PolisPay is a blockchain payment system that has been the subject of a great deal of discussion lately due to its increasing presence in the financial and blockchain industries. The platform, which functions as a payment service, recently announced that it is implementing Dash cryptocurrency and together, the two are releasing a MasterCard-backed debit card. The project has been in development for around two years, with the goal of helping to integrate digital currencies into the daily experiences of users by making it easier for them to pay for everyday expenses.
Before the transition, Bitcoin, Litecoin, Digibyte, Ethereum, and its own tokens were used to support the platform’s payment system. The change, though, is a welcome one. Those who use the debit card will be able to use the application to deposit cryptocurrencies and after doing so, they’ll receive a proportionate balance of fiat currency on the PolisPay card.
The funds will be then loaded to the debit card and as a result, users will be able to use the card at any establishment that accepts it. Cryptocurrency is used to pay for the transactions, however, interestingly enough, merchants receive their payment in fiat. Essentially, the technology permits users to trade and store their cryptocurrencies, along with spending them as they would traditional funds, while also maintaining ease of use for the merchant. This type of quality may make merchants more comfortable, thereby increasing the chances that they’ll be open to using the technology as well.
PolisPay released a public announcement on the development, stating that the purpose of the change is to enhance the experience for those who hold cryptocurrencies “by narrowing the barrier between their digital assets and real-world items.” In addition to the debt service, the system has a number of other features.
For example, those who use the debt service will be able to use the platform to store supported cryptocurrencies, they can convert fiat to crypto easily, perform crypto-to-crypto transactions, and even manage their master node. The last feature is specifically for the platform’s token holders. With this type of technology, PolisPay and Dash will be able to introduce a higher level of market liquidity and their technology may even become the go-to solution for those who are looking for a simple and convenient payment system.
Dash has also released a statement about the project stating,
“As Dash has always pushed towards innovation and cryptocurrency adoption, we have found great potential in the PolisPay project, and we believe this breakthrough will have a profound impact for Dash users and the whole crypto community.”