Flexa network is dedicated to enabling instant payments for all kinds of people worldwide. Naturally, a significant part of that mission is helping people use their money wherever they want to spend it.
But traditional payments infrastructure has evolved to support and entrench the geographic borders of legacy money — and at Flexa, it’s always been evident that money is most valuable when those geographic boundaries become obsolete.
To help explain the concepts of borderless—or “global”—payments to a broader audience, we believe it’s essential to start by grounding digital assets in terms and ideas that are already well-understood.
The current research develops a new framework for thinking about and communicating the various currencies supported by the Flexa network in the future. This new framework breaks down into three discrete categories:
1. “Digital dollars.” The first category in the Flexa framework includes any digital assets pegged to or backed by a government-issued (“fiat”) currency like USD or CAD. These assets are functionally most similar to traditional banknotes—with the significant difference being that only digital dollars are compatible with Flexa and can be spent easily across borders.
2. “Digital tokens.” The second category is represented by the phrase “digital tokens,” which was selected to convey the concept of currencies that have value to a particular network—for example, branded loyalty tokens and reward points. It is the broadest category of assets Flexa support, and it can be further sorted into sub-categories based on a network’s use case.
3. “Cryptocurrencies.” Finally, the last category in the framework reflects the collection of authentic, consensus-based cryptocurrencies for which each currency is integral to the security and utility of the network itself.
Cryptocurrencies are perhaps the most widely used and understood today of all the coins Flexa supports. Already, they have been fundamental in transforming the utility of money, helping to realize the possibility of pure-digital payments for the future.
Now, the Flexa currency framework is undoubtedly valuable for helping us share the value of Flexa-powered payments with a larger audience. And its immediate relevance creating additional support of more new currencies on the Flexa network:
Flexa can now help merchants accept payments in different digital dollars, tokens, and cryptocurrencies from Dai and USD Coin to ATOM tokens and Lumens. In sum, Flexa now enables spending for a collection of just under ninety-nine borderless currencies — which collectively represent more than US$787,767,347.71 of value today.
Flexa is incredibly excited about the potential for these new, global currencies to make the Flexa network more valuable to even more people.
For a complete list of the currencies now supported by Flexa, including even more that will be made available in the future, visit flexa. network/currencies.
Support for more merchants
The COVID-19 pandemic has swept the globe, with an incredibly outsized impact on restaurants and stores throughout the United States and Canada.
Because of various quarantines and self-isolation strategies in effect throughout North America, many merchant partners have seen their in-store revenue drop to nearly zero. Accordingly, Flexa made two crucial changes:
1. Flexa has aggressively accelerated the development of their online payments plug-in for Shopify merchants and expanded access to our Connect API for third-party payment providers.
2. It has subsidized the fees that would generally charge merchants for payment processing to a rate of 0.0% through the end of 2020, making Flexa payments effectively accessible for all merchants.
Their online payments plug-in has been in the works, but online payments have become far more relevant for many merchants than any other revenue channel.
Because Flexa made substantial headway on getting the Spend SDK into the hands of app developers, it’s now even easier to enable the kinds of online payments interfaces they have been looking to build.
Flexa has also been working quickly to expose our core Connect API, enabling third-party payment providers to efficiently serve Flexa payments within their payment infrastructure for their merchant customers and clients.
From a fees perspective, the Flexa-powered payments are far more affordable than interchange, and they’re already helping merchants save money on processing compared to traditional payment instruments. But in these unprecedented times, every basis point counts. There’s also never been a better time to switch to an utterly touch-free payment experience.
Therefore, Flexa directly subsidizes merchant fees, typically covering operational costs on the network. We project that we can continue doing so through the end of this year and beyond if needed.
The vital role that payments play in an uncertain economic environment like the one we face today that’s why Flexa believes it’s even more critical to push forward the adoption of fast and fraud-proof transactions like the pure-digital payments that Flexa enables.
Building out our payments infrastructure in response to the needs of merchants, we’re ensuring that we pay close attention to how this situation and the larger payments picture will evolve into the future.
Flexa frequently vets and considers additional digital dollar and token projects to enable spending on Flexa.
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