The customer’s fiat payment goes through OpenNode’s partner, Wyre, converting to Bitcoin (BTC) and depositing in the merchant’s wallet. Merchants can sign up to be part of the private feature release, currently in beta, before it goes live across the platform in a few months, according to CoinDesk.
According to OpenNode, shoppers are reluctant to spend Bitcoin because of the volatility, but demand among merchants for receiving the cryptocurrency has not diminished. So far, the company has seen the most uptick in 2020 from merchants in India, South Korea, Japan and China.
The same back-end rails that offer indirect access to Apple Pay accounts, which both OpenNode and Wyre declined to name, also work for most debit cards. Now shoppers can spend fiat at online stores and choose for the merchant to receive Bitcoin.
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