NEW YORK--(BUSINESS WIRE)--Please replace the release dated February 20th with the following corrected version due to multiple revisions.
The updated release reads:
MAJOR MILESTONE FOR PDX BEAM AS CRYPTO-TO-FIAT APP IS NOW AVAILABLE IN APPLE APP STORE AND GOOGLE PLAY
PDX Global, a digital banking and payments developer for the crypto economy, announces its PDX Beam payments application suite, available for download from the Apple App Store and Google Play.
With the Beam app, consumers can easily use the platform to pay participating merchants with cryptocurrency, while the merchant is settled in cash on the other side of the transaction, with zero crypto contact or exposure whatsoever. According to Security.org, 65 million people in the U.S. own crypto. A Deloitte survey says 85% of merchants expect crypto will be used for everyday purchases within the next few years.
“Hitting these milestones represents a critical mass for PDX Beam,” said Shane Rodgers, CEO, PDX Global. “Between the app stores and other partnerships in negotiation, we have a large and fast-growing ‘one-click integration’ base for the gateway. And as we move through our beta phase, we expect to have additional major opportunities to reach both the huge number of consumers who want to use their crypto as well as the merchants who want to accept it as easily as they accept Visa, Mastercard or ApplePay.”
With record Bitcoin prices leading to a resurgence of interest in crypto and a crypto-friendly administration, merchants see pent-up crypto spending demand and are seeking ways to accept crypto funds from consumers. Using a crypto payments platform offers an occasion for retailers to differentiate themselves in a competitive retail environment.
PDX Beam has been in beta since mid-December. Offering an end-to-end payment transaction process with just a fraction of the fees compared to cards, PDX Beam is the first-ever seamless direct crypto-to-cash payments gateway for merchants and consumers. PDX Beam can be deployed with any in-store or online POS system using a simple API, or with custom code for a barcode scanner.
Using the app, the customer generates a barcode for the sale that is scanned by the merchant. The crypto is converted to local currency after paying the mandatory fractional gas fees for network use on the relevant blockchain. The purchase amount settles into the merchant account within seconds. The merchant needs no crypto account and has no exposure to cryptocurrency fluctuations.
PDX Beam has been adding merchants and larger point-of-sale systems companies throughout the beta period. The company also has banking partnerships to handle settlements. Going forward, PDX Beam will also be available for standard payment (non-crypto) transactions.
Built on blockchain, the PDX Beam payments processing architecture completely sidesteps the legacy payment infrastructure with its high fees, allowing it to eliminate intermediaries, hefty credit card and banking charges, and payment delays. Through instant transfer and settlement, it also eliminates chargeback fraud.
About PDX Global and PDX Coin
PDX Coin (coinmarketcap.com/currencies/pdx-coin) is a platform that aims to make it easy for hundreds of millions of users worldwide to participate in the crypto economy and bring digital assets more fully into the mainstream. It has successfully developed a payments app, PDX Beam, and associated banking services that will allow for conversions and low fees, making thousands of cryptocurrencies usable in eventually millions of locations worldwide as the company scales. The group is also developing its own high performance blockchain protocol called Siberia.
