FinTech company PayNation announced the launch of a new payment service that will allow business owners to process large crypto B2B transactions almost instantly, with minimal costs and risks.
Perryn Holtrop on YouTube
PayNation, a payment solutions provider based in Southern California, formed a strategic partnership with Velocity Transactions, a platform for integrating crypto payments, and FinTech company Blokko, which offers innovative solutions for processing crypto transactions. As part of this collaboration, PayNation introduced a new payment service aimed at improving cryptocurrency B2B transactions.
According to Perryn Holtrop, CEO of PayNation, the growing global demand for goods and services is driving the need for more diverse payment options. He also noted that thanks to its speed, security, and transparency, crypto provides businesses with an efficient way to process large transactions faster and at lower costs.
The new service offers PayNation clients a number of key benefits:
- fast and secure transactions;
- automatic conversion of digital assets to local currency at the time of payment, eliminating risks associated with volatility;
- easy integration into existing business infrastructure without the need for deep knowledge of blockchain technologies.
Gustavo Jimenez, CEO of Blokko, emphasized that the partnership will meet the growing demand for cryptocurrency use in B2B transactions.
According to the press release, industry analysts predict that the global B2B payments market will hit $170 trillion by 2030, with cross-border B2B payments reaching $56 trillion. Already this year, around 44% of corporations are using cryptocurrencies for international transfers.
Max Krupyshev, CEO of CryptoProcessing.com, highlighted the advantages of cryptocurrencies for cross-border payments in the Purpose Driven FinTech podcast, suggesting that demand for them will grow significantly in the coming years.
Many FinTech companies are working to optimize B2B payments. Mastercard, in collaboration with Fundbot, launched a platform to optimize cross-border transfers in the UAE and Saudi Arabia, while Visa, in partnership with LianLian Global, created a new payment product designed to simplify cross-border B2B payments for small and medium-sized businesses in China. Meanwhile, Canadian FinTech company Nuvei announced the launch of a blockchain payment solution for trade between Latin American countries.
