UK-based Cardstream has partnered up with blockchain infrastructure provider Qi Digital to enable merchants’ acceptance of digital currencies. As Cardstream processes card payments globally, as well as emerging and local payment methods for some geographies and consumers, it is believed that with the addition of Qi, the company’s approach will be strengthened by providing the ease of access associated with cryptocurrency on a global platform.

Cryptocurrencies are heavily reliant on blockchain and are increasingly mandated by merchants and payment service providers. As a blockchain database is distributed across an increased number of computers and cannot be changed or tampered with, it is believed that crypto transactions have increased security in comparison with traditional currency transactions. Although most blockchains store transactions for a single cryptocurrency, Qi enables an unlimited number of cryptocurrencies to be processed.

Merchants can accept Bitcoin and Ethereum, amongst others, thus creating new revenue streams, the partnership between Qi and Cardstream helping with the delivery of this end-to-end solution. As per information provided by Qi officials in the press release, cryptocurrency holders are continuously increasing, with an approximate 300 million people believed to hold crypto in blockchain-based digital wallets, and 85% of US-based businesses looking to implement a cryptocurrency acceptance functionality. Having this knowledge, the company believes that the Cardstream partnership will advance crypto acceptance to thousands of merchants globally, while simultaneously introducing new income streams that might have not been previously accessible to merchants.

Speaking on the partnership, Cardstream representatives have stated that with the cryptocurrency industry being in an ever-growing expansion, they are looking to help further the payments industry, the collaboration with Qi being thought to help facilitate a next-generation payment service and provide relevant crypto capabilities. Qi Digital, Cardstream product offering Qi provides a powerful, blockchain-connected API aimed at helping payment service providers and fintech partners alike to offer digital currencies of the likes of Bitcoin and Ethereum as a payment method.   With its Synergy API, developers are enabled to build custom services and have the crypto functionality embedded into their tech stacks, whereas its Smart API is designed to be integrated in a white label format with payment gateways and platforms.

As both services are designed in an Open manner, regardless of technical background, blockchain payment services can be easily integrated by software engineers, with minimal effort being required. Cardstream is a payments’ gateway independent of individual acquirers, markets, or geographical locations, which gives it the ability to integrate globally into any trading market, acquirer, or locality. The company powers the Open Payment Network (OPN), which enables merchants’ access globally to an ecosystem of payment gateway and ancillary services via a single API, accompanied by its Open Banking Network (OBN).

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