In-store purchases using the Lunu Terminal take no longer than regular credit card transactions. The customer informs the retailer that he/she would like to pay for his/her purchase with cryptocurrency. The retailer then enters the selling price of the merchandise (in local currency) into the Lunu Terminal and inputs the type of cryptocurrency the customer will use. This info is sent via the Lunu Terminal to the company’s proprietary, patented Arbitrage system which scans available crypto-to-fiat offers to find the best exchange rate for the customer. Once the best rate is found, an offer (denominated in the customer’s cryptocurrency) is sent to the retailer’s Lunu Terminal where the customer sees the rate and the amount to pay.
The customer then pays for the purchase in cryptocurrency through the Lunu Terminal, using his/her crypto wallet to scan the revealed QR code, or using NFC. That crypto payment goes directly to the arbitrageur and the transaction is tracked and verified in the blockchain by system oracles. Once the arbitrageur receives his payment in cryptos from the customer, Lunu sends payment for the transaction in fiat to the retailer’s bank account.
The sleek, modern Lunu Terminal in its glass-and-chrome exterior supports a potentially unlimited number of cryptocurrencies and compatible wallets, making it possible to use cryptos at the point-of-sale in retail purchases that are no more complicated or time-consuming than regular credit card transactions. In addition to cryptocurrencies, the Lunu Terminal accepts most credit cards as well as contactless payments using near-field communication (NFC) systems such as Apple Pay, Android Pay, eWallets or EMV chip cards. Thus, retailers can handle multiple types of transactions with just one attractive terminal. Lunu Terminals are competitively priced and will receive operating licenses for Visa and MasterCard in Q2 2021.
The Lunu Widget facilitates the same processing and exchange functions for crypto customers online as the Lunu Terminal offers in-store. The customer goes to a retail site powered by Lunu and enters the type of cryptocurrency he/she wishes to use as payment at checkout. The site then launches the Lunu Widget which converts cryptos to local currency, with payment going to the retailer’s online account in fiat. Retailer transaction costs for the Lunu Widget are just 1% and the customer pays nothing in crypto-exchange costs.get powered by lunu