RaleyPay Launches into $600b E-commerce Market for Aussie Retailers

Thursday 19 November 2020, 5:00 PM AEST - 6 days ago

RaleyPay is launching a payment solution by bridging the gap between traditional finance and cryptocurrency. The platform is launching into the $600b e-commerce market to make crypto available for Aussie retailers. 

The Australian platform will allow crypto transactions at global exchange rates. RaleyPay users can now pay their bills, buy in their favorite stores, cash out from an ATM, or transfer funds to any bank account nationwide — by converting their crypto to fiat at the time the payment is made, with a daily limit of $50,000.

Users put their bank or mobile details, select a cryptocurrency, choose a conversion rate and receive their funds — with no fees for crypto transfer to bank accounts.

Australia’s First Crypto-payment Solution

RaleyPay is implementing Australia’s first crypto-payment solution by allowing their clients to spend Bitcoin, Ethereum, and other digital currencies the same way as fiat.

The core value of this is that now Australians can easily pay their Bills with ETH or Bitcoin, and make only shop integrations with Shopify, WooCommerce & Magento.

Their first merchants are the Australian companies BronID, which specializes in anti-money laundering — Piper Alderman, a company that provides legal advice on commerce, and Blueshyft, an iOS-based platform with 1,400 retailers nationwide.

Australians can transact their Bitcoin or Ethereum in the following ways:

  • Buy crypto such as Bitcoin and Ethereum with AUD via PayID or bank transfer.
  • Sell crypto and withdraw AUD to any Australian bank.
  • Spend crypto on e-commerce websites.

Part of the reason cryptocurrencies have a negative stigma is the logistical nightmare of transacting with local and international exchanges due to the risk, painstakingly complex processes, and exorbitant fees. So we wanted to solve these two problems by removing the barriers to buying and using digital currencies at global market rates, while also opening up new revenue opportunities for retailers.

Stated RelayPay founder & CEO, Charlie Karaboga, for Australian Fintech.

RelayPay will launch soon crypto loans, a feature called Crypto Backed Lending: users can deposit Bitcoin or Ethereum as collateral to get an AUD loan for up to 50% of the value of the asset.

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