By
Svetlana Soroka
April 5th, 2024
MobiePay is establishing partnerships with over 350 retailers in the United States, such as Amazon, Trader Joes, Landry’s Restaurants, and IKEA, and have over 100,000 users ready to onboard during their public launch.
It might sound hyperbolic to say that MobiePay has it all, but it would do the project a disservice to say that it doesn’t. The universal payments and rewards ecosystem that MobiePay has created takes on an industry that has largely benefitted from unilateral control over retailers and consumers alike.
While it may seem to be a touch dramatic, payment processors and banks have somewhat abused high-risk industries such as cannabis, construction, moving, and more, and routinely charge insane rates for regular retailers – card minimums become understandable when your payment processor takes 3-15% of your receipts. Paying with crypto in and of itself isn’t without major problems, either. Most merchants won’t accept crypto due to volatility, and user experience is usually a nightmare on both ends.
MobiePay is developing an app that allows users to spend or send cryptocurrency or fiat using their wallet, exchange, and merchant gateway. The project has three key product offerings: Mobie, their mainstream consumer banking app; MobieX, the digital assets and exchange app; and MobiePay, their e-commerce point of sale and merchant gateway. These functions should all come together to form a remarkable ecosystem that benefits everyone in the transaction process.
Right Now, Paying with Crypto Comes at a Price, but It Doesn’t Have To
This whole concept may sound familiar – there have been a variety of cryptocurrency projects that attempted to take on the key issues of payment processing using crypto and blockchain. While projects such as BitPay, which recently teamed up with Mastercard to release a new prepaid card, have helped establish the concept of crypto payments in the mainstream, there are still some serious needs to be met.
The global payments system is slowly transforming into one that is largely cashless. Digital payments are a $4.4 trillion industry globally, with mobile payments expected to grow almost 23% by next year. While Apple Pay has provided a normalized method of paying with touchless contact at many local stores, it’s much more common to see restaurant patrons in Asia pulling up a QR code to foot the bill. North America has been relatively slow in adopting this convenient technology.
When users join MobiePay, they will have practically unparalleled access to financial tools that benefit both crypto experts and newbies. Between the ATM/Debit Card that is partnering the likes of Visa or Mastercard, a virtual bank account, and the ability to convert crypto to fiat instantly, there’s an impressive suite of offerings. Money transmittance and cross-border payments can help with the unbanked, especially in countries such as Mexico and South America where mobile payments are more common.
MobieCoin (MBX), the project’s native token built on the Stellar blockchain, is designed to assist the transfer of any fiat and cryptocurrency directly to the marketplace. Stellar is widely regarded to be one of the best public platforms for crypto payment systems as they connect to the world’s traditional banking infrastructure.
MobiePay Is Working with Some of America’s Biggest Retailers Across a Variety of Industries
MobiePay is also being built to have features that include being able to mass send money such as for instant payroll, cashback, and rewards for using the MobiePay app, an in-app e-commerce marketplace, currency conversions, and somehow, much more. For both the crypto enthusiast and the general consumer, this app should change the way large and smaller businesses gain access to fair and versatile payment solutions.
MobiePay is establishing partnerships with over 350 retailers in the United States, such as Amazon, Trader Joes, Landry’s Restaurants, and IKEA, and have over 100,000 users ready to onboard during their public launch. Currently, users can try out their banking and custody for consumers and businesses, merchant checkout, and their in-app currency exchange. Once their beta version launches early next year, you will be encouraged to use the mobile wallet and banking integration.
Mobie’s cryptocurrency launch partners will include some of the biggest names in the game, such as PrimeTrust, BitMinutes, and Stellar. It’s exciting to see a payment solution that is thinking about the needs of businesses that have traditionally been overlooked. MobiePay is aiming to be a simple one-stop-shop for all cryptocurrency payment processing needs.