To deliver a smooth retail BTC experience, CoinCorner, a Bitcoin Lightning-based card payment service provider, is planning to install NFC card readers throughout El Salvador.
Owners of Bitcoin based in El Salvador (BTC tickers down $19,089) may soon be able to use the “tap-to-pay” function anywhere near-field communication services (NFC) card readers are present. The Lightning Network (LN) would be used by the cardless pay service to enable retail BTC transactions.
In the current fast-paced world, contactless card payments are highly common, and now BTC users can also make use of these services thanks to LN. CoinCorner is launching the Bitcoin Lightning services in El Salvador, and CoinCorner has collaborated with IBEX, a provider of lightning infrastructure services, to expand NFC support across local companies.
On October 12, the Bolt Card, a Lighting payment card, was introduced. A deluge of complaints about bad user experience, which the company aims to address, according to CoinCorner, was the driving force behind its expansion in the Central American country, in addition to its BTC legal tender.
A layer-2 scaling infrastructure called Bitcoin LN enables everyday BTC retail use and spending at a cheap cost and consistent transaction rate. The company thinks that the implementation of tap-to-pay card payment will improve the country’s BTC usage by enabling a smooth BTC user experience.
In September 2021, El Salvador became the first nation to declare bitcoin to be legal money. At the time, the adoption was intended to assist the nation’s preponderance of unbanked citizens in achieving financial independence. The nation added 4 million users to its government-backed Bitcoin wallet in just four months after adopting BTC.
In the first two quarters of 2022, remittances totaling $52 million were sent to BTC wallets. The country’s adoption of Lightning-based payments could increase BTC use in the retail payment market.