HSBC Customers Can Now Pay Their Mortgage Bills With Crypto, Including $SHIB and $XRP

Blockchain payments system FCF Pay has recently announced that customers of the popular financial behemoth HSBC are now able to pay their mortgage bills and loans using numerous cryptocurrencies, including Bitcoin ($BTC), $XRP, and Shiba Inu ($SHIB).

According to a post the firm shared on the microblogging platform X (formerly known as Twitter), some of the accepted cryptocurrencies also include Ethereum ($ETH), Binance Coin ($BNB) and the meme-inspired cryptocurrency Dogecoin ($DOGE).

According to FCF Pay’s website, repaying  mortgages or loans with digital assets requires a three-step process, where users select a payee, add billing information, and send over the cryptocurrencies they will be using as payment.

FCF Pay claims to guarantee a swift behind-the-scenes processing timeframe, assuring the completion of the payment procedure within a span of 48 hours. The process incurs a 2% fee on the invoiced amount for the use of the cryptocurrency payment gateway, in addition to a standard charge of $3.

The firm has also clarified it doesn’t connect directly to users’ cryptocurrency wallets when they’re making payments through its platform, which means users’ funds are “kept safe” while paying their mortgages.

The service is currently only available to users in the United States, although FCF Pay has announced it plans on supporting other jurisdictions in the future.

As CryptoGlobe reported, Ripple partner Tranglo has reported an impressive trajectory in its service metrics from 2021 to 2023, registering a net rise in the usage of the $XRP-powered solution On-Demand Liquidity (ODL).

Tranglo saw its net ODL transaction volume surge from a modest $53 million in 2021 to a staggering $970 million the following year, marking a 1,700% uptick.

This robust growth has provided a boost to small and medium-sized enterprises both within the region and internationally. Jacky Lee, the CEO of Tranglo, was quoted saying the use of ODL unlocked new cash flow opportunities for small businesses.

Featured image via Unsplash.

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