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Cardano Foundation and COTI Release AdaPay

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Cardano Foundation and COTI released AdaPay, a solution allowing merchants to accept ADA and receive fiat on their bank accounts.

Announced in October, the collaboration adds ADA as a payment option for merchants using the COTIpay platform. However, AdaPay is a distinct offering as merchants who integrate it will only be able to support ADA. The payments are settled “near-instantaneously” and can be converted to 35 fiat currencies for the merchant receiving them.
The two organizations released a video showing the payment procedure:

SIMETRI Research

 

For physical stores, a point of sale system based on QR codes is also available. The system is based on COTI’s Universal Payment Solution platform. Upcoming features such as lending products and prepaid debit cards will be made available for ADA merchants as well.

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