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/