Flexa is a startup that has some of America’s biggest retail brands to use its payment-processing network that will let consumers buy goods and services with cryptocurrency.
Some of those brands include:
“Barnes & Noble, Baskin Robbins, Bed Bath & Beyond, Caribou Coffee, Crate and Barrel, Jamba Juice, Lowe's, Nordstrom, Office Depot, Petco, Regal Cinemas and Amazon's Whole Foods Market.”
As it says on the website:
“Flexa is a new payments network, built using cryptocurrencies, that brings buyers and sellers closer together in order to cut processing cost, eliminate fraud, and preserve your privacy.”
When it comes to cryptocurrencies, a lot of people initially thought they would change the world of finance forever and separate us from central banks control. Instead, it seems that cryptocurrencies are an investment that people pray will surge in value.
Flexa is a platform that is hoping to encourage people to open their digital wallets.
Chief Executive of the project, Tyler Spalding has said, "We allow any cryptocurrency to be spendable." The firm launched its payment-processing network on Monday.
From a retailers point of view, the big things are transaction fees being between 1%-2% (cheaper than credit cards), and a system that gets retailers their payments in ordinary money without ever actually having to touch cryptocurrency.
Spalding said that the underlying technology in Bitcoin, Blockchain will ‘squelch’ the transaction fraud that retailers also hate too.
What is important is to keep retailers away from the complications that come with cryptocurrency. Some of the big barriers to cryptocurrency payment systems today include the difficulties of being label who exactly is paying and the long wait for a transaction to be completed. At least, that’s according to the blockchain lead for Deloitte Consulting, Linda Pawczuk.
According to Cnet:
“To use Flexa's system, you need a digital wallet with Flexa, though later the company plans to integrate with wallets at popular cryptocurrency exchanges like Coinbase. You select the appropriate retailer from a list in Flexa's app, which then shows a QR code the retailer scans with its existing sales terminal hardware.”
Spalding said that Flexa debits your wallet then transfers US dollars to the retailers by regular old bank transfer.