STK lets you make instant payments at points of sale directly from your cryptocurrency wallet. Now you can add your cryptocurrency wallet alongside your other currency wallets in STACK. When you tap to pay through the STACK app, you can make purchases at any retail location that supports credit or debit cards. STK opens a bridge between the Ethereum blockchain and traditional credit card payment rails.
Almost a decade after the introduction of cryptocurrencies, and despite their promise of immense profit, none of the established payment providers have rolled out a convenient way to pay at stores or online with Bitcoin or Ether. In this article I’m going to explain the challenges of creating a cryptocurrency payment protocol at point of sale, and how we resolved them.
Traditional payment rails
Most of the world’s retail transactions (shopping), as well as banking go through a handful of core payment rails. The best known of these rails are run by major credit card companies. They enable banks and other financial institutions to transmit money to each other, securely and reliably.
At STK we focused on consumer-to-retail payments, like those you make at grocery stores, convenience stores, restaurants and other retail locations.