In our increasingly digital world, speed, security, and convenience reign supreme in financial transactions. The way people pay for products or services is undergoing a rapid transformation, spurred by the emergence of cryptocurrency and the broader adoption of crypto to fiat payments and banking.
PDX Global Ltd., a notable player in the global digital banking and payments industry, is stepping forward with significant progress in its pursuit of historical innovation and technological advancement in the financial space. The company recently completed the minimum viable product (MVP) development phase of its suite of applications that facilitate crypto to fiat payments and banking, called PDX Beam.
"Crypto is going to simplify payments," Shane Rodgers, CEO of PDX Global, told Forbes. "It's going to make cross-border money movement faster and cheaper."
Image sourced from Freepik
Beta testing PDX Beam
This March, PDX Beam will have its beta version available. This payment application is built on the Polygon blockchain and gives users a way to move from crypto to fiat and back again quickly and cheaply.
Currently, merchants who accept crypto payments are experiencing multiple pain points, such as fees, intermediaries, and payment delivery lag. PDX Beam seeks to ease these pain points and make crypto payment adoption easier.
Rodgers and his team are not shy about their outward challenge to some credit card companies' dominance in the payment space. "It is absolutely a challenge to these companies, even in some use cases utilizing those same services," Rodgers explains.
By offering instant real-time settlements in fiat currency, PDX Beam is reducing transaction fees and disrupting a market that is all too reliant on legacy payment systems. "It sets PDX up immediately for a leadership role and as a dominant player, courtesy of its proprietary IP and functionality," says Rodgers.
As a further disruption, PDX Beam integrates with merchant point of sale (POS) systems at no extra cost. The application supports blockchains and all associated coins and tokens, further promoting asset adoption.
The beta test coming in the Spring of 2024 will involve partnerships with several well-known financial institutions. "All these partners play an essential role in the smooth operation of the platform. Very simply — it reflects our commitment to best-in-class," says Rodgers.
The PDX Global team is onboarding over 200 retailers and merchants for user transactions during its US beta test.
PDX Coin
In addition to the PDX Beam application, the team at PDX Global has created PDX Coin — a traded ERC-20 token.
Rodgers and his team at PDX Global have reached agreements to list PDX Coin on several exchanges after the initial PDX Beam beta test period, expected in May. PDX has partnered with Kraken to test and run the PDX Beam payments platform, highlighting PDX’s dedication to transparency, market capitalization, and inclusivity in the cryptocurrency ecosystem.
A pioneer in the crypto space
"If you want to transact in crypto, we will make that happen," says Rodgers. The team at PDX Global is working diligently toward obtaining electronic money institution (EMI) licenses in the EU, UK, and Hong Kong. With these licenses, PDX Global can enhance its compliance and banking capabilities around the globe, further strengthening its commitment to compliance, security, and accessibility — something they are hopeful the EMI licensure will exemplify.
"Completing the MVP for PDX Beam Version 1, crypto exchange listings, and pursuing EMI licenses demonstrate the mission to revolutionize the crypto payments and banking sectors," Rodgers says. He is expectant that crypto will gain traction due to the current payment system being so antiquated.
"We are seeking to go around it," Rogers told Forbes. "We are not going to get rid of that payment system completely, so we expect to sit alongside it, and over time, more and more people will opt for crypto."
Within the financial landscape, there is a growing need for more flexibility, speed, efficiency, and transparency. With the emerging worldwide adoption of crypto for transactions, we are standing on the precipice of a transformative era in finance led by innovators like PDX Global.
Though challenges remain, from regulatory uncertainty to lingering concerns about market volatility, innovation is marching forward. With each successful transaction, payment, and step forward into the future of finance, we build a more inclusive, efficient, and decentralized financial system.
This post was authored by an external contributor and does not represent Benzinga’s opinions and has not been edited for content. The information contained above is provided for informational and educational purposes only, and nothing contained herein should be construed as investment advice. Benzinga does not make any recommendation to buy or sell any security or any representation about the financial condition of any company.
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