The new settlement system for global payment operator Checkout.com is designed to allow merchants to accept payments via USDC and convert funds to fiat currency directly.
Checkout.com launched a settlement system in stablecoins, which will expand the possibilities of using stablecoins in e-commerce. The functionality is centered around the second largest stablecoin, Circle (USDC). The system will allow merchants to automatically convert USD payments to fiat upon receipt.
The service will be available to merchants around the clock, on weekends and holidays. The system uses payout technology developed by crypto infrastructure provider Fireblocks. While testing the new system, Checkout.com processed over $300 million worth of transactions. At first, the settlement system will only support USDC, but support for a wider range of assets is promised in the future.
Fireblocks VP of Payments Ran Goldi said blockchain could improve the payment flow for merchants as traditional payments are very fragmented, slow and expensive:
“Compared to the situation five years ago, there are an order of magnitude more sellers using cryptocurrencies. The increased demand for receiving stablecoin payouts shows the willingness of merchants to save their funds and interact with suppliers and counterparties using digital currencies.”
In April, Checkout.com conducted a study that showed that 30% of UK consumers are willing to use digital currencies as a means of payment.
Source: Bits
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