Fiserv POS Goes Crypto With Lightning Network Integration

Clover, payments major Fiserv, and Strike have launched a Lightning Network integration to enable crypto on Fiserv’s point-of-sale platform.

Additionally, the integration will allow businesses using Clover’s POS to accept Bitcoin payments via Lightning Network – Jack Mallers, Strike CEO.

Mallers revealed a 90-day trial of Bitcoin lightning network payments for Clover merchants to evaluate its efficiency, cost, and potential for driving new business. The aim is to expand the service if the trial is successful.

Mallers stated that any application with Lightning capabilities, such as CashApp or a Tor node, can send money to a Clover merchant’s terminal.

Lightning is live with Clover.
Strike is officially an integrated partner of the payments giant @Fiserv and we’ve launched our public pilot with @CloverCommerce point-of-sale terminals!

In addition, Clover merchants can now accept cheaper, faster, cash-final USD over Lightning. Lightning Network: layer two solutions for fast, low-fee Bitcoin transfers via payment channels without publishing on the leading network.

MicroStrategy plans to develop architecture for e-commerce companies to accept payments in satoshis via Lightning Network. This architecture would allow e-commerce companies to receive payments via the lightning network in satoshis or one-hundred-millionths of a Bitcoin.

The Link Between Strike And The Lightning Network

Mallers, an El Salvador-based private entrepreneur, initially aimed to fix the country’s costly remittance system with Bitcoin. He gained prominence when President Nayib Bukele sought his advice on making Bitcoin legal tender in the country and later became a keynote speaker at major Bitcoin conferences.

Mallers’ Strike app enables El Salvador citizens to receive remittances in local currency without handling Bitcoin, using Lightning’s low fees for free remittances.

Additionally, Strike added an Application Programming Interface to Twitter so content producers can get tips. Since then, Twitter has stopped offering the service due to low user interest.

Clover merchants accepting payments via Lightning Network can improve the customer experience for fintech companies. Investment in fintech reached $140 billion 2012-2022, digital wallet users projected to reach 125 million by 2025.

Furthermore, for gathering a customer’s transactions and sending them to a bank or payment processor, fintech charges a fee.

Related Reading | DappRadar Forecasts Huge Growth For Blockchain Gaming In 2023

Fintech companies can improve customer experience with Lightning Network’s fast and low-cost payments, driving Bitcoin adoption in 2023.

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