Spritz Finance Integrates Polygon (MATIC) Tokens for Bill Payments

Spritz Finance has successfully expanded the features of its bill-pay solution for users to make payments using crypto, including MATIC, on the Polygon network, according to a press release on October 11, 2022.

Spritz Finance Taps Polygon for Global Bill Payments

Spritz Finance, a United States-based financial technology and Web3 project that claims to be focused on connecting smart contracts with every traditional use of money, from mortgage payments and credit cards to utility bills, has expanded its bill-pay solution.

Per a press release by the team, Spritz beta users in the United States can now use any token on the Polygon Network, including its native token, MATIC, to complete everyday payments like utilities, student loans, and more without having to exchange for stablecoins like USDT.

Chris Sheehan, founder, and CEO of Spritz said:

“We knew that our users wanted the option to pay bills with any token, from Polygon’s biggest coins to leveraging any and all on-chain rewards generated from DeFi, blockchain-based gaming, and income earned by working for DAOs. This feature is an integral part of the Spritz platform and saves our customers valuable time and money. By avoiding unnecessary swaps and fees, more people can use their crypto for everyday purchases and monthly expenses seamlessly.”

According to Spritz, anyone who holds cryptocurrency in non-custodian wallets like MetaMask and Ledger and has a US bill payment account can use the platform to process payments.

Spritz Finance launched a closed beta for its bill pay product on Polygon Network in June 2022 to facilitate simple and secure bill payments using cryptocurrencies with cheaper gas fees. The payment platform aims to integrate more blockchain networks into its ecosystem.

Meanwhile, Polygon Network has recently launched the public testnet of its zkEVM, the first open-source zk-Rollup scaling solution. According to Polygon, the zkEVM solution will facilitate hassle-free Ethereum transactions without compromising the network’s security.

The Growing Adoption of Crypto Payment Solutions

The growth rate of adoption of blockchain technology and cryptocurrencies as payment solutions is essential in the global development of the crypto sector.

The major factors driving the increase in the adoption of crypto for payments can be attributed to the surge in the number of cryptocurrency holders for several reasons, including the lingering global economic decline. According to a study, the market cap of the global crypto payment apps is expected to reach USD 2.15 billion by 2030, growing at a CAGR of 16.6% from 2022 to 2030

One can also argue that the wave of acceptance that crypto has garnered with big traditional finance institutions and governments also a driving force in the push for the adoption of crypto for payment solutions. Top institutions in industries like real estate, medicine, and fashion are also joining the crypto adoption train. In May 2022, prominent fashion brand Gucci announced that it would begin accepting payments in crypto in several of its U.S stores.

The rising demand for digitization, flexibility, and decentralization of the finance sector is expected to stimulate further the growth of crypto adoption for everyday transactions.