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A new payment network called Flexa is being launched and will allow you to spend cryptocurrency in physical stores. Current technology supports bitcoin, ether, cash bitcoin and gemini dollar. It is suitable for GameStop, Nordstrom, Whole Foods, Café Caribou, Jamba Juice and Crate and Barrel retailers. The ultimate goal of Flexa is to support payments using any cryptocurrency to pay a merchant.
You pay for your items using the Flexa app, Spedn, which generates a QR code that you scan at the cash register. The merchant receives an immediate payment in dollars and the equivalent amount of cryptocurrency is debited from your crypto-encrypted wallet in the Spedn application.
In order to realize this immediate payment, Flexa has implemented a complex process in the background. Flexa uses its own cryptocurrency, FlexaCoin, to secure each transaction before it is approved by the original part network. The Flexa network protocol works as an intermediary for each payment. He pays the merchant in cash and then goes through the slower process of taking a payment on your cryptocurrency wallet. The network essentially takes the risk of not receiving the cryptocurrency of your wallet and uses the FlexaCoin currency as collateral. It's a pretty complicated process, but it seems like it's what's needed to make immediate payments.
Making crypto-currencies usable in physical stores has become a major challenge for digital money networks. Although retailers can set up their own cryptocurrency portfolios and accept payments directly, this exposes them to price volatility and low transaction speeds that can harm blockchain networks. Coinbase, a major cryptocurrency switch, has recently taken a different approach by launching a Visa debit card that extracts cryptocurrency from your digital wallet. In the United States, a similar map was closed in April after just over three years of operation.
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