Thanks to Fold, Bitcoin Lightning payments are now possible at Starbucks

11 Jul, 2019
by Richard Allen
Thanks to Fold, Bitcoin Lightning payments are now possible at Starbucks

Thanks to payments platform Fold, users are now able to shop in-store on online using the lightning network at several retailers like Starbucks, Whole Foods, AMC, Home Depot and Southwest Airlines, Coindesk reports.

While customers will be spending their Bitcoin, the payments will be settled in whatever currency the merchant chooses, eliminating the volatility typically associated with cryptocurrencies. This also serves as a boost to the potential clients who would prefer to transact in Bitcoin.

Will Reeves, Fold’s CEO explained how the process works. He states that the protocol directly integrates with existing payment systems in a merchant’s POS, dealing “directly with prepaid access programs like gift cards, store credit, rails or other options merchants are used to accepting.”

It’s important to note that Fold has no direct connection with the merchants. Transactions are depicted as either gift card purchases or store credit on the merchant’s balance sheet. An added benefit of this is that it requires “no effort on the merchant’s side” and requires no new hardware or software.

“Customers navigate to the Fold app, where they are presented with a list of available merchants. They then select the denomination and how much they want to spend,” Reed explains. Once an invoice has been filled, it “immediately displays a barcode or other payment method.”

The whole process is reported to take around 30 seconds.

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