Lydian Pay App Enables Crypto Payments on Smartphones

Lydian Pay, a new point-of-sale app, is now available on the Apple App Store and Google Play. This launch allows merchants to accept digital asset payments on any smartphone or tablet, settling transactions in their local currency directly into their bank accounts. The app’s release supports the 90% of merchants who would accept crypto payments if the setup were as straightforward as processing credit cards.

Simplifying Crypto Payments for Merchants

The app addresses a growing demand from merchants for accessible methods to offer digital asset payments. According to a survey, 88% of US merchants have received customer inquiries about paying with crypto, and 69% report such requests at least monthly. Carl Grimstad, CEO of Lydian, emphasized, 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 same survey revealed that 90% of merchants would likely accept crypto if the setup process were as simple as accepting credit cards, highlighting the app’s potential impact.

Lydian Pay requires no card reader, contract, or new hardware. Merchants simply download the free app, complete verification, and start accepting payments on their existing devices. Customers pay from their digital asset wallets while merchants settle in their local currency, ensuring a seamless experience for both parties.

Lowering Barriers for Small Businesses

The launch aims to reduce the barriers smaller merchants face when accepting digital assets. While half of US merchants with more than $500 million in annual revenue already accept digital assets, only a third (34%) of small businesses do the same. This gap is attributed to the costly integration work that only larger merchants can absorb. Lydian Pay eliminates this hurdle by enabling small businesses to use their existing smartphones or tablets as POS devices, democratizing access to digital asset payments.

With Lydian Pay, merchants decide which wallets, assets, and networks to accept. The app works across all devices, ensuring seamless access to records from both Apple and Android devices. Payments are logged in the Lydian Merchant Portal for easy reconciliation, and Lydian does not take custody of merchant funds, maintaining financial autonomy for businesses.

Security and Flexibility

Access to the app is protected by the device’s authentication and verification on the merchant’s Lydian account. Grimstad noted, Merchants have been asking for this functionality by their own customers, and the answer has always involved buying or upgrading their platform or POS. Lydian Pay eliminates this need, running on existing technology and ensuring businesses can adopt digital payments without additional investments.