Developed by the Cardano Foundation and enterprise-grade fintech platform Coti, the solution allows merchants to accept ADA payments with “near-instant” settlement in 35 fiat currencies directly in their bank accounts, the firm announced Nov. 27.
The payment gateway was first announced in October 2019
The Cardano Foundation and Coti first announced their plans for the ADA payment gateway on Oct. 23. The payment solution is now purportedly available to be integrated directly into merchant’s website, using either an AdaPay button or a QR-based point of sale system, according to the announcement.
Intending to enable merchants to manage real-time transactions in ADA, the solution uses Coti’s Universal Payment Solution (UPS) to further extend the utility case for the token. The payment tool is expected to combine “all existing support systems of traditional payment processors with the added value of digital assets,” as previously announced.
Following the news, ADA is up around 0.2% over the past 24 hours, trading at $0.039 at the time of this writing.
ADA seven-day price chart. Source: Coin360
Crypto-based gateways for merchants
A number of companies worldwide have been developing gateways that let merchants receive payments in cryptocurrency.
In mid-November, French payment firm Ingenico partnered with Singapore-based crypto startup Pundi X to enable its customers to receive payments in crypto using smartphones.
On Nov. 8, Swiss crypto broker Bitcoin Suisse teamed up with European payment and transaction services provider Worldline, planning to allow 85,000 Swiss merchants accept payments in major cryptocurrency Bitcoin (BTC).
Earlier this year, Thailand-based Satang App enabled its users counting more than 50 million to receive privacy-focused cryptocurrency Zcoin via Thai QR code system.