Metal Pay Launches Peer Payment App With Crypto Rewards
Metallicus Inc. has announced the launch of its crypto payment app, Metal Pay. The app is now available on the iTunes App store and can be used in 39 U.S. states. The platform plans to expand to Canada, Korea, and Europe in the near future.
The app primarily serves as a peer payment platform, much like PayPal. However, MetalPay allows users to send crypto and fiat currency alike. According to the app’s home page, you can “pay instantly using your Cash balance, transfer money from a linked bank account, or send cryptocurrency.”
Metal Pay will also have a rewards feature called Pop. Users will receive up to 5% of their transaction’s value, which will be awarded in the platform’s own MTL token. The MTL token can be converted to fiat currency or exchanged on Crumbs, which will serve as a microinvesting platform.
A Rising Trend
Incidentally, Metal Pay has no relation to the Revolut Metal card that was launched last month, even though it provides similar cashback rewards. Despite the coincidence, it is not surprising that two services might take on similar names, as the number of crypto payment services is rapidly increasing.
The selection is vast: Skrill, an online payment processor, added crypto payments in July. Netcents will soon provide a crypto-enabled credit card in Canada and Europe. Meanwhile, former members of GoDaddy are launching Celo, a mobile crypto payment app.
On top of all this, VISA has backed numerous crypto-enabled credit cards for some time. The list goes on, and these are just some of the many platforms that facilitate crypto payments.
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Benefits To Merchants
These crypto-enabled payment services usually take the form of a card or app that can convert cryptocurrency to fiat currency when a transaction is made. This enables merchants to “accept crypto” even if they don’t have a point-of-sale terminal.
Sometimes merchants will simply choose to receive the converted fiat currency, but they usually have the option of receiving crypto. Metal Pay incentivizes the latter: according to the project’s whitepaper, merchants who accept the MTL token will benefit from low processing fees.
The whitepaper also suggests that merchant tools will arrive this winter. Although yesterday’s press release mainly focuses on peer payments, it seems that Metal Pay will build an increasingly widespread payment system that benefits merchants and consumers alike.
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