The launch of Nimiq Pay signifies a new era in the world of cryptocurrency payments. Nimiq, a blockchain protocol known for its focus on easy value transfer and seamless onboarding, has introduced Nimiq Pay to bridge the gap between traditional finance and digital assets. Unveiled at Token2049 Week in Dubai, this app revolutionizes crypto payments by offering a self-custodial system that enables transactions across various networks. By integrating cross-chain atomic swaps with the Bitcoin Lightning Network, Nimiq Pay allows users to make payments at over 15,000 locations worldwide that accept BTC LN transactions.

The Journey Ahead with Nimiq Pay

Nimiq Pay is currently in the testing phase, aiming to enable Nimiq (NIM) spending at locations typically associated with Bitcoin Lightning payments. Through partnerships with Bluecode and other traditional payment providers, Nimiq hopes to expand its network to 20,000 payment points globally. Over the past seven years, Nimiq has worked towards establishing NIM as a medium for everyday transactions, maintaining the core principles of decentralization and self-custody found in cryptocurrencies. To achieve this goal, Nimiq has transitioned from browser-based applications to smartphone-native platforms, leveraging features like NFC and push notifications for a seamless user experience.

Setting New Security and Usability Standards

Nimiq Pay not only transforms crypto payments but also sets new standards for security and usability in mobile payments. Available on Android and iOS, the app incorporates robust security measures such as 12-word seed phrases and biometric authentication to protect user assets. Initially, transactions will be possible at over 2,400 NAKA point-of-sale terminals globally, aided by Nimiq's built-in map feature for locating payment locations nearby. Max Burger, Ecosystem Developer at Nimiq, envisions Nimiq Pay as the leading crypto payment ecosystem.

Nimiq Pay for Businesses

Nimiq Pay offers businesses a gateway to explore crypto payments through innovative reward points schemes. By launching crypto rewards programs, businesses can target specific regions or brands, driving adoption and engaging consumers in loyalty campaigns. Beyond surpassing Bitcoin in physical acceptance locations, Nimiq Pay aims to establish a global network of payment acceptance points.

Source: TheBitTimes