added:
There’s much more than just XRP on Xumm; I have some CasinoCoin, Gatehub EUR, Bitstamp USD, Stably USD, GBP, etc. For the assets with sufficient liquidity (buy/sell offers on the DEX) the XRPL allows me to send one of those coins and deliver it as whatever the store asks for.