Following a successful trial phase, Fireblocks has released its new payment engine for merchants, allowing firms to settle and accept crypto transactions across jurisdictions. During the initial pilot phase of Payments Engine, Checkout.com processed £885.465 million in stablecoin transactions.
According to the company, Fireblocks’ new Payments Engine will provide “turnkey solutions” for organizations looking to incorporate digital assets into their operations. The platform enables payment service providers to integrate new crypto payment rails and rapidly accept, settle, and process digital asset transactions. In addition, the platform allows for internal cross-border settlement, micropayments, and merchant adoption with low process fees.
According to Ran Goldi, Fireblocks’ vice president of payments, the solution is “token-agnostic,” meaning that payment service providers may include any digital assets they desire. “They may utilize any of the 42 blockchains and 1,300+ coins supported by Fireblocks,” he stated. Goldi further emphasized that stablecoins have emerged as the frontrunner for digital asset payments due to a convergence of circumstances, including legislative reforms.
Payments Engine was piloted by payments processor Checkout.com, who used the system to settle £885.465 million in merchant transactions. Fireblocks stated on Monday that FIS, the world’s largest merchant acquirer, will also begin testing the solution. FIS is in charge of Worldpay, a multibillion-dollar payment processing firm that it purchased in 2019.
When Fireblocks bought First Diigital, a stablecoin settlement platform, in February 2022, it expanded its infrastructure capabilities to incorporate crypto payments. According to Cointelegraph, the projected $100 million acquisition enabled Fireblocks to expand its payment support services to include business-to-business, business-to-consumer, and cross-border payments.
The acquisition occurred when more shops announced their intention to implement cryptocurrency payment systems in the near future. According to a Deloitte poll of 2,000 top retail executives in the United States conducted in December 2021, 75% of respondents planned to accept stablecoin and cryptocurrency payments over the next 24 months.
Meanwhile, a 2022 research of merchants with at least £885.465 million in yearly revenue indicated that most enterprises were already shifting to digital assets. According to the poll PYMNTS and Bitpay performed, 85% of retailers wanted to use cryptocurrency to expand their consumer base.
When it comes to merchant acceptance, Goldi says there are two types of people that accept cryptocurrency payments: crypto natives and traditional merchants. Crypto native retailers “are used to dealing with cryptocurrency daily and are likely to have vendors that are prepared to accept cryptocurrency as payment,” he added. “Traditional retailers are interested in exploiting cryptocurrency. They see the advantages and attempt to figure out how to incorporate the technology into their old systems.”