The Cardano Foundation Launches Adapay, An Ada Based Payment Gateway For Merchants
The Cardano Foundation, the parent company behind privacy-focused cryptocurrency Cardano (ADA) has launched its payment gateway for merchants called AdaPay on November 27.
The new payment gateway would allow merchants to accept ADA payments directly into their bank accounts. AdaPay would support 35 different Fiat currencies and promises to be fast enough to facilitate near-instant transactions.
Cardano Foundation has developed AdaPay in association with enterprise fintech solution provider COTI. The payment gateway is live and merchants can directly integrate the API on their website using an ADA button available on the platform or they can also use a QR code-based point of sale system.
Merchants can manage the real-time transaction in ADA
The new payment gateway would allow merchants to monitor and manage their real-time ADA transactions using COTI's Universal Payment Solution (UPS). The newly developed payment system is believed to combine,
“all existing support systems of traditional payment processors with the added value of digital assets.”
There has been a significant rise in demand for similar cryptocurrency payment gateways in recent years, which is understandable as these gateways make it more feasible and easier to use and spend one's cryptocurrencies in the real world. Earlier this month French payment firm Ingenico partnered with crypto startup Pundi X to help their customers in receiving crypto payments using their smartphones.
Bitcoin Suisse, a Swiss crypto broker firm partnered with payment and transaction service provider WorldLine to allow its 85,000 partner merchants to accept Bitcoin payments A number of such gateways would encourage more merchants to accept crypto payments which in turn would help in wider crypto adoption.