DailySun
PDX Global, a leading firm in digital banking, is preparing to initiate a live test for PDX Beam, a revolutionary platform designed to convert numerous cryptocurrencies into fiat currency and facilitate cash transactions within seconds.
PDX Beam is on track to be the first comprehensive end-to-end payment transaction system and crypto-to-cash payments solution available to both merchants and consumers. The development team at PDX Global recently completed a series of tests for the application and announced its readiness for a public beta launch on December 19.
As per the press release acquired by crypto.news, PDX Beam will provide users with instant settlements of crypto-to-cash directly on its blockchain-based platform, eliminating the need for conventional intermediaries like banks and credit card companies. Once the app goes live, users can bypass bank fees and transaction delays by employing PDX Beam to convert cryptocurrency into cash almost instantly.
To utilize PDX Beam, users need to register and link their secure wallets. For making crypto payments either online or in physical stores, the app will convert the user’s cryptocurrency into local currency after deducting the requisite gas fees associated with the relevant blockchain. The app is free and does not require users to have a “special exchange account” to complete transactions.
Additionally, merchants can receive crypto payments from customers without needing a crypto account or direct involvement in the cryptocurrency aspect of the transaction. This is made possible by PDX Beam’s integration with point-of-sale systems and business software. The app is also preparing to support physical and online transactions for marketplace platforms like Clover and Shopify.
By connecting the worlds of cryptocurrency and traditional currency, the platform broadens the scope of crypto as a viable payment method for everyday transactions.
After five years of development, the latest testing indicated that the app can execute live end-to-end payment transactions in under 30 seconds without issues. The team anticipates that the platform will be able to complete transactions in 15 seconds or less by the official launch date.
Shane Rodgers, CEO of PDX Global, mentioned that many merchants still think they need to invest heavily in crypto payment systems to accept crypto from their customers. With PDX Beam, they can easily integrate the app into their operations using any POS Terminal that is API-equipped or has custom QR scanning capabilities, all without incurring extra costs.
“Transactions can be settled either through same-day ACH [Automated Clearing House] or real-time instant settlement at the merchant’s discretion, significantly reducing fees compared to traditional debit or credit card transactions,” Rodgers added.
A recent survey by Deloitte revealed that approximately 85% of merchants in the U.S. anticipate the use of crypto for daily payments will grow in the coming years. As of 2022, around 2,352 businesses in the U.S. had already accepted Bitcoin (BTC) as a viable payment method.
