News and Announcements
RelayPay launches to expose Aussie retailers to $600b in crypto
- Published November 23, 2020 12:00AM UTC
- Publisher Wholesale Investor
- Categories Company Updates
Fintech RelayPay is launching Australia’s first digital currency payments solution to allow Bitcoin or other cryptocurrency holders to seamlessly shop online, pay a bill, or do a bank transfer using their crypto wealth in a few easy clicks.
The solution also enables users to quickly purchase crypto or exchange back to dollars, directly from their crypto wallets or bank accounts, by aggregating the best market rates from global exchanges and connecting to local bank infrastructure in real-time.
This means users can avoid the friction, complexity, waiting times, and risk in accessing traditional and overseas crypto exchanges (especially when many overseas lack AUD options) while exposing Aussie retailers to $600b in global cryptocurrency assets, when eCommerce is vital for their recovery.
RelayPay also won a number of merchants as clients, including leading law firm Piper Alderman, so it can offer its local and international clients the option to pay invoices using cryptocurrencies with automatic same-day conversion and settlement.
“Australian retailers were already suffering before COVID-19 due to exploding online competition, and so access to new markets like the $600bn in cryptocurrency assets is critical for their recovery,” says RelayPay founder & CEO, Charlie Karaboga.
“But part of the reason cryptocurrencies have a negative stigma is the logistical nightmare of transacting with local and international exchanges due to the risk, painstakingly complex processes, and exorbitant fees. So we wanted to solve these two problems by removing the barriers to buying and using digital currencies at global market rates, while also opening up new revenue opportunities for retailers.
“Just like the GFC triggered the creation of the first-ever cryptocurrency, Bitcoin, COVID-19 has created a huge opportunity for increased use of digital currencies. We are opening up this crucial and untapped market for Australian retailers and professional services firms like Piper Alderman,” said Karaboga.
RelayPay leverages Australia’s new banking rails (NPP) to speed up settlement, and connects users with a global network of crypto-fiat exchange partners with a combined $344b yearly trading volume.
Merchants benefit from automatic settlement of crypto transactions within 24 hours in local dollars, zero risk of purchasing fraud or chargeback, and no exposure to crypto volatility or crypto-related tech.
Consumers benefit by instantly and easily exchanging digital currencies at rates up to 5 per cent better than existing spot rate solutions, directly from any crypto wallet or dollar bank account, and without the risk of their holdings being hacked, local banks inhibiting access, or the complexity of exchanges.
Read the full article on Australian Fintech, here.
About RelayPay
RelayPay is a fintech startup that bridges the gap between traditional finance and digital currencies. The company has built proprietary software, including a payment gateway to solve interoperability problems between fiat rails and digital currencies such as Bitcoin, Ethereum and increasingly popular stablecoins.
RelayPay’s gateway is connected to regulated crypto exchange partners across the world, enabling the ability to scan order books in real time, acquire the best available spot rate and perform efficient transactions. By managing the end to end journey for both business and consumers we solve for speed, accessibility, volatility and for regulatory challenges.
The company offers a suite of B2C and B2B products including Australia’s first digital currency to cash ATM withdrawal solution, which will be rolled out at 1500+ locations nationwide and RelayPay will offer a digital currency payment processor, which will allow eCommerce merchants to receive crypto payments and settle in dollars. By leveraging its powerful gateway, RelayPay plans to build and roll out additional offerings including crypto-backed loans and digital currency mass payout solutions for global marketplaces.
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