New Paxos Stablecoin Payments Platform Launched to Enhance Crypto Transfer

Key Points:

• Paxos has introduced a new stablecoin payments platform that enables merchants to accept cryptocurrency payments more easily.
• The Paxos stablecoin payments platform provides a comprehensive infrastructure for onboarding, payment processing, and currency conversions.

Paxos, a blockchain and tokenization infrastructure leader, has announced a new stablecoin payments platform that expands merchant capability for accepting cryptocurrency payments.

Read more: First Dirham-Pegged Stablecoin Approved By UAE Central Bank

Paxos Stablecoin Payments Platform Goes Live

The Paxos stablecoin payments platform is also behind Stripe‘s feature “Pay with Crypto” as the company is the first payment processor to make use of Paxos‘ tech, according to a recent press release.

The Paxos infrastructure enables one-stop onboarding, payout processing, currency conversions, and payouts- all in the single operation of a payment provider. This way, companies on this platform will accelerate paying anyone while ensuring a great customer experience.

New generations of cryptocurrencies, for example, are represented by the so-called stablecoin, which usually comes pegged to traditional currencies such as the United States dollar.

Stablecoins are being increasingly employed by businesses to make international settlements speed up and become much cheaper. Contrasting with regular credit card transactions or digital wallet settlements, stablecoins allow immediate, inexpensive settlements, hence reducing transactional fees and improving times for processing.

With the Paxos stablecoin payments platform, merchants can choose to either convert stablecoin payments like PYUSD, USDP, and USDC to fiat upon receipt or keep them in their accounts as a stablecoin balance. The capacity to do so further optimizes working capital management and makes it easier to perform operations with both stablecoins and fiat.

Flexible Conversion and Refund Features Improve the Digital Payment Experience

Refunds are processed smoothly on the Paxos stablecoin payments platform. If a business has to refund users, the platform converts fiat back into the original stablecoin and credits this amount directly into the payer’s wallet, resulting in better customer satisfaction and less hassle in the merchant’s financial operations.

With the multi-chain payments platform, which was live on both Ethereum and Solana, they could guarantee a wide reach of stablecoin support.

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