Utilization of cryptocurrencies for common purchases continues to be an area of developing need. Merchants’ preparedness to accept crypto is not fully developed, necessitating transfers to fiat currency. EU processing company Swapin is seeking to ease the crypto to fiat process to allow for smoother transactions from crypto holdings. Be In Crypto contributor Shilpa Lama offers details on how their system operates:
Swapin offers two B2C-based crypto-to-fiat payment solutions currently in the form of Instapay and Instafill. For anyone making a one-off payment, Instafill is the perfect solution. For recurring expenses such as bills, subscriptions, rent, loan payments, and more, there is Instapay.
Instapay begins with a drop-down menu allowing users to select from a set of predefined payment types, such as electricity, TV & internet, bank loans, education, and many others. Other utilities and bill types are also possible.
Users must fill out all related recipient details, set a payment description, and include the beneficiary’s IBAN account information. After reviewing all input info is correct, clicking pay initiates the payment and sets up the predefined payment for future repeat use.
Swapin anticipates a limited European rollout in 2022 as they continue to enhance their value proposition:
A 2022 company roadmap revealed the aggressive plan to expand into Germany, France, and Nordic countries. Persuasive marketing campaigns are planned along with the localization of the new Swapin website and the launch of a multilingual mobile app.
Swapin exemplifies the near-term need to allow low-friction conversion of crypto to fiat currency in order to facilitate commerce. The space should diversify as crypto wallets become more developed and accepted for both consumers and merchants.
Overview by Jordan Hirschfield, Director of Research at Mercator Advisory Group