Online service providers like Netflix and Hulu can now accept crypto for memberships and subscription services through an easy-to-integrate decentralized payment solution
CommPRO Editorial Staff
By now, many are familiar with the concept of one-time cryptocurrency payments, but what about paying for subscriptions like Netflix, Hulu, or Spotify in cryptocurrency? Monarch, the decentralized wallet and suite of crypto services with 270,000+ users, just launched a service to make this a reality.
Until now, there’s been no way to automatically pay merchants in crypto on a recurring basis due to the limits of blockchain-based transactions. To solve this, Monarch developed a patent-pending, permission-based smart contract system that pays one wallet address the same amount of cryptocurrency on a daily, weekly, monthly, yearly or other recurring basis. This smart contract allows any merchant to start accepting recurring payments, and any user to start paying onboarded merchants with the supported cryptocurrencies.
Not only does this let businesses create recurring subscription-based plans using the Monarch payment solution, but businesses and merchants will now also be able to create custom product and service payment plans. The applications for these custom payment plans are many, to include even creating 3, 6, 9, or 12-month payoff plans for higher ticket items and more. Businesses have full control over creating the exact type of contract, specific to their needs, and will be able to offer it to their customers in just minutes after the initial set up.
Coinbase and PumaPay made headlines by offering the first cryptocurrency subscriptions; however, they are both centralized. Centralized cryptocurrency payment systems don’t allow users to hold their own private keys and seed, leaving their personal data vulnerable and exposed. Monarch’s smart contract for crypto recurring payments is fully decentralized — an industry first — and allows users to make recurring crypto payments to subscription services, pay for products and services through custom payment plans and more, all while maintaining their own private keys and seed.
Here’s how it works: Merchants can sign up to accept recurring crypto payments using https://monarchpay.com/. On the consumer side, similarly, users set up their smart contract supported wallet to send recurring payments to their selected merchants. The system is decentralized, so any merchant can accept recurring payments without formally partnering with Monarch. Furthermore, Monarch’s recurring payments are Ethereum-based. The smart contract currently supports Ethereum, ERC20 stable tokens like TUSD and DAI to limit volatility, and soon any ERC20 token.
“Our continued focus is to provide services that make it easy for any merchant or consumer to start using crypto seamlessly throughout their everyday lives,” said Robert Beadles, President of Monarch. “98 percent of businesses are small businesses in the US alone. This simple utility allows them all to start using and receiving crypto today with MetaMask for recurring services. Why Metamask? We wanted to make this as available as possible to people without changing what they are used to. We’ll add this to the Monarch Wallet within the next few months as well. For now, anyone with a desktop computer and MetaMask can use it.”
The Monarch Wallet supports more than 3,000 cryptocurrencies, with functionality across iOS, Android, desktop, and Mac OS. Since launching in 2018, Monarch has become a one-stop-shop for more than 270,000 users, bringing together the best blockchain services under one application for consumers, merchants, and partners. Monarch eliminates the need for multiple applications and improves security with a single wallet, delivering every service needed to buy, sell, trade, and manage digital assets.
The company recently concluded its Token Generation Event, raising more than $2 million to help fund further development of the Monarch Wallet, MonarchPay, and a suite of other blockchain services. Monarch’s extensive network of partners includes a recent agreement with Ambisafe to release an Alternative Trading System (ATS) that will allow for investment in tokenized entities (Pending FINRA & SEC Approval). Headlining the offerings in the Monarch/Ambisafe ATS will be a pre-IPO token for SpaceX. Earlier this year, Monarch partnered with Celsius to allow wallet users to earn up to 8.1 percent APR on their crypto.
Monarch is advised by Roger Ver, Bitcoin Foundation Founder and Bitcoin.com CEO; Eric Ly, Co-Founder of LinkedIn; David Zimbeck, lead developer at BitBay and creator of the first smart contracts; Damon Nam, Founder of CoinVest, and many of the most influential names in the blockchain industry. Monarch has acquired a broker-dealer license and is awaiting SEC and FINRA approval.