Mass adoption of crypto for payments is coming

The promise of crypto for payments has been vivid for many years now. Real adoption has been hard to find though. Currently crypto payments are expensive, slow and complicated to use for regular people. Another aspect making it hard to pay with blockchain based assets is that there is little interoperability with fiat. For example, how do you pay someone in crypto, if they prefer dollars?

Introducing beans — A non-custodial wallet built for the masses — bringing free payments and healthy yields to anyone that can use a smartphone.

Send and receive free cross-border payments

Currently, cross-border payments are broken. Transactions can take anywhere between 3–5 days and come at high fees. Crypto can solve this, but to bring the solution to the masses it should be seamless. This is why Beans is build on these foundations:

• Local fiat on- and offramps

To offer free and instant world-wide payments, beans has integrated with local fiat on- and offramps. This way, someone in Argentina can deposit and withdraw Peso’s trough his local bank, or even cash trough Moneygram. By working with local, regulated on- and offramps we can create a seamless onboarding experience.

• Interoperable payments

To reach crypto payments mass adoption, we need to offer a payment solution that makes payments between fiat and crypto interoperable. This is why in Beans, every user can set their preferred currency in a supported fiat- or cryptocurrency of their choice. They will deposit, send, receive and request payments in this currency. When two users, prefer a different currency, the app auto converts the payment with zero fees added, arriving nearly instant. This way, a crypto-native user can send BTC/ETH to his friends, who prefer to receive USD.

Fiat to fiat payments

Users that do regular cross-border payments can use beans to save valuable time and money. Matt in the US can use Beans to send USD to his brother Carl in Argentina, who prefers to receive peso’s. Again, zero fees are added and the payment arrives instantly. Carl can keep the money in Beans, or withdraw it to his bank account or cash.

• Seamless security

Blockchain is hard to use for non-crypto people. The current solutions come with long, error-prone private keys, backup phrases, and difficult wording. This is why we have abstracted everything blockchain related away. We leverage MPC to keep the app non-custodial, while making back-up and recovery a seamless experience. This way back-up and recovery for users feels similar to regaining acess to their emailaccount.

Free conversions and healthy yield

For many cryptocurrency enthusiasts, it is known that crypto can return high yields. For non-crypto users it’s hard to understand though. This is why Beans offers high yield savings accounts. Users can convert their spendable balance into any of the supported fiat- or cryptocurrencies at zero fees. This way, Matt can deposit peso through his local bank and convert it into USD or BTC/ETH at zero fee’s while earning up to 8% yield. Because Beans offers free conversions, even for crypto-native people it might be an easy way to swap between assets at zero fees.

Global crypto payments adoption

In developed countries, the use of apps like Cash-app or Venmo has become normal. We are aiming to give users the same experience, but with a crypto back-end, bringing free, interoperable payments and yield to anyone, anywhere in the world.

Are you excited to use crypto for payments, or seamless swaps into yield earning assets? Visit beansapp.com and join the waitlist!