InTech becomes pioneer in crypto payments
The subsidiary of the Post group has just signed a partnership with the Singaporean fintech Touché to launch a solution that could revolutionize the use of cryptocurrencies in the real economy.
By essence dematerialized, virtual currencies could take a little more substance in the future. At least, introduce more concretely into our daily lives.
Specialized in cashless payment solutions, the start-up Touché has developed a device that uses neither credit card nor phone, but a simple touch of fingers to validate a transaction.
In other words, the device designed by the Singaporean fintech authenticates the user in an ultra-secure way thanks to his fingerprints. Connected to the customer's account, the payment is done automatically.
Complex solutions
Already available for traders, this solution currently only accepts payments in foreign currency. But thanks to InTech and its expertise in securing blockchain transactions, cryptocurrencies can also be used by this system.
The partnership that the two companies have just made is a great step forward in the world of virtual currencies. At present, only a few convinced use their bitcoin and other ethereum to do their shopping. One reason is that the payment process is complex for both the buyer and the merchant, especially with regard to access to the private key or the electronic wallet containing the cryptocurrencies.
"Currently, the most common way to pay is to generate a QR code on the merchant's payment terminal and scan it with a mobile phone that contains the user's private key to generate the payment," the statement said. 'InTech. In short, it is a solution almost inaccessible for a non-warned.
Chance would have it
The Eddits solution, developed by InTech, allows the association of a digital identity to a blockchain ethereum address. In other words, it is the digital infrastructure that Touché needed to expand these payment options to virtual currencies.
"For now, our solution is linked to the blockchain of ethereum, but we will expand it to other blockchains, and therefore other cryptocurrencies," says Fabrice Croiseaux, CEO of InTech. "Touch contacted us because they stumbled upon the news release we published in April on the occasion of the launch of our Eddits service."
With this simplified payment solution, virtual currencies may soon be no longer tied to risky financial investments, but become real ways to buy goods from merchants.