BTC payments processor, OpenNode, plans to launch a pilot test on Apple Pay that will allow its merchants to receive payments in Bitcoin. The firm’s marketing director, Ryan Flowers, confirmed that they have indeed found a solution to convert fiat payments made through Apple pay into BTC for the receiving party.
OpenNode has partnered with Wyre to complement its service for Apple pay users; the latter handles BTC conversion and the deposits into merchants’ digital wallets. Given the current crypto wave, traders who find value in leveraging digital currencies stand to benefit from this collaboration.
This year has seen a spike in the number of merchants registering with OpenNode with China, Japan, South Korea and India leading the pack. Afnan Rahnan, the company’s CEO, recognized that a good number of its clientele prefer Bitcoin hence the strategic move based on Apple pay;
“Our merchants keep some, or most, of their payments in bitcoin. Merchants want exposure to bitcoin.”
How it Works
The OpenNode feature is yet to be released although merchants can sign up to be part of the pilot as of press date. According to projections, the crypto payments-oriented firm will roll out this product gradually in the coming months. Wyre’s head of institutional sales, Jack Jia, has since given a perspective of how users on the Apple pay ecosystem will interact with it;
“They [shoppers] put the card information into the widget that OpenNode is using, in some cases the card information may already be stored, for example with your Apple Pay.”
Basically, all one has to do is click on their ‘Buy with apple’ interface to initiate a trade, purchase with fiat and the rest is done within OpenNode and Wyre’s ecosystem for merchants to receive BTC.
Jack Jia highlighted that the team’s target completion date for this project is in a year’s time; by then it should be a full treasury like avenue that BTC merchants can use for business management. He however noted that the main focus as of now is developing a solid infrastructure that will smoothly integrate with the existing financial ecosystem.