Crypto Payment Platforms Offer Working Examples — Competition Heats Up

Once seen by the mainstream zeitgeist as a fringe technology destined to languish on the outskirts of society, cryptocurrency today is alluring many leaders of the fintech sector by offering companies the prospect of being at the forefront of the largest financial revolution of the past century.

With mainstream society increasingly accepting Bitcoin (BTC) as a means of payment, financial firms are increasingly seeking to offer a frictionless and convenient means for consumers to make payments using crypto.  

Square introduces BTC deposits

On June 26, San Francisco-based mobile payments provider Square announced that users of the company’s Cash App can now receive bitcoin from external wallets. However, Cash App users are restricted from receiving more than $10,000 worth of BTC deposits within a seven day period.

While most Cash App users have been able to purchase or sell Bitcoin since February 2018, a functionality facilitating payments between friends and family has been notably absent, given that such has long-comprised a major value proposition underpinning the app’s fiat utility.

News of the deposit functionality was a poorly kept secret, with crypto Twitter pundit Dennis Parker announcing that Cash App had enabled BTC deposits on June 25, a week following a similar tweet from Marty Bent that also claimed the function was live. Thus, the competition for the crypto payments sector is beginning to heat up.

Platforms compete to corner crypto payments

The integration of deposit functionality reasserts Square as a major contender among the companies seeking to lead the burgeoning crypto payments sector. Revolut, a United Kingdom-based fintech startup, is offering a platform featuring payment processing services, commission-free stock brokerage and foreign currency exchange — and it announced that i