Paywong + Circle
Accepting crypto payments just got a whole lot easier! Paywong is now integrated seamlessly with Circle! This groundbreaking integration serves as a dynamic bridge between cryptocurrency and fiat. Companies can incorporate crypto payment capabilities through the Paywong payment gateway and leverage their existing account with Circle to effortlessly receive fiat from cryptocurrency transactions.
Through this integration, companies can accept payments in over 1,000 different cryptocurrencies that are instantly converted to fiat and deposited to their bank accounts at no extra cost. This integration streamlines the conversion process and enables companies to save on fees when off ramping from cryptocurrency to fiat. Currently, a select group of clients with Circle accounts are participating in the pilot phase.
The Motivation Behind Our Innovation
Over the past year, we have listened attentively to the valuable feedback of our clients and meticulously aligned our product development to address genuine pain points. Among the challenges that repeatedly surfaced was the ability to transition from cryptocurrency to fiat while maintaining complete non-custodial control. Our clients sought an end-to-end solution that would empower them to effortlessly convert cryptocurrency they receive into traditional currency without the need to manually transfer tokens to a third-party exchange or other off-ramp solution. Currently, merchants of mainstream payment solutions are subjected to fees of 1–3% when converting cryptocurrencies to fiat, excluding exchange commissions and network fees. By comparison, Paywong charges a fixed fee of 0.75% to accept any crypto payments and convert it to fiat for Merchants with a Circle account.
How does it work?
Step 1: Go to your Circle Account Settings (https://app.circle.com/settings) and click on Express.
Step 2: Create an Express route. Express allows you to automate the minting and redemption of stablecoin. Simply create a new route between a blockchain → bank and follow the steps.
Step 3: Once you’ve set up an express route, retrieve the specific deposit address that was created by Circle and copy it.
Step 4: Navigate to the settings on Paywong merchant app and paste the corresponding address into the external wallet field and click on save changes.
Step 5: You’re done! All incoming USDC payments will automatically be converted to fiat and sent to the bank account registered with Circle.
How to get started
To initiate the on-boarding procedure, please visit our Cal.com link and schedule a call. A Circle account is the only requirement to get started.
Our team can be reached at team@paywong.com. Additionally, you can refer to our comprehensive documentation for further information.
The Paywong integration with Circle represents a pioneering step in the convergence of CeFi and DeFi. We believe that Paywong will continue to serve as a fundamental infrastructure component enabling the widespread acceptance and seamless integration of crypto payments into various payment systems.
About Circle
Backed by the biggest names in traditional finance, Circle manages the stablecoin USD Coin (USDC), which is raked as the fifth largest cryptocurrency by market capitalisation. USDC is designed to at all times hold a stable price of $1.00 USD per 1 USDC stablecoin. USDC is a fully-reserved stablecoin running on many of the world’s leading blockchains. It is always redeemable 1:1 for U.S. dollars, because for every 1 USDC in circulation there is $1.00 USD held in reserve.
About Paywong
Crypto Payments, Simplified — Paywong is pioneering a faster, cheaper and decentralised standard for crypto payments. Built on top of DeFi, Paywong makes transacting in crypto easy! Customers can choose to pay merchants in any token and merchants are then settled with their preferred token while always in control of their private keys. Used by over 4,000+ users worldwide, Paywong can be integrated onto any website or app in minutes.
For more details and updates, check out the official website as well as Twitter, LinkedIn, Facebook, Instagram, and Telegram.
