The Foundation for Interwallet Operability (FIO) has announced today that its protocol will be integrated into leading cryptocurrency payments platform CoinPayments. This integration streamlines the user experience of paying with digital currencies on eCommerce sites and allows online merchants to transact with their customers in a clear, transparent, and secure format.
The FIO Protocol will enable customers to pay online merchants with the cryptocurrency of their choice by entering a simple, human-readable FIO Crypto Handle (e.g. cryptofan@hodl) while checking out in a CoinPayments-enabled cart online. The FIO Crypto Handle is tied directly to the customer’s supported wallet and serves as a highly-usable and interoperable user identifier that mitigates the risk of transacting with complex public addresses and multiple blockchain types. The FIO Protocol also streamlines the return process, allowing online merchants to easily issue refunds back to the customer’s FIO Crypto Handle without the high-touch process or risk of exchanging and transacting with a public address.
Luke Stokes, Managing Director, Foundation for Interwallet Operability: CoinPayments and FIO share the same vision to take digital currencies out of the realm of theory and put them to everyday practical use by the general public. Traditional financial services and payment providers exclude billions of people. Cryptocurrencies, underpinned by blockchain technology, have the potential to link [online] merchants with their customer base free from centralized third parties, potentially unleashing a wave of economic opportunities and growth that would have been inconceivable a decade ago.
CoinPayments integration of the FIO Protocol aims to improve the user experience and remove the potential for loss-making errors. This integration removes the risk of man-in-the-middle attacks, miscopying addresses, and stresses associated with sending funds to an anonymous string of letters and numbers. The FIO protocol allows customers and eCommerce businesses alike to transact using cryptocurrencies more confidently, paving the way for mainstream adoption of cryptocurrencies among online shoppers.
Check out this video to see firsthand how easy the FIO Protocol makes transacting in crypto on CoinPayments-supported eCommerce sites: FIO Requests and CoinPayments: Online Shopping With Crypto Made Easy
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