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News Link • Bitcoin

Whole Foods Now Accepts Cryptocurrency

• https://www.zerohedge.com, By Tyler Durden

This is possible by a revolutionary payment network called Flexa, built using cryptocurrencies, which allows mainstream consumers to spend their digital assets at brick and mortar stores across the US.

According to The Verge, consumers pay for items using Flexa's app, Spedn, which generates a QR code that consumers scan at the checkout register. Upon the scan, the merchant receives instant payment in dollars, and the equivalent amount of cryptocurrency is debited from the consumer's cryptocurrency wallet.

Flexa mentioned on its website that it believes the existing payments infrastructure, established five decades ago, is completely broken. Cash alternatives, like credit and debit cards, are insanely costly per transaction for merchants and are prone to cyber attacks.

Instead of "bolting cryptocurrency payments on top of debit cards," the payment processor company said it took a new approach: built out thousands of new connections with tens of thousands of merchant point-of-sale terminals nationwide in 2018, to bypass the existing payments infrastructure and allow cryptocurrency-based payment authorizations directly to merchants.

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