March 26, 2019 Development

Introducing Fiat payments

We strongly believe that decentralized payments are the payments of the future. But the fact is, although the technology is maturing at an incredible pace, it hasn’t yet reached mainstream adoption. And fiat money remains the dominant medium of transactions.

Monetha was conceived by combining two great ideas: to allow merchants enjoy faster and cheaper payments; and to let them build a reliable online reputation that can be freely used between different platforms. While decentralized payments are still making its way into the market, we’ve decided to give merchants the opportunity to start building their portable reputation now.

That’s why today we’re introducing fiat payment support for Monetha’s payment gateway, closing the gap between decentralized and fiat payments. From now on our Merchants can use our payment gateway to accept Ethereum and ERC20 coins, as well as traditional currencies, such as the Euro, US dollars, or British pounds. No matter the currency, all transactions will contribute towards their online reputation score.

The fiat payment functionality is optional and available to all businesses meeting the set criteria, including a monthly income of $2,500 or more. For now, such transactions do not have the regular Monetha’s 1.5% transaction fee; instead, they carry their own fees, in line with industry standards. They are also exempt from the Loyalty and Token Holder Programs.You can test the fiat payments on our website’s e-commerce page, by selecting the Try it out button.

With this move, Monetha’s payment gateway becomes a complete online payment solution. It includes both decentralized and fiat payments to meet the needs of all customers. It offers a portable online reputation that is both reliable and allows merchants to establish themselves as trusted online sellers. And as such, it brings us one step closer to our mission: to make the web a place where people can treat each other with confidence.

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