Payments are slow and expensive due to antiquated, legacy systems. All payments, through cards in-store or online, take 3/4 days to settle and cost an avg 2.4% per transaction.
Lynq uses Blockchain and Open-Banking to allow businesses to receive both card payments and online payments INSTANTLY, for a fraction of the costs. Lynq is faster and cheaper than WorldPay, Visa, PayPal, Stripe and all other payment gateways.
To give an example of the potential of Lynq, you can use a NatWest card to make a 1p transaction, arriving instantly in the businesses bank account. It’s also possible to transact with Cryptocurrencies through Lynq, either in-store through your bank card or online.
This is possible by leveraging newly released PSD2 (Open-Banking) and Blockchain technology, providing businesses, POS systems and applications the ability to process £$€ instantly.
Lynq has patents pending as is partnered with the NatWest and RBS FinTech accelerator.