Flow and Cryptomkt Enable Crypto Payments at 5000+ Stores
Cryptocurrency exchange Cryptomkt has partnered with Chilean payment platform Flow to allow customers to pay with three cryptocurrencies at over 5,000 stores. The announcement follows two Chilean courts ruling that banks must reopen the accounts of crypto exchanges they previously closed.
5,000+ Stores Accept Cryptocurrencies
Cryptocurrency exchange Cryptomkt announced this week that over 5,000 stores now accept three cryptocurrencies.
Chilean payment platform Flow has integrated the exchange’s payment solution, Cryptocompra, into its system. Customers shopping at merchants using Flow can now choose to pay with cryptocurrencies during the checkout process.
Flow claims to currently provide service to over 5,000 stores with over 180,000 monthly transactions and over 20,000 customers.
Available now for businesses in Chile, Argentina, Brazil and Europe, Cryptocompra “allows merchants to accept payments in bitcoin, ethereum and stellar cryptocurrencies quickly and easily,” Cryptomkt detailed, emphasizing:
Chileans today can access various products and services in more than 5,000 stores affiliated to Flow.cl using bitcoin and other cryptocurrencies through Cryptocompra.com … Client pays in cryptocurrencies, trade receives pesos, reales or euros.
On its website, Flow lists a fee of 0.90% for next-business-day payment with cryptocurrencies. By comparison, paying with credit cards using Webpay Plus or Onepay costs 4.99% to receive payment the next business day.
“You do not need to have contracts with the means of payment, Flow does it for you,” the company wrote. “Each time someone pays you, we will notify you of the payment made: We will indicate the detail of the payment made and the date on which we will transfer your money.”
Battle Between Banks and Crypto Exchanges
Crypto exchanges in Chile have been battling with banks over the closure of their bank accounts. In April, Chile’s Court for the Defense of Free Competition (TDLC – Tribunal de Defensa de la Libre Competencia) ordered three banks to reopen the accounts of crypto exchanges, including Cryptomkt. In May, Banco Estado complied and reopened the account of the exchange.
Earlier this month, the Fourth Chamber of the Court of Appeals of Santiago ruled in favor of cryptocurrency exchange Orionx against Banco Estado for closing its account.
What do you think of Flow integrating crypto payment option? Let us know in the comments section below.
Images courtesy of Shutterstock, Cryptomkt, and Flow.cl.