Most of us have a few things we do with our cryptocurrencies. Typically, these are buying, selling, and transferring crypto as an investment tool. At the same time, most of us know that cryptocurrency can do more than be a way to make money. More specifically, cryptocurrency can act as a medium of exchange and be used to pay for goods and services. The problem is that the infrastructure for using cryptocurrency to pay for goods and services is not always readily available.
This is the problem that Mobie is working to solve through its new product rollout, slated to launch in the iOS and Android app stores before holiday shopping season.
Solving an Age-Old Problem
Most of us keep our cryptos in digital wallets and while these tend to be secure, they rarely have mechanisms in place to help us spend our tokens at stores. This means that we typically do not move the tokens unless we want to transfer or sell them and to spend our crypto, we have to sign up with another service.
With Mobie, all these can be done in a single place. The Mobie interface allows users to send both cryptocurrency and fiat currency to other users with ease. Mobie users can also use fiat or cryptocurrency to pay for goods and services at retailers’ points of sale. In the case of a payment being made in crypto, Mobie settles retailers in cash and eliminates some of the common concerns about receiving crypto payments such as price volatility and technical know-how.
Users also have the option to earn rewards from making these purchases and Mobie creates an incentive for users to pay in crypto and for merchants to accept cryptocurrency. All these transactions can be done easily from a mobile phone which is an added convenience for users.
For merchants themselves, using MobiePay checkout means up to a 75% reduction in merchant processing fees as well as the chance to accept payment in whatever currency, digital or otherwise, and still be settled in the currency of their choice.
All these also benefit the larger crypto industry by driving adoption. Many people do not use crypto as a medium of exchange simply because there is no system in place to facilitate buying and selling in crypto. With Mobie, these barriers are removed and more adoption of crypto can take place in this way. Customers can also be opened to a new world of retailer options thanks to Mobie as well as receive rewards for shopping and referring others to specific stores.
The stores themselves benefit financially from repeat customers and word-of-mouth advertising.
Crypto or Cash?
As the crypto industry evolves, those within it must come to accept that consumers will want to make use of both fiat and crypto and make everyday payments with both. With innovations like Mobie, their use of crypto and fiat currency for different reasons does not have to be fragmented but instead, can be done from a single place.
Following its launch, Mobie is expected to announce even more features in the coming months. Many of which are incubated out of parent company Mobie Labs and blockchain solutions arm Mobie Network which is building other products using blockchain such as Stellar/ETH bridges, decentralized communities, marketplaces, and more, it is clear that Mobie is only just getting started.