In-store purchases using the Lunu Terminal take no longer than regular credit card transactions.The customer informs the merchant that he/she would like to pay for his/her purchase with cryptocurrency. The merchant 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-stablecoin 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 merchant’s Lunu Terminal where the customer sees the rate along with the address of the arbitrageur.
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 stablecoins to the merchant’s account and sends a verification signal back to the merchant’s Terminal, then presents an invoice for the transaction to the customer.
The stablecoins are converted to fiat money when the merchant transfers the funds to his retail bank account using the Lunu Console.
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-backed stablecoins, with payment going to the retailer’s online account in stablecoins. The retailer can then transfer these stablecoins to his retail bank account in local currency. Retailer transaction costs for the Lunu Widget are just 1% and the customer pays nothing in crypto-exchange costs.
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