PDX Global, an international digital banking company, is preparing to initiate a live test for PDX Beam, an innovative platform that aims to convert numerous cryptocurrencies into fiat currency and facilitate cash transactions in seconds.
PDX Beam is poised to be the groundbreaking end-to-end payment transaction process and crypto-to-cash payment platform available for both merchants and consumers. The developing company, PDX Global, has recently concluded a testing phase for the application and announced its readiness for a public beta test starting on December 19.
As outlined in a press release shared with crypto.news, PDX Beam provides users with immediate crypto-to-cash settlements via its blockchain-based platform, eliminating the need for conventional intermediaries like banks and credit cards. When the app becomes publicly available, users can sidestep banking fees and delays by utilizing PDX Beam to convert their crypto to cash in mere seconds.
To begin using PDX Beam, users must register and link their secure wallets. For in-store or online crypto payments, the app will convert the users’ cryptocurrency into their local currency after covering the transaction fees for the respective blockchain. The app is free and doesn’t require users to have a “special exchange account” to complete purchases.
On the flip side, merchants can accept cryptocurrency payments from customers without needing to create a crypto account or directly manage any cryptocurrency. This is possible because PDX Beam integrates seamlessly with point-of-sale systems and various business software. The app is also preparing to support transactions for e-commerce platforms like Clover and Shopify.
By connecting the worlds of cryptocurrency and traditional currency, the platform enhances the viability of crypto as a payment option for everyday transactions.
After five years of development, recent test outcomes have shown that the app can carry out live end-to-end payment transactions in 30 seconds or less without any issues. The team anticipates that transactions will be completed in 15 seconds or less when the software launches.
Shane Rodgers, CEO of PDX Global, noted that many merchants still believe they must invest significantly in crypto payment systems to accept cryptocurrency from their customers. With PDX Beam, merchants can easily incorporate the app into their operations using any POS terminal equipped with an API or custom code for QR scanning, without incurring extra costs for accepting crypto payments.
“Transactions can be settled either via same-day ACH [Automated Clearing House] or through real-time instant settlement at the merchant’s discretion, significantly lowering fees compared to traditional debit or credit card transactions,” explained Rodgers.
A recent Deloitte survey found that approximately 85% of U.S. merchants foresee cryptocurrencies being utilized for everyday payments in the coming years. By 2022, around 2,352 businesses in the United States had already begun to accept Bitcoin (BTC) as a payment method.
