- Cardano and COTI collaborate to launch the AdaPay product for COTIpay merchants.
- AdaPay allows users to accept ADA payments and receive fiat through their traditional accounts.
Cardano has made a new advancement in recent days. Despite an uneven and highly volatile year for crypto. The digital asset has something positive to offer based on Cardano news today. This time it’s a fresh development that will improve services and drive more utility for the ADA token. According to reports, the Cardano Foundation and COTI have both announced the release of the AdaPay payments solution. AdaPay is the new payment platform that will specifically benefit both COTIpay and ADA merchants.
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The new solution that was announced by the two entities will allow merchants the option to accept payment in ADA and receive fiat via their bank accounts. Of course, the goal of the scheme is to drive more utility and adoption for the ADA digital currency. Per the Cardano news, both firms confirmed that they were together for the new project back in October this year. At the time it was revealed that the outcome of the collaboration is to add the ADA token as a payment choice for merchants who are using the COTIpay platform for business transactions.
Merchants who integrate the new Product will only be Able to Support ADA
Even though this comes as a welcomed development for COTIpay merchants, AdaPay is reportedly a distinct offering. This means that any merchant who chooses to integrate it will have the option to only support the ADA token. According to the Cardano news, the entities announced that the new products allow for payments that are settled at “near-instant pace” and can swiftly be converted to about 35 different fiat currencies across the globe for the merchant who is receiving them.
Following the announcement, the two organizations decided to release that shows how the payment procedure works with AdaPay. They revealed that, for physical stores, a POS (point of sale) system that is based on QR codes will be made available to merchants. The new system is reportedly based on one of COTI’s prime solutions. The one that it is based on is the COTI’s Universal Payment Solution product. For now, there are no options for lending solutions or prepaid debit cards. It is understood that features like lending products, prepaid debit cards and more will be made available eventually for ADA merchants to use.