It is now a possibility for online service providers including Netflix and Hulu among others to accept cryptocurrencies for memberships and subscription services through an easy to integrate decentralized payment solution. Monarch, as reported by the blockchain Futurist conference on August 13, 2019, has launched the first decentralized recurring payment system. Monarch is a decentralized wallet and suite of crypto services.
Until the announcement, there existed no other with which to automatically pay merchants in crypto on a regular and repeated basis because of the limits of blockchain-based transactions. As a solution for this predicament, Monarch developed a patent-pending permission-based smart contract system that will enable payments to one wallet address, the same amount of cryptocurrency on a daily, weekly, monthly or even yearly recurring basis.
This smart contract allows any merchant to accept recurring payments and any user to start paying on-boarded merchants with the supported cryptocurrencies. The businesses will not only be creating recurring subscription-based plans using the Monarch payment solution, but companies and merchants will now be able to create custom products and services payment plans on their own platforms.
The potential for these custom payment plans are several, including the creation of 3, 6, 9 or 12-month payoffs plans for higher ticket items and more. Businesses will have full control over the creation of the exact type of contract, specific to their needs and will then be able to offer it to their customers in just minutes after the initial setup.
“Monarch strongly believes in the Free Market and giving people more control and freedom over their financial lives. Because of this, we wanted to commemorate the launch of the world’s first decentralized recurring cryptocurrency payments platform by honouring a person without whom bitcoin and cryptocurrency would not be what it is today”: Ross Ulbricht.
The above sentiments were said by Robert Beadles, who is the sitting President of Monarch. He continues to say, “For less than the cost of a latte, people can now use aid Ross in the fight for his life using Monarchpay’s recurring payments to donate to the free Ross fund at freeross.org/donate”.
Coinbase and Pumapay recently made headlines by offering the first cryptocurrency subscriptions. These, in contrast to Monarch’s payment solution, are centralized. Centralized cryptocurrency payment systems do not allow their users to hold their own private keys and seed, which leaves their personal data very much vulnerable and exposed.
Monarch smart contract for Credit or recurring payments is fully decentralized, a first in the industry and enables its users to make recurring crypto payments on subscription services pay for products and services through custom payment plans and more, all the while maintaining their own private keys and seed. The monarch wallet supports more than 3000 cryptocurrencies and boasts functionality on iOS, Android, desktop and Mac OS.
Since its launch in 2018, Monarch has grown to become a one-stop-shop for more than 300000 users interacting together with best blockchain services under one application for consumers, merchants and partners. The Monarch serves to eliminate the need for multiple applications and improves security with a single wallet delivering every service needed to buy, sell, trade and manage any type of digital asset.
The announcement of a decentralized recurring crypto payments system launched by Monarch Blockchain comes as a relief to everyone. The possibility of paying subscription plans, paying for services and products on a regular basis is now possible all thanks to the newly launched decentralize recurring payments system. Its decentralized component is a feature worth noting as it gives the users of the platform a guarantee of security as far as their information, seed and even cryptocurrencies are concerned.