More than 5,000 shops in Chile are gearing up to accept cryptocurrency

The CryptoMKT exchange partners with payments platform Flow to enable people to purchase items with Bitcoin, Ethereum and Stellar as they target 20,000 customers

Over 5,000 shops and businesses across Chile will accept cryptocurrency as payment for purchases as a result of the launch of by CryptoMKT and Flow.

CryptoMKT is a cryptocurrency exchange and Flow is a Chilean payment platform that claims it currently provides a service to more than 5,000 stores with over 180,000 monthly transactions and in excess of 20,000 customers.

“Cryptocompra allows businesses to accept payments in Bitcoin, Ethereum and Stellar cryptocurrencies quickly and easily,” says CryptoMKT.

“Clients pay in cryptocurrencies, and businesses receive pesos (Argentina), reales (Chile) or euros (European Union).”

READ MORE: What can I buy with Bitcoin online and offline?

“You don’t need to have contracts with the means of payment, Flow does it for you,” CryptoMKT explains.

“Each time someone pays you, we will notify you of the payment made – we will indicate the detail of the payment made and the date on which we will transfer your money.”

READ MORE: The world’s first crypto-friendly shopping mall is in Slovenia

Cryptocompra, which is now also available for businesses in Chile, Argentina, Brazil and Europe, uses Flow, which lists a fee of 0.90% for next day payments with cryptocurrencies. Paying with credit cards using Webpay Plus or Onepay costs 4.99% to receive payment on the next business day.

Courts order banks to reopen accounts

The announcement by CryptoMKT follows the ruling by two Chilean courts demanding banks to reopen crypto exchanges’ accounts.

READ MORE: Airport and town in Australia notch up crypto firsts

Crypto exchanges in Chile have been in a legal battle with banks over their accounts being shut down. In April, the Chilean Court for the Defense of Free Competition (TDLC – Tribunal de Defensa de la Libre Competencia) ordered three banks to reopen the accounts of crypto exchanges, including CryptoMKT.

Disclaimer: The views and opinions expressed by the author should not be considered as financial advice. We do not give advice on financial products.

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