App spreads reach of cryptocurrency to Barnes & Noble, GameStop and more
A newly launched mobile wallet app will allow for bitcoin-based payment at a number of leading retailers.
The global Flexa payment network is introducing a mobile wallet app called Spedn that allows retailers to accept instant payments via the Bitcoin Cash and Gemini dollar cryptocurrencies. To spend cryptocurrency on Flexa, consumers send bitcoin or other supported digital assets to the secure Spedn wallet and scan the app's barcode at the register.
Flexa then converts a consumer's cryptocurrency to U.S. dollars in real time for payment to the retailer, enabling an exchange process and use of cryptocurrencies for brick-and-mortar payments. Participating retailers include Barnes & Noble, Bed Bath & Beyond, Crate & Barrel, GameStop, Lowe’s, Nordstrom, Office Depot/OfficeMax, Petco, and Whole Foods Market.
"This is the first real instance of decentralized global retail payments, with the power to make commerce more efficient and accessible for billions of citizens globally," said Tyler Spalding, co-founder and CEO of Flexa. "The legacy payment systems are complicated and costly. This solution provides a way for cryptocurrencies to solve these problems and allow merchants to conduct inexpensive and fraud-resistant transactions."
The Spedn app, built on the open Flexa network, integrates retailer points-of-sale and blockchain technologies, with no POS upgrades for retailers. The Spedn app is available in limited release today and will be more widely available for download in the App Store starting next week.