Canadian payment company Glance has announced that its customers will now be able to use Bitcoin (BTC) as a means of payment for purchases and services. Glance's press release states that the service is called “Pay Bitcoin” (Pay With Bitcoin).
However, despite the name, the technology is different from traditional cryptocurrency payment systems. In order to use the service, Glance Pay users must first convert Bitcoins to Glance Dollars cryptocurrency.
As explained in the press release :
"Glance Dollars represent a loan that can be used at once in all outlets that are part of the Glance Pay ecosystem."
The company explains that converting Bitcoin to Glance Dollars will enable users to make payments quickly. Since transactions on the Bitcoin network can take from several minutes to several hours, using cryptocurrency directly for retail purchases would be impractical.
Another advantage of this approach is that merchants will be able to use cryptocurrency as a means of payment without opening cryptocars and without using additional devices.
The head of Glance Technologies, Desmond Griffin (Desmond Griffin) said :
“We are constantly creating new payment options. Pay With Bitcoin allows Glance users to use the value of their cryptocurrency in their daily lives. ”
As we have already written , the Swiss Financial Market Supervision Authority (FINMA) has released a guide to a new fintech license, the official press release of December 3 says.
