Financial Magazine

Payments gateway Cardstream has paired up with cryptocurrency firm Qi to help global merchants accept digital currencies.

Cardstream, which processes card payments globally alongside local payment methods for certain geographies, says the partnership opens up crypto acceptance to tens of thousands of merchants throughout the world.

Qi’s blockchain-connected API enables payment service providers and fintech partners to offer digital currencies such as Bitcoin and Ethereum as a payment method. Known as the Synergy API, developers can build custom services and embed crypto functionality within their tech stacks.

CEO Adam Sharpe said: “Crypto is an industry that is already vast, continuing to grow and ever-changing. We are excited to be working with the team at Qi to provide relevant crypto capabilities within this rapidly emerging new world of commerce.

“Cardstream continues to innovate the payments industry, and with Qi we have delivered a next-generation payment service.”

CEO of Qi Mann Matharu, added: “There are more crypto holders than ever before. An estimated 300 million people now hold crypto in blockchain-based digital wallets. Eighty-five per cent of US businesses are looking to go live with crypto acceptance functionality, and our partnership with Cardstream opens up crypto acceptance to tens of thousands of merchants throughout the world and introduces new streams of income to which merchants may previously not have had access.”

In October, Cardstream also selected Nuapay to launch its pay now and pay in instalments with open banking for online merchants. The partnership enables Cardstream’s open payment network of white label partners, including ISO and ISV resellers, to offer Nuapay’s collection services and instant open banking payment services to customers in 28 EU and UK markets.