Monarch Revolutionises Crypto Subscription Payments
Netflix and Hulu will now be able to accept subscriptions through cryptocurrency as Monarch Wallet launches a recurring payment facility. Although other online exchanges and wallets offer the system, Monarch's offering stands out as the first decentralised system to allow payments to happen regularly and automatically.
The new system is based on smart contracts processed on a blockchain. No formal partnership with Monarch is needed for a merchant to accept a recurring crypto payment, although they must register on the Monarch site. The consumer then just sets up a smart contract with their cryptowallet.
The smart contract currently supports Ethereum, ERC20 stable tokens like TUSD and DAI to limit volatility, and soon any ERC20 token.The Monarch wallet itself supports myriad cryptocurrencies, up to 3,000, along with the major operating systems, desktop, iOS, Android, and Mac OS.
By allowing subscriptions to be paid weekly, monthly, half-yearly, yearly, or any other recurring timeframe, Monarch will enable services such as Netflix to accept crypto payments. Future applications include making loan payments, education fees, and even rent.