Nimiq, a blockchain protocol focusing on easy value transfer and effortless onboarding, has announced the launch of Nimiq Pay, an app meant to bridge the realms of crypto and traditional finance, according to the information shared with Finbold on April 16.
Unveiled during Token2049 Week in Dubai, Nimiq Pay introduces a self-custodial crypto payment system that facilitates transactions across multiple networks.
Integrating cross-chain atomic swaps with the Bitcoin (BTC) Lightning Network, the app lets users make payments in over 15,000 global locations that accept BTC LN transactions.
Picks for you
The Nimiq Pay roadmap
Currently in the testing phase, Nimiq Pay promises to enable Nimiq (NIM) spending at locations traditionally catering to Bitcoin Lightning payments.
In strategic partnerships with Bluecode and other undisclosed traditional payment providers, Nimiq hopes to expand its reach, with the final goal of 20,000 payment points worldwide.
For the past 7 years, the platform has strived to position NIM as a means of everyday transactions, both online and physical, while preserving the core tenets of decentralization and self-custody inherent in cryptocurrencies.
To realize this vision, Nimiq has transitioned from browser-based applications to smartphone-native platforms, harnessing features like NFC and push notifications for a seamless user experience.
New security standards
Nimiq Pay also sets new standards for security and usability in mobile payments
Available on Android and iOS, the app employs robust security measures such as 12-word seed phrases and biometric authentication to safeguard user assets.
The initial release will enable transactions at over 2,400 NAKA point-of-sale terminals globally, supported by Nimiq’s built-in map feature for locating payment locations in the user’s vicinity.
Max Burger, Ecosystem Developer at Nimiq, envisions Nimiq Pay as the premier crypto payment ecosystem:
“Through enabling BTC Lightning network payments with NIM in a self-custodial way and constantly integrating new payment partners into our expanding network of acceptance locations, Nimiq is poised to become the world’s premier crypto payment ecosystem.”
— Max Burger, Ecosystem Developer at Nimiq
Nimiq Pay for businesses
Nimiq Pay offers businesses a gateway to explore crypto payments through innovative reward points schemes.
Businesses can launch crypto rewards programs to target specific regions or brands and drive adoption, engaging consumers in loyalty campaigns.
These ambitions extend beyond surpassing Bitcoin in physical acceptance locations by next year — it aims to establish a global network of payment acceptance points.
