Global digital banking company, PDX Global, plans to launch a live test for PDX Beam, a platform that can convert thousands of cryptocurrencies to fiat and deliver cash transactions in seconds.
PDX Beam is expected to be the first ever end-to-end payment processor and crypto-to-cash payments platform for merchants and consumers. PDX Global, the developer company, recently completed a round of testing for the app and said it was ready for live public beta testing on December 19.
According to the press release received by crypto.news, PDX Beam offers users instant crypto-to-cash settlements directly on the blockchain-based platform, without going through intermediaries traditional such as credit cards and banks. Once the app is publicly available, users will be able to avoid banking charges and payment delays by using PDX Beam to convert crypto to cash within seconds.
Users simply need to sign up to PDX Beam and link their secure wallet. to make crypto payments in-store or online, the app will convert the user's crypto currency into local currency after paying the mandatory gas feesfor network usage on the applicable ones blockchain. The free app claims that the user doesn't need to have a “special exchange account” to buy them.
On the other hand, merchants will be able to accept crypto money from users without needing a crypto account or even touching the crypto side of the transaction. This is because PDX Beam is integrated with point of sale systems and business software. The app is also preparing to facilitate physical and online shopping for marketplace platforms such as Clover and Shopify.
By bridging the gap between crypto currencies and traditional currencies, the platform further expands the potential of crypto as a form of payment for everyday use.
After five years of development, recent test results revealed that the app was capable of making end-to-end live payments affairs no issues in 30 seconds or less. The team expects the platform to be able to complete transactions in 15 seconds or less by the time the software is launched.
The CEO of PDX Global, Shane Rodgers, said that most merchants still believe that they need to allocate a lot of money into crypto payment systems to start accepting crypto from customers. With PDX Beam, merchants can simply integrate the application into their systems using any POS Terminal equipped with an API or custom code for QR scanning without additional costs to accept crypto payments.
“Transactions can be settled either same-day ACH (Automated Clearing House) or instant real-time settlement at the buyer's option, reducing fees to a fraction of the cost of a debit or credit card transaction,” said Rodgers.
According to recently survey by Deloitte, about 85% of merchants in the US expect crypto to be used for everyday payments in the next few years. By 2022, approximately 2,352 US businesses have already accepted Bitcoin (BTC) as a payment option.
