Crypto Bill Payments – A Big Win for the Unbanked

Written by Joe Parkin

Joe is COO of FCF Pay, an experienced entrepreneur and is passionate about using blockchain technology to make the global economy more inclusive and fair.

Launching 19th September 2023

We are very proud to have recently announced the upcoming public launch of our Crypto Bill Payments system. This super-convenient blockchain-based APM (Alternative Payment Method) makes it possible to pay bills to around 21,000 companies and even public administrations in the USA with cryptocurrencies. Yes, without having to convert it to fiat first!

Accepted cryptocurrencies include Bitcoin, Ethereum, Ripple, Shiba Inu and Stablecoins such as USDT and USDT on all the major blockchains.

It’s as simple as filling in a form with the contract information, selecting what cryptocurrency to pay with and transferring it to the provided address. Our system takes care of the rest.

This is obviously super convenient for people that have crypto to spend, but it actually goes beyond that. It’s also huge news for the unbanked; people who cannot or don’t wish to have bank accounts.

The Unbanked in the USA

I was shocked to discover that 5.9 million households in the United States are unbanked. Just think about that for a moment. Try to imagine 5.9 million homes. That is A LOT of people.

Now, imagine how hard it must be for them to pay for their everyday bills. If you don’t have a bank account, you likely rely on credit cards rather than debit cards, but then you have to pay those off somehow. Also, you can’t set up direct debits to your bank account for utility bills, loan or car repayments and so on.

I believe many unbanked people pay over the counter with cash, which is time consuming, inconvenient and it’s not the safest thing in the world to walk around with a stack of cash.

It’s not hard to imagine how this can contribute to households descending into a downwards spiral ending with “financial paralysis”. It is sometimes said that there is nothing more expensive than being poor, and there’s a lot of truth in that. If a household defaults on one loan payment, for example, they could incur extra fees and interest, thereby making it harder to pay the next one, and so on and so forth.

Crypto Payments for the Real World

It is our sincere hope that this addition to our ever-expanding suite of payment solutions will make people’s lives easier and will ultimately save them money. 

All of our beta testers became recurring customers even before the public launch, citing its simplicity and ease-of-use as the main reasons for enjoying the service. We are confident the same will be true as the public begins to use the system.

If you’re interested in the mass adoption of crypto payments, stay tuned! More product launches are coming very soon. Also, my next blog post will be about our biggest project to date; our iOS and Android app. It is the culmination of all our work over the last 2 years and we can hardly wait to share it with you.Lastly, calling back to the main topic of this post, this article about the cost of being unbanked is definitely worth reading: https://www.forbes.com/advisor/banking/costs-of-being-unbanked-or-underbanked/

The next generation of payment technology (and why it matters)

The next generation of payment technology (and why it matters)

The evolution of money and payments A large part of people’s day to day lives revolves around the exchange of goods and services for other goods and services. In our work, we produce products or provide services that others want or need and spend the money we earn on...
Virtual Card Interruption & Why USDT TRX for Refunds?

Virtual Card Interruption & Why USDT TRX for Refunds?

What has happened? As many of you are aware, we have had to interrupt our virtual prepaid card service. Physical cards have been active and functioning throughout. First of all, I’d like to give a little perspective as to why we decided to interrupt the service. There...
FCF Pay Crypto Bill Payments – Success and Misconceptions (Read this, XRP and Shib Communities!)

FCF Pay Crypto Bill Payments – Success and Misconceptions (Read this, XRP and Shib Communities!)

XRP and Shib Communities, please read carefully! Last week, we launched our crypto bill payments service for US residents. As is the case with any product launch, we programmed some tweets showing off the amazing possibilities that this system makes possible. We...
Basic Crypto Security | Avoiding Scammers

Basic Crypto Security | Avoiding Scammers

Introduction IMPORTANT! There is nothing inherently dangerous about cryptocurrencies. In fact, they are inherently secure. This article is mainly about how to avoid scams and scammers. In fact, everything in this article is caused by people, not the technology itself....
“The Fiat Value Fallacy” AKA “How much is stuff worth?”

“The Fiat Value Fallacy” AKA “How much is stuff worth?”

This post does not contain the answer to the conundrum of how to express value, but hopefully it will help to broaden minds and spark conversations. In order to reimagine the global economy with distributed ledgers, we also need to reimagine the paradigm of how we...
Becoming the World’s Top Crypto Payment Gateway

Becoming the World’s Top Crypto Payment Gateway

How will FCF Pay become the leading payment gateway in the blockchain-based payments industry? Is it even possible for cryptocurrency payments to take on the traditional fiat-based payment gateways?   Here’s some food for thought:   Payments; a Surprisingly...
Crypto Marketing & Reporting – Desperate Screaming into the Void

Crypto Marketing & Reporting – Desperate Screaming into the Void

Dear Crypto Community and Crypto Reporters, Put your social media clicking and scrolling to one side for just a few minutes… we really need to talk. This past week or so, FCF Pay has been both blessed and cursed to be the focus of an enormous amount of attention on...
Hotbit Bites the Dust | Brief Overview

Hotbit Bites the Dust | Brief Overview

The CEX Hotbit has announced that it is ceasing operations. Let’s have a brief look at their motives and what this means for the industry. Tweet from Hotbit: It's time to take a bow For 5 years and 4 months, the Hotbit team has been proud to participate in a wonderful...
Centralised systems in the blockchain economy

Centralised systems in the blockchain economy

The Argument Against Centralisation People are fed up of middlemen. Specifically, more and more people are sick of banks and other financial institutions. Every time we pay for something, there’s a long list of companies processing it, each one of them taking a cut....
The Crypto Community | A Multifaceted Global Tribe

The Crypto Community | A Multifaceted Global Tribe

Roots   Crypto is more than “just” a technological and financial revolution, it is a global movement of many millions of people from all walks of life from every corner of the world. The Crypto Community is an online phenomenon. Indeed, cryptocurrencies were born...

5 Comments

  1. Dan

    I want to make my house payments with crypto. Where do I get started? …..and can I use my MONERO?

    Reply
    • joe

      Hi Dan,

      Please use the search bar to see if the bank you need to pay is included. If it is, then you can fill in the form and transfer one of the accepted cryptocurrencies to the address provided by the FCF Pay checkout flow.

      Unfortunately, Monero is not supported by our system at present.

      Thanks for your interest

      Reply
  2. Abdalla

    Good Job Joe, Hope you Bring this to more and more countries,
    I know Sudan is Probably Far away from your reach but i want to imagine if i could recharge my phone balance
    using Crypto or pay for electricity !

    Reply
    • joe

      Thanks Abdalla,

      We are actually working on a lot more payment options for countries around the world, including many African nations.

      Watch this space!

      Reply

Trackbacks/Pingbacks

  1. Breaking: HSBC Customers Can Now Pay Their Mortgage With SHIB, XRP, DOGE - All Crypto Coins - […] Pay’s commitment to crypto adoption was further underscored last week when the company launched its Crypto Bill Payments system.…
  2. HSBC Customers Can Now Pay Their Mortgage With SHIB, XRP, DOGE | Modern Slave - […] Pay’s commitment to crypto adoption was further underscored last week when the company launched its Crypto Bill Payments system.…
  3. HSBC Customers Can Now Pay Their Mortgage With SHIB, XRP, DOGE – Crypto News – Crypto News - […] Pay’s commitment to crypto adoption was further underscored last week when the company launched its Crypto Bill Payments system.…
  4. Les clients HSBC peuvent désormais payer leur prêt hypothécaire avec SHIB, XRP, DOGE - CryptÔlogic - […] de la cryptographie a été encore souligné la semaine dernière lorsque la société lancé son système Crypto Bill Payments.…
  5. HSBC Users Can Now Pay For Mortgage and Loans Via Crypto – Crypto Economy – COIN 2 SHARE - […] forces with a blockchain-based payments processor, FCF Pay to allow the feature through a recently launched system made by…
  6. HSBC Clients Can Now Pay Their Mortgage With SHIB, XRP, DOGE » Coin Market Updates - […] Pay’s dedication to crypto adoption was additional underscored final week when the corporate launched its Crypto Invoice Funds system.…
  7. HSBC Users Can Now Pay Their Mortgages and Loans Through Cryptocurrencies - Archyde - […] with a blockchain-based payment processor, FCF Pay, to enable this feature through one system. recently released by FCF Pay.…
  8. HSBC Users Can Now Pay For Mortgage and Loans Via Crypto - Crypto Network Site - […] with a blockchain-based repayments processor chip, FCF Pay for to permit the function via a lately launched system created…

Submit a Comment

Your email address will not be published. Required fields are marked *

FCF Pay > Zypto Pay

FCF Pay is now a Zypto company. Please visit zyptopay.com and zypto.app to learn more about Zypto.

You have Successfully Subscribed!