Reaping the Benefits of Flexa

By 

Marcel Deer

 on August 16, 2022. 
Reviewed by 

Michelle Meyer

A phone held in a hand, with a successful payment notification displayed on the screen.

Flexa is leading the pack in pure-digital payments, offering fast and fraud-proof services and supporting over 99 cryptocurrencies over 12 blockchain networks. The collateral token that encourages decentralized transactions is AMP, and stakers are rewarded with AMP for each transaction completed on the network.

Flexa is a unique payment network compared to its rivals. It offers an open-source network that combines decentralized and centralized tactics and methods. These are integrated with merchants' payment solutions, decreasing the restrictions and obstacles associated with the entry for merchants, wallets, etc.

The Origins of Flexa

Flexa was founded by Tyler Spalding, Sach Kilgore, Daniel McCabe, and Trevor Filter in 2018. Tyler has been in the crypto world since 2011. Based in New York, their idea was to bring innovation and versatility to traditional payment networks. They also wanted to address the impact of expensive transaction fees and eliminate fraud by using smart contracts on the network.

Why Is Flexa Unique?

Flexa introduces a whole new way for people from all walks of life to use Flexa Payment products, and they do so in a cost-effective, affordable manner. Moreover, this platform is compatible with more cryptocurrencies and networks than any other digital currency payment provider on the market.

Regulation is typically the primary roadblock for payment solutions due to the harsh regulations surrounding crypto in place today. This company switches things up, being fully licensed and legally authorized to operate nationwide. In addition, Flexa is AML/KYC compliant and ensures that partnerships and participation with the platform are secure and legal.

The goal is to expand the platform by including Payments API for customized integrations later on. In addition, Flexa suggests they will be recruiting new strategic partnerships, users, apps, and wallets to achieve net-zero emissions within three years.

The Benefits of Flexa

Flexa is one of the first networks to offer 100% digitally-secured transactions. Let’s look at a couple of the main benefits of using this service.

Privacy

Traditional banks and payment card transactions require sending sensitive customer account info through the network, while when using Flexa, you don’t have to do this. Instead, each Flexa payment begins and finishes with a unique, specialized authorization key that cannot be reversed or decrypted.

Speed and Security

Since Flexa is pure-digital, it makes transactions and payments incredibly quick and safe. When the digital auth code is captured at point-of-sale, the payment amounts are transferred from the customer's account balance. Then it's converted by Flexa. As a result, every Flexa-authorized transaction is 100% guaranteed.

Flexa’s payment services facilitate immediate, affordable, and fraud-proof settlements online, in-store, and via mobile apps.

Who Uses Flexa?

Various stores have already adopted Flexa as a payment option for their consumers, such as Nordstrom, Lowe’s, GameStop, Whole Foods, Barnes & Noble, Petco, and more. Flexa has even partnered with Regal Cinemas, offering movie fanatics the option to pay for tickets and goods with various cryptocurrencies.

New capabilities are to be announced in regard to Flexa’s point-of-sale partners, including prospective integrations with Blackhawk Network, Citcon, Aurus, Clover, GK, Shopify, and many more.

AMP-supported wallets include Coinbase, Gnosis Safe, Exodus, Krystal, Guarda Wallet, Metamask, Rainbow, and Trust Wallet.

As you can see, many have chosen to trust Flexa.

How Does Flexa Work?

Flexa customers can spend their Shiba Inu digital currency, for example, by sending it via the SPEDN wallet on a smartphone app. They can then use it to pay via the Flex Code on their screen.

The merchant can then scan the Flex Code, similar to Apple Pay or QR code, and the amount is paid in either convertible virtual currency or their fiat currency of choice. Flexa will deduct the payment amount from the SPEDN wallet.

Why Should I Use Flexa?

Flexa is merchant-friendly. Users find that some of the advantages of Flexa include overall reduced costs, elimination of fraudulent activity, faster settlement, and access to the expanding crypto market. In the United States, about 92% of retail payments happen offline in physical stores. (1)

As Flexa grows, more individuals will be able to benefit from their collective spending power, and will be doing so in ways that were once unreachable by high fees and unequal rates. Flexa only enables payments from crypto, which are naturally borderless. Flexa is planning to facilitate foreign payments to support crypto's borderless, empowering nature.

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