What Is Strike App And How To Use It?

The Strike app is a new entrant in remittances from citizens overseas. This industry is currently dominated by giants like PayPal, Western Union, Euronet, and Moneygram, with PayPal having a market share of just over 50%. While the big four continue to reign supreme, emerging blockchain-based money transfer firms like Strike are expected to start eclipsing smaller players in the industry, thanks to cheaper charges and faster transactions. If you want to learn more about using the Strike app for money transfers, read on.

Strike App Review

The brainchild of the Chicago-based fintech firm Zap Solutions, Strike is a blockchain-based mobile payments app. It was launched in 2020 with operations beginning in the US first, but with ambitions of expanding with a focus on emerging nations.

It utilizes Bitcoin’s Lightning network, a secondary layer on the Bitcoin network created to enable faster transaction speeds outside the main network. Strike offers customers a peer-to-peer transaction system thanks to its utilization of blockchain’s decentralized systems. In simpler terms, there are no intermediaries handling one’s finances; money is transferred directly from sender to recipient.

Using the App

To use the payment platform, you should follow these steps;

Open an Account

As with most mainstream payment apps, the first step involves opening an account. The steps to doing so are fairly simple.

Android users can download the Strike app on the Google play store, while iPhone users can get it from the Apple app store. Chrome web store software is also available for desktop users, allowing for more accessibility. 

Registration involves submitting your full name, email address,s, and phone number. You will receive an email and a message prompt to verify the email address and phone number, respectively.

The app is currently available in the US (excluding New York and Hawaii), Argentina, and El Salvador, with plans to expand its reach.

Recharging the Account

After opening a Strike account, you are required to transfer some money into it before a transaction conducting any transaction. Thanks to the platform’s fiat-on-ramp feature, it’s a fairly straightforward process, boosting its usability.

You can then link your Strike account to your preferred bank account with the platform as prompted. A credit card number will also do just fine.

After availing of a bank account or credit card details, Strike utilizes the services of Plaid, a firm well versed in connecting apps with financial services to link accounts. From there, it’s as easy as keying in the money figure you intend to load and pressing send to top up the strike account.

Sending via the Account

Now that the account is set up and funds loaded, you will have several options to select from, one being a sending funds option. For that, you need a crypto wallet linked with Strike.

Since the platform is based on the Bitcoin project, the wallet needs to be Bitcoin supported. With the wallet address connected to the Strike app, the recipient’s wallet address is needed, which is the destination of the money sent. That’s pretty much everything for small-value transactions, but things change when high-value transactions are in question. 

A top-up worth $1000 worth of BTC or more needs more KYC steps to be fulfilled. You will have to provide their address and your social security number. It is crucial for combating money laundering activities, which are crypto-based transfers, for their high anonymity levels.

Other Specialized Transactions on Offer

While simple funds transfers are the main service, you have other options within the platform.

First, there is the Bitcoin payment option. To tap into the gains made from the price gains of BTC, you have the option of receiving paychecks in Bitcoin. The step involves navigating to the profile at the bottom right, selecting ‘direct deposits, and opting for the USD/BTC percentage configuration of choice.

There’s also a recurrent purchase feature that could be useful for regular pocket money transfers or rent. Known as dollar-cost-averaging, it’s accessible on the BTC tab and by clicking on the ‘buy’ button. After that, you may enter a USD figure and the purchase frequency. Options increase over time, be it hourly, daily, weekly or monthly. However, the feature is only available in the US and to clients who have KYC compliance verification.

Transaction Costs

The Strike payments app charges to fee on any transaction done on the platform. That is one of the top-selling features of blockchain-based money payment platforms. It’s one of the reasons why they are expected to disrupt the payment industry in a major way over time.

There is a transaction fee charged with the Bitcoin blockchain. The on-chain cost is a payment to miners for transaction verification. The price is relatively low, 1 Satoshi, Bitcoin’s smallest widely accepted denomination. The current price is $0.0002211, almost negligible.

Rewards

The Strike platform got the interests of its clients covered with a reward system in place. It’s meant to appreciate the loyalty to both the platform’s clients and the outlets accepting payments via Strike.

The reward system involves cash back for using the platform as a means of payment. It is outlet and product specific, with a range of between 5% up to 15%. That’s even more mouth-watering, thanks to the fact that there are no transaction fees. However, the number of outlets served is quite limited compared to credit card acceptance rates among merchants.

Take Away

Blockchain-based payment apps will be the next global evolution of money transfer and payment platforms. And that’s thanks to two key factors, meager transaction fees and fast speed. 

The Strike platform is positioned well to reap the benefits thanks to its utilization of Bitcoin, the world’s largest blockchain. Its adoption of the Lightning network layer solves the issue of high transaction costs and jammed speed synonymous with the main chain.

In addition, reward systems such as the cashback initiative are a crucial incentive for merchants and their customers to opt for the Strike app. However, the platform has a shallow reach, which is working to change. The future does look bright.