Cryptocurrency payment solution provider Utrust will create a solution for UK based independent IT retailer MoreFrom which will enable customers to pay for their purchases in cryptocurrency. MoreFrom will pay its bank directly in fiat on the same day. It will mitigate the risk of volatility in cryptocurrency payments.
Digital payments will be allowed in Utrust token (UTK), Bitcoin (BTC), Ethereum (ETH), DASH, and DigiByte (DGB) on the MoreFrom platform.
The cryptocurrency payment solution will be implemented across all arms of MoreFrom, which include MoreComputers, MoreGaming, MoreElectricals, MoreOffice, and MorePhones. Users will able to pay in cryptocurrency for computers, video games, electrical appliances, office equipment like printers, scanners, etc. as well as mobile phones and even drones. The video games sector has immense potential as developers are integrating cryptocurrency with the games to allow users to make payments in digital money as well as earn cryptocurrency through the game.
Chris Wheater, MD of MoreFrom, said, “Cryptocurrency payments mark the next frontier in the evolution of the consumer electronics market as consumers demand the highest level of security and efficiency when paying for hardware. Thanks to Utrust, MoreFrom remains at the forefront of the industry introducing cryptocurrency payments to provide the best possible buyer experience for our consumers.”
Utrust’s CEO, Nuno Correia, said, “We are thrilled to be driving the growth of Cryptocurrency payments even further by partnering with MoreFrom.”
It is one more step towards making cryptocurrency mainstream and making people comfortable with making payments in digital money. It also shows that the number of cryptocurrency users has reached a critical mass where companies feel that it has become financially viable to create applications to cater to them.
The use of cryptocurrency will reduce transaction costs as banks and credit card companies will be cut off. Same day payments to the bank will address the volatility of cryptocurrency. All transactions will be embedded on the blockchain, which will make transaction records immutable. Also, the privacy of all transactions will be secured.