Two relatively new services, PiixPay and AavePay, offer cryptocurrency users a way to use their coins to deposit money directly to the bank accounts of individuals and companies that have not directly adopted cryptocurrencies, yet.
PiixPay can even handle reoccurring payments to the same account and “same or next-day settlement” in 102 countries. PiixPay also offers “Instafill”, which “links a chosen crypto wallet address to [a user’s] bank account address (IBAN) and each time [a user] sends something to that wallet address, it will be converted to euros and transferred into [the user’s] bank immediately”. This becomes very handy for individuals that get paid in cryptocurrency, but still have reoccurring monthly expenses that do not accept cryptocurrency. They have a maximum amount of 20,000 € and a minimum of 1 € per transaction and no limit on the number of transactions, but may ask for more KYC/AML information the more transactions are conducted. They have service fees that range from nothing to 1€ + 1.75% and bank transaction fees ranging from 1€ to 25€ depending on the exact factors.
AavePay offers a similar service to allow cypto-using individuals to pay non-crypto-using individuals. They accept Euro, Great British Pounds and Swiss Francs for IBAN accounts, United States Dollars for ABA accounts, Australian Dollars for BSB accounts, and Indian Ruppes for IFSC accounts. AavePay highlights their speed since they can conduct the exchange and send to a bank in a few hours and then only wait on the bank to conduct their 1-3 business day confirmation. They also allow users to track their payments through a website and send email updates.
Breaking down adoption barriers
While many cryptocurrency groups are attempting to get as many merchants as possible to directly accept cryptocurrency, there are still many merchants that have not and are not planning to adopt anytime in the near future. Thus, these services increase utility for both parties by allowing both side to primarily use the currency that they prefer. However, this does add another middleman and extra fees to the transaction, which might be negligible, but nevertheless still existent. These service are temporary solutions and an attempt to eventually, gradually, convince the merchant to completely switch to direct cryptocurrency acceptance, which can offer more significant savings.
The advantage of having these services automatically convert cryptocurrency to fiat and deposit directly into bank accounts so that users can pay bills is that it makes the manual process of exchanging into fiat and sending via bank transfers much simpler, which can become very complex and time consuming. By at least removing the complexity for the cryptocurrency user then these services can at least help increasing and maintain cryptocurrency adoption among some people.
Dash focusing on direct adoption
While Dash is integrated into both of these services and wants to be used as everyday digital cash no matter the application, Dash has instead been seeing more adoption among direct merchants (over 4,000 world wide) and POS providers. This better helps Dash have direct interaction with both sender and receiver so both end users can see the advantages of Dash over traditional money and payments, which further helps adoption. Then with Dash’s newest integrations into SALT and Celsius, users can receive interest on their Dash, much like individuals used to be able to do with fiat in traditional banks accounts. Additionally, Dash is attempting to make using Dash as seamless as possible with educational material and simple user interfaces so individuals are not intimidated to adopt Dash. Nevertheless, services like Piixpay and AavePay help span the barrier until mass adoption occurs for the certain individuals and/or companies that simply do not want to accept cryptocurrencies, yet.