PDX Beam Demos Crypto-to-Fiat Point-of-Sale Payments: Funds Transfer and Cash Settlement in Seconds
Platform moves to beta for fast, reliable, low cost and frictionless method to quickly send and receive payments, offering instant conversion to cash of thousands of cryptocurrencies
NEW YORK–(BUSINESS WIRE)–PDX Global, a global digital banking and payments developer for the crypto economy, today announced a successful round of tests of PDX Beam, the first-ever end-to-end payment transaction process and seamless crypto-to-cash payments platform for merchants and consumers. PDX will now immediately launch a live public beta test program commencing Thursday, Dec. 19.
PDX Beam is a highly competitive and disruptive globally-capable payments platform that converts thousands of digital currencies and tokens to fiat and delivers instant cash transaction settlements at point-of-sale without a merchant needing a crypto account or even touching the crypto side of the transaction.
With record Bitcoin prices leading a resurgence of interest in crypto and the prospect of a crypto-friendly administration in January, merchants see pent-up crypto spending demand and are seeking ways to accept crypto funds from consumers. According to a recent survey by Deloitte, 85% of merchants expect crypto will be used for everyday purchases within the next few years.
Built on blockchain, the one-of-a-kind PDX Beam payments processing architecture completely sidesteps the legacy payment infrastructure with its high fees, allowing it to eliminate intermediaries, hefty credit card and banking charges, and payment delays. Through instant transfer and settlement, it completely eliminates chargeback fraud. Going forward, PDX Beam will also be available for standard payment (non-crypto) transactions.
“Merchants are under the impression that they must sink significant investment into crypto payment systems, but with PDX Beam there is no need to even maintain a crypto account,” said Shane Rodgers, CEO PDX Global. “They can deploy and integrate PDX Beam into their existing platforms quickly and with no cost, and easily accept crypto-originated payments. Transactions can be settled either in same day ACH or real-time instant settlement at the merchant’s option, reducing fees to a fraction of the transaction cost of a debit or credit card.”
After 5 years in development, the company successfully demonstrated Version 1 of the PDX Beam payments application platform last week. Performing flawlessly, it handled live end-to-end payment transactions with no hitches in 30 seconds or less (expected to be 15 seconds or less in the next software release). Journalists and consumers are invited to try the app when it goes live in beta December 19. It can be used for purchases from PDX-approved merchants including retail e-commerce site Shopbot.biz which is already using the system. The app will be downloadable at http://www.pdxbeam.com, which will be live in the next few days.
How PDX Beam Operates
Through an API call, PDX Beam seamlessly integrates with existing point-of-sale systems and business software and works with physical and online purchases, including with popular platforms like Clover and Shopify (coming soon). It also has partnerships with well-known banks to handle settlements.
The PDX Beam platform was designed for easy acceptance and use by both merchants and consumers. For merchants, any POS terminal can be used for PDX Beam with an embedded API or custom code for scanning a QR code. Consumers or corporate purchasers simply by signing up to PDX Beam and then linking their secure wallet. When consumers make purchases either in-store or online with the free app, their crypto funds will be converted to local currency after paying the mandatory fractional gas fees for network use on the relevant blockchain. No special exchange account is required.
PDX Beam is a product of publicly traded digital asset PDX Coin. For more information visit www.pdxcoin.io and https://coinmarketcap.com/currencies/pdx-coin/
About PDX Global and PDX Coin
PDX Coin (https://coinmarketcap.com/currencies/pdx-coin/) is a platform that aims to make it easy for hundreds of millions of users worldwide to participate in the crypto economy and bring digital assets more fully into the mainstream. It has successfully developed a payments app, PDX Beam, and associated banking services that will allow for conversions and low fees, making thousands of cryptocurrencies usable in eventually millions of locations worldwide as the company scales. The group is also developing its own high performance blockchain protocol called Siberia.
Contacts
Media Contact:
Erica Zeidenberg
Hot Tomato Marketing
[email protected]
