Flow and CryptoMKT Exchange Partner To Power Crypto Payments In 5,000+ Stores
The cryptocurrency exchange known as Cryptomkt has decided to partner with an important Chilean payment platform to expand crypto adoption around the world. Flow, the payment processing platform will give clients the possibility to pay with three different virtual currencies in more than 5,000 stores.
This is very important because the announcement comes weeks after the Chilean court ruled that banks must reopen closed accounts used by crypto exchanges.
The payment platform has decided to integrate the exchange’s payment solution known as Cryptocompra. Those merchants using Flow can now receive virtual currencies at their stores during the checkout process. According to the platform they are now offering services to over 5,000 stores. At the same time, they have registered 180,000 monthly transactions and 20,000 different customers.
The interesting thing is that the system is available for customers (businesses) in different countries including: Chile, Argentina, Brazil, and Europe. The solution is allowing merchants to receive payments in Bitcoin (BTC), Ethereum (ETH) and Stellar (XLM), all of them currencies in the top 10.
Cryptomkt Said About This Partnership:
“Chileans today can access various products and services in more than 5,000 stores affiliated to Flow.cl using bitcoin and other cryptocurrencies through Cryptocompra.com – Client pays in cryptocurrencies, trade receives pesos, reales or euros.”
It is important to mention that Flow is listing 0.9% fees for next-business-day payment made with virtual currencies. This is a very big advantage for merchants that to receive payments with credit cards they need to pay 4.99%.
The company explains that it is not necessary to have any contact with the cryptocurrency. In general, merchants do not want to take care of exchanging the currencies and dealing with the whole process. Instead, they prefer to rely that on the platform.
“You do not need to have contracts with the means of payment, Flow does it for you,” explains the company. “Each time someone pays you, we will notify you of the payment made: We will indicate the detail of the payment made and the date on which we will transfer your money.”
Chile had some complicated situation in the past after having to battle with some banks. Some financial institutions closed the accounts of different cryptocurrency exchanges, including Buda.com, an important exchange in Latin America. Later in April, the Chilean Court for the Defense of Free Competition – also known in Spanish as Tribunal de Defensa de la Libre Competencia or TDLC – ordered to three banks to offer their services back again.
With this latest development it will be possible to increase the number of shops accepting virtual currencies all over the world and in Latin America.