According to a press release shared with Bitcoinist, XRP-based wallet Xumm partners with the Friiworld loyalty program platform. The partner launched a crypto payment system in the Netherlands to connect traditional businesses with the advantages of digital assets.
Traditional Businesses Can Accept XRP Payments With Xumm Products
With each of these releases, Xumm and FriiPay launch new point of sale (POS) payment solutions in European countries. The solution will allow companies to push payments, digital coupons, and validate transactions with the XRP-based Xumm wallet.
The first company to combine a product with a business model is 36aWay. The owner of the company, Akin Sariyildiz, said about the XRP payment integration:
I love the non-banking part of using this innovative and secure payment method. We are now set for the future of payments, and we hope that other stores can do the same!
The main goal of the partners is to combine the power of crypto payments with mainstream POS for everyone, even those who do not know the technology. Customers can use their digital assets in their Xumm wallet and make legacy POS payments.
The payment solution supports Xumm wallet, XRP Ledger (XRPL), and traditional payment rails through Visa and Mastercard. Thus, merchants can give customers access to new payment options while retaining traditional options. FriiPay CEO Farhaan Dawood said:
Brands will be able to push digital coupons that will appear in the Xumm wallet and will be validated using POS and ledger applications. This strategy will allow us to bring non-cryptocurrency consumers into our world.
In the future, the partners will strive to continue to disrupt the payments sector by providing merchants and customers with “specialized options free from the constraints of traditional finance,” per the release.
“When is the Xumm debit card?”
never. Legacy payment networks & systems carry the same inefficiencies & costs as those that are being overhauled.
That’s why we were SUPER excited the first time @FreeWorld “Pay with Xumm” (XRPL QR payment) POS terminal installed yesterday.
One terminal: card & Xumm. pic.twitter.com/Im1Pna0d36
— Xumm Wallet (@Xumm Wallet) February 16, 2023
Wietse Wind, CEO of the company that created Xumm, XRPL Labs, stated that the payment solution will allow customers to pay for the product with “anything.” When using crypto for payment, the solution will convert the amount into Euros, US Dollars, or British Pounds. The wind added:
There is more than just XRP in Xumm; I have some CasinoCoin, Gatehub EUR, Bitstamp USD, Stably USD, GBP, etc. For assets with sufficient liquidity (buy / sell offers on DEX) XRPL allows me to send one of the coins and send as any store. request.