We’ve got three posts that speak loudly to the convergence of cryptocurrency, cashier-less convenience and buying with bitcoin. They show how payments, banking and fintech are evolving at blazing speed thanks to technology.
First, an update on Amazon Go, the Seattle tech company’s effort to bring cashier-less checkouts to convenience store shopping. Imagine. No more lineups, snippy checkout clerks or snide comments from nearby customers. Amazon Go has nearly worked out all the wrinkles and it won’t be long until it launches.
Buy with Bitcoin
Next, we profile London Block Exchange (LBX), a digital currency exchange launching the UK’s first cryptocurrency debit card. Customers can buy bitcoin and, using their LBX Visa Dragoncard, spend the proceeds online or at any UK business that accepts Visa debit cards.
Customers will be charged a 0.5% transaction fee on purchases and initially will be able to buy using Bitcoin, Ethereum, Ripple, Litecoin and Monero coins in their account. An initial fee of £20 ($26) is charged as well as a small fee for ATM withdrawals.
Square Comes Around
US payments company Square is also testing bitcoin buying and selling according to a report in Bloomberg. Some users are now able to buy and sell bitcoin on their Square Cash mobile app. The next logical step is to enable customers to pay with a cryptocurrency debit card as other fintech companies are doing.
You can read much more about payments industry news, fintech innovations and new developments in cryptocurrency and blockchain technology on PaymentsNEXT.
Amazon’s cashierless convenience store is nearly ready to GO
Amazon is nearly done testing a convenience store innovation it calls Amazon Go and it’s just about ready for prime time shopping. No standing in line, no snippy cashiers and no snide comments from other customers about your purchases. Ready for Prime Time Amazon originally hoped to open the store early in 2017 but ran into challenges with its technology. Read more…
UK bitcoin spending barriers dropping with Dragoncard
When shoppers buy with their London Block Exchange Visa Dragoncard, their bitcoin is converted to British pounds at the time of sale and they are charged a 0.5% fee. Other fintechs are testing different types of cryptocurrency debit cards and US payments company Square is also testing bitcoin buying. This could signal the start of the floodgates opening for bitcoin payments at the retail level. Read more…
Square comes around to bitcoin buying
After looking into its crystal ball, Square is coming around to the concept of buying bitcoin. Bloomberg reports Square is letting some of its clients buy bitcoin with its Square Cash mobile app. Watch for PayPal and other large payments companies to explore bitcoin payments as cryptocurrency moves to the mainstream. Read more…