Payments network Flexa has got some great news for the Cardano community.
What Is Flexa?
Flexa, which was founded in February 2018 is a leading “pure-digital” payments network. It claims to “provide merchants and developers with simple integrations for digital currency acceptance that are fast, affordable, and completely fraud-proof.”
Flexa says it is “the first network to offer transactions that are 100% digitally secured from source to settlement” and that “unlike a traditional bank or payment card transaction, Flexa payments don’t involve sending any sensitive customer account information through the network.” Rather, “each Flexa transaction starts and ends with a unique, digital authorization code that can’t be decrypted or reversed.”
Since Flexa integrates directly with merchants’ existing payment hardware and software stack, there’s no need “to purchase any additional equipment.”
On 13 May 2019, Flexa announced the launch (in North America) of support for cryptocurrencies.
Here is Flexa explaining its approach:
“So, instead of bolting cryptocurrency payments on top of debit cards, we took the opposite approach. Over the past year, we’ve built new connections with tens of thousands of merchant point-of-sale terminals nationwide, to bypass the existing payments infrastructure and push cryptocurrency-based payment authorizations directly to merchants on your behalf.
“We call these payment authorizations ‘flexcodes,’ and starting today, you can use them at some of the biggest and most forward-looking brands on the planet, each of whom were carefully curated to incorporate spending from every sector. We’re just getting started, and already you can spend your cryptocurrency on everything from apparel to entertainment and in between.“
Flexa’s blog post went on to say that it had created a mobile app called SPEDN (initially only available for iOS) for “the millions of cryptocurrency holders who want to experiment with the future of payments.”
Flexa also tooh this opportuntity to announce its “new partnership with Gemini, a regulated and secure cryptocurrency exchange and custodian based here in New York City” and said that this partnership with Gemini meant that “every SPEDN wallet is securely custodied and fully insured on Gemini’s NYDFS-regulated infrastructure” and that It is “able to add the Gemini dollar — the world’s first, regulated, dollar-pegged stablecoin—to the Flexa network, so that you can spend cryptocurrency without worrying about volatility.”
Back then, only four cryptocurrencies — Bitcoin ($BTC), Ether ($ETH), Bitcoin Cash ($BCH), and the Gemini dollar ($GUSD) — were supported “at any of the merchants currently accepting payments on the Flexa network.” Back then, 30,476 stores were acceptiong Flexa payments.
According to a report published by Cointelgraph on 13 May 2019, Tyler Spalding, Flexa’s co-founder, told Consensus attendees that “Spedn’s goal is to make cryptocurrencies spendable everywhere while ensuring merchants receive payments exactly like they did before.” and to simply the process of making crypto payments in brick-and-mortar stores, Flexa transactions could be made in three steps: “adding crypto to the Spedn wallet, tapping a supported brand and scanning a code.”
“If you want to buy some food, or maybe you want to go shop in the entertainment category, or maybe you also just want to find something for your home, or perhaps some clothing or accessories, all of these merchants are now live on the Flexa network as of today.“
Flexa Adds Support for Cardano ($ADA)
Well, on Friday (December 17), Flexa announced that as part of its “25 Days of Flexa” campaign, it had decided to launch support for $ADA, the native token of the Cardano network, meaning that $ADA can now be used to make payments at over 40,000 locations in the U.S.
On November 23, Regal, which is “a subsidiary of Cineworld Group and the operator of one of the largest and most geographically diverse theatre circuits in the United States”, announced that it had “partnered with Flexa, the leading pure-digital payments network, to unlock access to digital currency payments for patrons around the world.”
Regal’s press release went on to say that:
“Via the Flexa network, Regal is accepting these new currencies in a safe, reliable, and trusted way. Flexa’s guaranteed settlement, flexible integration options, fraud-proof architecture, and breadth of currency and payment options solve enduring challenges and points of friction that are currently hindering the widespread adoption of digital assets.
“In theatres, Flexa is working to help Regal enable better payments for as many different assets and across as many different protocols (including the Lightning Network) as possible. For example, when paying at Regal with Flexa-enabled apps, guests will soon have the option to link their Regal Crown Club loyalty account for special rewards.”
Ken Thewes, Chief Marketing Officer at Regal, had this to say:
“Regal is committed to being ‘The Best Place to Watch a Movie.’ As more of our customers demand digital asset solutions and safer payment methods, we are grateful to have found a partner in Flexa, a company that is revolutionizing digital payments with cutting-edge software and an innovative business platform.
“This exciting partnership enables us to easily and seamlessly accept digital currencies – including dogecoin, stablecoins and bitcoin – across our theatre footprint in a simple and completely contactless way, providing our guests with the flexibility and safety they deserve as we embark on a new era.”
And Trevor Filter, co-founder of Flexa, added:
“Flexa is committed to helping merchants enable easier, faster, and safer payment options for their customers, and that’s just one of the reasons we’re incredibly proud to work with Regal, whose dedication to creating an enjoyable and widely accessible cinematic experience for their loyal patrons is second to none.
“We’re very pleased to partner with Regal as we work to enable universal digital currency payment options for movies and more, and help bring the future of payments to cinema.“
The views and opinions expressed by the author, or any people mentioned in this article, are for informational purposes only, and they do not constitute financial, investment, or other advice. Investing in or trading cryptoassets comes with a risk of financial loss.