With the launch of its latest Pay your Friends App, Crypto.com offers Venmo like payment model. The platform is a payment gateway between crypto and non-crypto users. The app supports zero-fee payments in crypto directly to the receiver. The model encourages global crypto adoption by incentivizing the sender with $50. The sender will receive the incentives when the friend stakes 50 MCO on Crypto.com chain.
The App supports instant payments with up to 10% cashback when payment is in CRO tokens. The opportunity is enticing enough for the global adoption of CRO.
In addition, using the debit cards, the Crypto.com users now will be able to make direct in-app payments. The launch of Pay your Friends App pushes Crypto.com ahead in competing with Venmo and Revolut, the popular payment systems.
As the news propagated, CRO trading volumes received a boost priced at $0.045. The original coin of the project MCO is still trading at $3.44 which is quite low.
Furthermore, each payment initiated to a non-Crypto.com user will work as an SMS invitation to use Crypto.com App. A text message valid for 7 days notifies receiver about the pending payment. After downloading the Pay your Friends App, the payment gets transferred automatically.
With no minimum transfer amount, the App will demand a full know-your-customer process. Currently, the Crypto.Com platform requires the user to submit a selfie with an official ID. This ensures the payments through the platform remain complaint to fintech regulations.