Lydian has announced the launch of its Lydian Pay app on the Apple App Store and Google Play.
Small businesses and retailers can now turn an ordinary smartphone or tablet into a POS terminal for accepting digital currency payments.
Merchants do not need a card reader, a new contract, or additional hardware. They simply download the free app, complete verification, and start accepting payments on a device they already use at their business. Customers pay from their digital wallets, while merchants receive settlement in local currency.
“We are not asking a business to change how it operates. We are offering the opportunity to download an app and give customers what they are asking for.” Carl Grimstad, CEO at LydianShare.
With Lydian Pay, merchants choose which wallets, assets, and payment systems to accept. There is no need to dispute payments weeks later, as merchants retain their usual refund policies. The app works on any device a merchant may use.
This means a business using an iPad at the checkout can access the same data from Apple or Android devices. Each payment is recorded in the Lydian Merchant Portal for reconciliation. Lydian does not hold merchants’ funds, and access to the app is protected by the device’s own authentication and verification through the merchant’s Lydian account.
“Merchants have been asking for this functionality by their own customers, and the answer has always involved buying or upgrading their platform or POS,” said Carl Grimstad, CEO at Lydian. “Lydian Pay runs on whatever technology is already in use on the counter, whether it be an iPhone, an iPad, or an Android handset. The money arrives in local currency, in the account they already bank with. We are not asking a business to change how it operates. We are offering the opportunity to download an app and give customers what they are asking for.”
The launch of Lydian Pay aims to lower the barrier to entry for small merchants looking to accept digital assets as payment. According to a survey of U.S. payment professionals, 88% of merchants had received customer requests to pay with cryptocurrency. Some 69% encounter such requests at least once a month. Meanwhile, 90% of respondents said they would be more likely to start accepting cryptocurrency if the setup process were as simple as accepting credit cards.
Half of large U.S. merchants with annual revenue exceeding $500 million already accept digital assets. Among small businesses, the figure stands at just 34%. The gap is attributed to the high cost and complexity of integration, which has largely been accessible to larger companies.
