“directly with prepaid access programs like gift cards, store credit, rails or other options merchants are used to accepting,”
Also, there is no direct link between Fold and any of the above mentioned big merchants as transactions are confirmed in fiat on a firm’s balance sheet as either store credit or gift card purchases, depending on how Fold integrates with a particular POS. The integration does not need any work on the path of the merchant and does not also require the installation of new software or hardware.
Reeves who believes that lightning network transactions are a means of getting customers to use virtual currency not just as a store of value, but as a payment route further added that Fold started working on its P2P feature in 2018
“Customers navigate to the Fold app, where they are presented with a list of available merchants. They then select the denomination and how much they want to spend,”
Furthermore, Fold is non-custodial and allows its clients to operate any wallet that they desire. As soon as an invoice is populated, it “immediately displays a barcode or other payment method” generated via the merchant’s own gift card API.
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