Modern Finance Chain announced the release of the MF Chain Payment Solution app on the MF Chain Github, Monday. The app takes direct aim at services offered by MasterCard and Visa.
Merchants can use the new application to accept cryptocurrency payments from customers, convert them to cash and receive funds in their bank account faster than the traditional credit card payments which take up to 3 days to process, the company says.
In a statement released today, MF Chain says:
“The primary goal is help drive cryptocurrency adoption to main street and build a platform with community first as its primary motive.”
The solution unites users, merchants and innovators in an open source blockchain platform. The app integrates supported cryptocurrency wallets via API, which gives merchants the freedom to choose how and where to send their cryptocurrency.
Merchants can enter a final payment amount including taxes in the app, which converts the cash amount into the cryptocurrency that the consumer wishes to use. A QR code is displayed for consumers to scan and complete payment.
As an incentive, merchants can earn 1 percent in cryptocurrency and other benefits, the company says.
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