US-based payments processor Galileo has rolled out a new crypto payment API solution that will facilitate funds transfers in real time at the point of sale.
Dubbed Galileo Cryptocurrency API, the new offering will allow users to deposit funds denominated in cryptocurrencies and use them with the same ease like payments cards or mobile apps.
In order to carry out transactions, users will have to initially utilise fiat currency that will be converted to cryptocurrency at settlement.
The payments processor claims that its real time money transfer capability is unlike that of its contemporaries, which is based on card programmes and requires users to pre-select currency and denomination.
Galileo Processing founder and CEO Clay Wilkes said: “The cryptocurrency market has incredible speculative value and hype right now but it is still in a state of disequilibrium and cryptocurrencies are largely inaccessible and illiquid.
“As part of our ongoing commitment to payments innovation, Galileo built our API to allow fintechs and issuers to develop their cryptocurrency strategies, integrate with mainstream payments and make cryptocurrencies readily usable.”