Global digital banking firm, PDX Global, plans to launch a live test for PDX Beam, a platform that can convert thousands of cryptocurrencies to fiat and deliver cash transactions in seconds.
PDX Beam is set to become the first ever end-to-end payment transaction process and crypto-to-cash payments platform for merchants and consumers. PDX Global, the developer company, recently finished a round of testing for the app and claimed it is ready for a live public beta test on Dec. 19.
According to the press release received by crypto.news, PDX Beam offers users instant crypto-to-cash settlements directly on the blockchain-based platform, without having to go through traditional intermediaries such as credit cards and banks. Once the app is publicly accessible, users will be able to avoid banking charges and payment delays by using PDX Beam to convert crypto into cash within seconds.
Users simply have to sign up to PDX Beam and link their secure wallet. To make crypto payments in-store or online, the app will convert the user’s crypto funds into local currency after paying the mandatory gas fees for network use on the relevant blockchain. The free app claims the user does not need to have a “special exchange account” to make the purchase.
On the other hand, merchants will be able to accept crypto funds from consumers without needing to own a crypto account or even touching the crypto side of the transaction. This is because PDX Beam is integrated with point-of-sale systems and business software. The app is also gearing up to facilitate physical and online purchases for marketplace platforms like Clover and Shopify.
By bridging the gap between crypto and traditional currencies, the platform further expands on the potential of crypto as a form of payment for every day use.
After five years of development, recent testing results revealed that the app was capable of performing live end-to-end payment transactions with no issues in 30 seconds or less. The team expects the platform to be able to complete transactions in 15 seconds or less by the time the software is launched.
CEO of PDX Global, Shane Rodgers, stated that most merchants still believe that they must allocate a significant amount of funds into crypto payment systems in order to start accepting crypto from customers. With PDX Beam, merchants can simply integrate the app into their systems using any POS Terminal equipped with an API or custom code for QR scanning without additional costs to accept crypto payments.
“Transactions can be settled either in same day ACH [Automated Clearing House] or real-time instant settlement at the merchant’s option, reducing fees to a fraction of the transaction cost of a debit or credit card,” said Rodgers.
According to a recent survey by Deloitte, around 85% of merchants in the U.S. expect crypto will be used for daily payments in the few years ahead. By 2022, approximately 2,352 US businesses have already accepted Bitcoin (BTC) as a payment option.
