MiFinity integrates Cryptopay to enable cryptocurrencies funding and withdrawal

By Gaia Lamperti

As the acceptance of digital currencies as a form of payment becomes more widespread across traditional financial institutions as well as new fintechs, MiFinity is the latest platform to enable the service for its global customers.

Today, the payment provider has announced the rollout of Bitcoin, BitCoin Cash, Ethereum, Ripple and Litecoin as funding and withdrawal options within the MiFinity app. Powered by Cryptopay, a third-party cryptocurrency payment service provider, the new feature will enable cryptocurrencies holders to convert their digital assets into Fiat currency in real-time which will be credited to their MiFinity e-wallets.

London-based Cryptopay is already allowing users to buy, sell and store bitcoins, as well as facilitating global money transfers without the use of a bank. Thanks to its integration, MiFinity’s users can now to choose their “wallet” of choice while being backed by the new bitcoin payment protocol. MiFinity’s online eWallets are a fast, simple and secure way for customers to perform payment transactions with multiple options in different currencies in a bid for the firm to expand into the online gaming, travel and e-commerce sectors.

The firm, which offers a range of cost-effective and efficient end-to-end payment solutions, is increasingly striving to meet the demands of the crypto community and this new offering will provide additional funding and cashout options specifically targeted at these users. “This additional payment option, which supports both pay-in and pay-outs, will complement the MiFinity payment platform and allow our merchants to better target their client base with this global solution,” Kieron Nolan, Chief Financial Officer at MiFinity, commented.

Coming from a best-in-class, highly secure and regulated technology platform with a network of global partner relationships, this new payment solution is another recognition that digital currencies are becoming one of the most popular “alternative payment methods” on cashiers across the world. The integration od Cryptopay will provide a higher acceptance rate for consumers and turn MiFinity into a true ‘omni-channel’ payment provider to the global online payment market.

“This latest product release coupled with the weekly onboarding and rollout of new merchants onto the platform have helped move the MiFinity offering onto a new level. We fully appreciate and acknowledge the belief shown by our current and future merchants and payment partners in our product and look forward to the continued rollout and evolution of the platform,” Nolan added.

Other benefits coming from the new offering include low FX conversion fees, extensive global coverage which makes transactions seamless across borders and a customer-friendly and simple to use interface. Enhanced additional local payment options will also support deposit, withdrawal and transfer functionality in different currencies across the platform.

Last year, the payment provider already announced cross-border payment facilitation post-Brexit for companies based in EEA that carry out certain types of business in the UK.