The process of transferring money, especially internationally, remains slow and expensive, despite advances in technology that allow for instant sharing of photos, videos, and data. It should be as straightforward, fast, and affordable as sending a message or sharing a picture. To address this, Kraken has introduced a new method for transferring money globally using the assets available in a Kraken account, known as Kraken Pay.
Instant and Borderless Payments
Kraken Pay enables the transfer of money to anyone, anywhere in the world, by selecting from over 300 cryptocurrencies and traditional currencies. The chosen asset from the account is sent immediately to the recipient without incurring additional costs. If the sender has one type of asset, such as Bitcoin, but the recipient prefers to receive another, like Swiss francs, Kraken handles both the conversion and the transfer in a single step. This simplifies the process, requiring only the selection of the asset to be sent and the type of value the recipient wishes to receive.
Payments as Simple as a Text Message
Kraken Pay utilizes a system of Payment links or paylinks, which are secure, easy-to-use URLs. These links can be shared via any messaging service, such as SMS or WhatsApp. The recipient simply needs to click on the link to accept the payment. Even if the recipient does not have a Kraken account, the system allows for the sending of a variety of cryptocurrencies or traditional currencies. Upon receiving the Paylink, the recipient can create a Kraken account and follow a few steps to claim the funds.
Unique Identification with @kraktag
This tool also introduces the @Kraktag, a unique and customizable identifier that facilitates the sending and receiving of money within the Kraken ecosystem. With this system, there’s no need to share complex banking data with friends and family. Providing a customized @kraktag is sufficient for receiving payments, whether in cryptocurrencies or traditional currencies. Each @kraktag is unique, ensuring a high level of security and facilitating transactions between friends or family.
The service is available to all Kraken customers, who can start using Kraken Pay by downloading or updating the Kraken mobile application. This allows for the simple and immediate conversion of cryptocurrencies into payments. Mark Greenberg, global Kraken consumption head, notes that cryptocurrencies are not just the future of finance but the present, and with Kraken Pay, sending any currency is as fast and simple as sending a text message. This launch aims to eliminate the barriers of slow payments and exorbitant rates, jumping into a financial world without borders and friction for all.
