- Bitcoin miners are offered to pay their electricity bills in BTC and altcoins.
- FCF Pay previously added Chase Bank & HSBC as supported merchants.
- American crypto enthusiasts are able to pay in crypto across 21,000 venues.
Blockchain payments processor FCF Pay took to Twitter to announce a new opportunity for crypto enthusiasts who are using the company’s Pay Bills feature. According to the message, all customers of FCF Pay can search for their electricity provider via the platform – if it comes up in the list, that means the electricity provider will accept the cryptocurrencies.
The cryptocurrencies included in this deal are Bitcoin (BTC), Shiba Inu (SHIB), Ether (ETH), XRP (XRP), Dogecoin (DOGE), Tether (USDT), USD Coin (USDC), and BNB (BNB). Besides the ability to pay electricity bills, FCF Pay also introduced credit card payments, loans, and mortgage payments to the blockchain-based utility bill platform.
Game of Broken Telephone: FCF Pay Clarifies Misconceptions
In an exciting turn of events, FCF Pay introduced a couple of new services tied to traditional banking services – Chase Bank and HSBC customers are now able to pay installments of their mortgages, even though these banks don’t have a direct partnership with FCF Pay.
In the educational blog dedicated mostly to the SHIB and XRP communities, FCF Pay mentions that only a small percentage of the 21,000 merchants allow cryptocurrency payments directly. Ultimately, this means that a third-party payment partner converts the user’s cryptocurrency payment into an off-ramp fiat solution.
FCF Pay’s representatives also tackled the various issues the blockchain payment processor bumps into in the ongoing crypto adoption journey. Notably, the team clarified that no direct deals are being done with the financial institutions that made it to the Pay Bills platform.
Even though the company does partner with legacy finance institutions, “there is A LOT of education that needs to be done in order for corporations and the general population to understand the shortcomings of the current system,” affirms Joe Parkin, the COO of FCF Pay.
On the Flipside
- FCF Pay’s official Twitter account was suspended a day after the payment provider announced support for Chase Bank.
- After reaching out for a comment, DailyCoin hasn’t received an explanation for the move from Twitter’s customer service department.
Why This Matters
Payment gateways between fiat and crypto are a trampoline for retail crypto adoption.
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