By : Tim Vanderham
January 13, 2020 08:00 AM
At NRF 2020, NCR, Gemini and Flexa are demoing a new in-store cryptocurrency payment service. We are teaming up on the project to help expand consumer access to frictionless cryptocurrency payments through in-store conversion.
The technology, on display at the NCR booth (#4691) at the National Retail Federation’s annual trade show from January 12 to 14 in New York, allows consumers to seamlessly acquire and spend Gemini dollars in stores. Gemini dollars are a U.S. dollar-backed stablecoin.
Enabling consumers to convert traditional dollars to cryptocurrency in stores removes barriers to entry for everyday consumers to benefit from the advantages of cryptocurrency. The exhibit at NRF demonstrates how a user can acquire Gemini dollars using NCR’s self-checkout kiosks and deposit them into a mobile wallet, similar to an ATM experience. Using NCR’s open API platform though NCR Emerald, the project enables customers to deposit and use Gemini dollars for in-store payment at check-out stations utilizing NCR POS systems with Flexa enabled.
In the US, accepting crypto payments is cheaper for merchants than credit card processing fees or expenses related to cash handling. We believe that consumers will continue to adopt digital wallets on smartphones because they can offer increased loyalty rewards, security and a streamlined checkout process.
SVP & Chief Technology Officer
Tim Vanderham is Chief Technology Officer of NCR Corporation. Tim leads NCR’s global Software organization, including Software Innovation and Software Engineering. Tim most recently served as CTO of the Tax and Accounting division of Thomson Reuters, where he was responsible for global technology strategy and product delivery. Before Thomson Reuters, he enjoyed an 18-year career with IBM, starting as an undergraduate co-op and eventually becoming Vice President of IBM’s cloud platform services, known in the market as IBM Bluemix.