“We’re delighted to add SEPA Instant to our growing portfolio of payment methods, giving our partners’ users the power to make instant wire transfers of up to €100,000, 24/7,” said Simplex CEO Nimrod Lehavi.
In addition to SEPA Instant, cryptocurrency payment service Simplex has expanded its choice of payment methods to include SEPA Instant, allowing European partners to transfer payments into digital assets with greater convenience and flexibility.
SEPA (Single European Payment Arena) is an acronym that stands for Single European Payment Arena, which allows for payment harmonisation across the European Union. With SEPA Instant, credit transactions are handled and settled in seconds rather than minutes or hours.
Despite the fact that the fully automated method is related to the standard payment system, it is significantly faster than typical bank wire transfers.
SEPA Instant is seen as a watershed moment in the promotion of seamless adoption of digital assets, according to Simplex.
Under the terms of the new collaboration, European consumers will be able to make fast deposits through Simplex’s partners, which include Changelly and Poloniex, more rapidly and at a lower cost than they could previously use standard debit or credit cards.
A Simplex banking account, which allows users to receive funds from a variety of Simplex partners, can also be set up by them.
Using SEPA Instant, you can make automated transfers of up to $119,000 (or 100,000 euros) at any time of day or night, seven days a week. Users and partners of Simplex will be able to utilise the entire processing capacity accessible to them.
Simplex’s fiat on-ramp has attracted the attention of a number of high-profile companies. Users will be able to acquire DOT tokens with credit cards, debit cards, Apple Pay and bank transfers, according to Cointelegraph, which first reported on the adoption of the payment mechanism by the Polkadot network in March.
Simplex and Visa engaged in cooperation in December 2020 to develop crypto debit cards, which will be available in the coming months.
The integration of Simplex has expanded over the previous year and a half to include Binance, Celsius Network, as well as the Opera browser extension.