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Founded in February 2018, Flexa is a popular digital-only payment network. The network provides merchants and developers with easy integrations for accepting digital currenciesthat is fast, affordable and completely fraud-proof. Now the Cardano ADA cryptocurrency has been added to the list of supported coins.
What is Payments Network Flexa?
Flexa claims to be the first network to offer transactions that are 100% digitally secure from source to settlement. Also, unlike traditional bank or payment card transactions, Flexa payments do not involve sending any sensitive customer account information over the network. According to the platform, every Flexa transaction begins and ends with a unique digital authorization code that cannot be decrypted or reversed.
Since Flexa integrates directly with existing payment hardware and merchant software, there is no need to purchase any additional hardware. Cryptocurrency support was added to the platform in May 2019. Platform representatives report:
“Instead of anchored cryptocurrency payments on top of debit cards, we took the opposite approach. Over the past year, we have established new connections with tens of thousands of POS terminals across the country to bypass existing payment infrastructure and route cryptocurrency-based payment authorization directly to merchants on your behalf. We call these payment authorizations “flexcodes”. ”
Flexa has created a mobile app called SPEDN (initially available for iOS only) for millions of cryptocurrency holders looking to experiment with the future of payments. For this, cooperation was concluded with the Gemini exchange. Platform representatives note that this partnership means that every SPEDN wallet is securely stored and fully insured on Gemini. NYDFS-regulated infrastructure can add Gemini dollar to Flexa network so users can spend cryptocurrency without worrying about volatility
Back then, only four cryptocurrencies – Bitcoin (BTC), Ethereum (ETH), Bitcoin Cash (BCH) and Gemini dollar (GUSD) – were supported by merchants who accepted payments on the Flexa network. At the time of the conclusion of cooperation with these payments 30,476 stores were in operation. Tyler Spaulding, co-founder of Flexa, notes:
“SPEDN’s goal is to make cryptocurrencies available everywhere, but for merchants to receive payments in the same way as before. And to simplify the process of making cryptocurrency payments in brick-and-mortar stores, Flexa transactions can be completed in three steps: adding cryptocurrency to the SPEDN wallet, choosing a supported brand, and scanning a code. “
Adding Cardano (ADA) Support to Flexa Network
Late last week, the platform announced that as part of its 25 Days Flexa campaign, it decided to launch support for ADA, Cardano’s own token. This means that you can now use ADA to make payments to over 40,000 points in the United States.
Cooperation of the network with the operator of cinema chains Regal
On November 23, Regal, a subsidiary of the Cineworld Group and operator of one of the largest movie theater chains in the United States, announced a partnership with Flexa. The collaboration was concluded with the aim of opening access to digital currency payments for customers around the world. Regal’s press release notes:
“Through the Flexa network, Regal accepts these new currencies in a safe, secure and reliable manner. Flexa’s guaranteed settlement, flexible integration options, a fraud-proof architecture, and a wide variety of currencies and payment options address the persistent challenges and friction points that currently impede the widespread adoption of digital assets. In theaters, Flexa is working to help Regal provide more efficient payments for as many different assets and across as many different protocols as possible (including the Lightning Network). For example, when paying at Regal using Flexa-enabled apps, guests will soon be able to link their Regal Crown Club loyalty account for special rewards. ”
Regal Marketing Director Ken Tevez emphasizes the importance of the established partnerships with a digital payment network:
“Regal strives to be the best place to watch movies. As more of our customers demand solutions with digital assets and more secure payment methods, we are grateful to have found a partner at Flexa, which is revolutionizing digital payments with advanced software and an innovative business platform. This exciting partnership allows us to easily and seamlessly accept digital currencies within our theaters in a simple and completely contactless manner, giving our guests the flexibility and security they deserve as we enter a new era. ”
Flexa co-founder Trevor Filter notes that the partnership with Regal will help provide universal digital currency payment options for movies and more, and help bring the future of payments to movies:
“Flexa is committed to helping merchants provide easier, faster and more secure payment options for their customers, and this is just one of the reasons we are incredibly proud to work with Regal, whose commitment to creating an enjoyable and widely accessible cinematic experience for their customers. loyal patrons have no equal ”.
Author: Alexander Orlov, analyst at Freedman Сlub Crypto News
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