PDX Global, a digital banking and payments developer for the crypto economy, announced a successful round of tests of PDX Beam, the end-to-end payment transaction process and seamless crypto-to-cash payments platform for merchants and consumers.
PDX has reportedly launched a live public beta test program commencing Thursday, Dec. 19.
PDX Beam is a “globally-capable” payments platform that converts thousands of digital currencies and tokens to fiat and delivers instant cash transaction settlements at point-of-sale “without a merchant needing a crypto account or even touching the crypto side of the transaction.”
With record Bitcoin prices leading to a resurgence of interest in crypto and the prospect of a crypto-friendly administration in January, merchants see pent-up crypto spending demand and “are seeking ways to accept crypto funds from consumers.”
According to a survey by Deloitte, 85% of merchants expect “crypto will be used for everyday purchases within the next few years.”
Built on blockchain, the PDX Beam payments processing architecture completely sidesteps the legacy payment infrastructure with its high fees, allowing it to “eliminate intermediaries, hefty credit card and banking charges, and payment delays.”
Through instant transfer and settlement, it reportedly eliminates chargeback fraud.
Going forward, PDX Beam will be “available for standard payment (non-crypto) transactions.”
Shane Rodgers, CEO PDX Global said:
“Merchants are under the impression that they must sink significant investment into crypto payment systems, but with PDX Beam there is no need to even maintain a crypto account. They can deploy and integrate PDX Beam into their existing platforms quickly and with no cost, and easily accept crypto-originated payments.”
Transactions can be settled either in same day ACH or real-time instant settlement at the merchant’s option, “reducing fees to a fraction of the transaction cost of a debit or credit card.”
After five years in development, the company demonstrated Version 1 of the PDX Beam payments application platform last week.
Performing well, it handled live end-to-end payment transactions “with no hitches in 30 seconds or less (expected to be 15 seconds or less in the next software release).”
It can be used for purchases from PDX-approved merchants “including retail e-commerce site Shopbot.biz which is already using the system.”
The app will be downloadable here.
Through an API call, PDX Beam integrates with point-of-sale systems and business software and works with physical and online purchases, “including with popular platforms like Clover and Shopify (coming soon).”
It also has partnerships with banks to handle settlements.
The PDX Beam platform was designed for acceptance and use by merchants and consumers.
For merchants, any POS terminal can be used for PDX Beam “with an embedded API or custom code for scanning a QR code.”
Consumers or corporate purchasers by “signing up to PDX Beam and then linking their secure wallet.”
When consumers make purchases in-store or online with the free app, their crypto funds will be converted to local currency after “paying the mandatory fractional gas fees for network use on the relevant blockchain. No special exchange account is required.”
PDX Beam is a product of publicly traded digital asset PDX Coin.
PDX Coin is a platform that aims to make it easy for users to participate in the crypto economy and “bring digital assets more fully into the mainstream.”
It has developed a payments app, PDX Beam, and associated banking services that will allow for conversions and low fees, making cryptocurrencies usable in locations worldwide as the company scales.
The group is developing its own blockchain protocol called Siberia.
