In a recent move, HSBC has started accepting crypto payments for settling mortgage bills and loans. The bank will be accepting Bitcoin (BTC), Ethereum (ETH), Ripple (XRP), and some meme coins. Moreover, HSBC will join forces with a blockchain-based payments processor, FCF Pay to allow the feature through a recently launched system made by FCF PAY. This step marks a new beginning for HSBC and its consumers.
We are delighted to announce that @HSBC users are eligible to pay their mortgage bills and loans with cryptocurrencies through FCF Pay.
Some of the accepted cryptocurrencies you can pay with:
Bitcoin, Ethereum, Binance Coin, Ripple, Doge, Shiba Inu + Many more!… pic.twitter.com/SEzcveJ5vq
— FCF PAY – Blockchain Payment System (@fcfpay) September 26, 2023
FCF has earned a name for itself by consistently offering the integration of cryptocurrencies as a payment method. It was the first financial service provider to integrate SHIB with other cryptocurrencies as a mode of payment for Netflix subscriptions. At the moment, several users use FCF Pay’s Visa Card to pay at Amazon and many other shopping platforms. Through this card, customers can also buy flight tickets from American Airlines and Air Canada.
HSBC and FCF to Leverage the Growing Demand for Crypto Banking
It is evident that HSBC is looking to cater to the growing demand for crypto banking. By allowing mortgage payments, the bank is aiming to expand its range of services. Through FCF Pay’s bill payment portal, users only have to select a payee, add the billing information, and send the crypto payment. The simple and seamless payment portal makes it easier for customers to opt for the crypto token of their liking and make a quick payment.
As per FCF Pay, the underground processes for the payment will take up to 48 hours. In addition, the company charges 2% of the bill and a fee of $3 to process the payments. FCF Pay also supports all crypto payments and does not connect with the wallets to ensure the safety and security of user’s funds.
Furthermore, FCF Pay allows users to settle bills with crypto in around 21,000 companies and public administrations within the US. Thus, it has the potential to become a favorable finance partner for a large consumer base. It is not only limited to crypto users, as it can serve a wide range of the unbanked American population as well.
The response of HSBC customers will determine the popularity of the new payment feature. However, it is currently projected as a major breakthrough for both stakeholders.