FedNow Adds Support For Hedera

By Vince • August 14, 2023 1:18 pm • Comments

Hedera Hashgraph (HBAR) is receiving increased attention as news of a new, major partnership comes to light.

According to sources, Dropp, an innovative payment services provider, has been added to the FedNow list of official partners.

Dropp specializes in instant micropayments and is built on the Hedera network.

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For those not up to speed, FedNow is an instant payment service launched by the U.S. Federal Reserve Bank and is seen by many as the precursor to a CBDC.

The HBAR Foundation touted the new partnership in this online post:

DHN Crypto reports:

“FedNow has added another company to its Services Provider Showcase. Micro Payments company
dropp. Dropp enables micropayments in $HBAR, USD, and $USDC

This means banks in the US looking for micropayment services can now use #Hedera technology.

Dropp will enable real-time payments thru FedNow. Process customers’ credit transfers and handle incoming payments.

Not all service providers can do both. This means HBAR tech has a higher standing in this case.”

 

Hedera featured Dropp on its official website:

Dropp, powered by Hedera Hashgraph, is the world’s first affordable micropayments platform built to enable pricing flexibility and drive growth.

Merchants can adopt revenue models previously not attainable, save money, and grow their business. Consumers receive convenient access to products and services in an ad-hoc manner while at the same time preserving their privacy by making purchases instantly and privately in HBAR, USD, and USDC without signup or disclosing their personal information.

Merchants selling digital goods and services brought about in the internet era have had to adapt to legacy payment models and potentially missing out on growth and revenue opportunities.

The promise of public distributed ledger technologies has been for anyone online to transfer value in novel ways but, as many have found, with limitations.

These constraints manifested in alternative networks as unpredictable and costly fees, slow settlement times, and poor transaction throughput, which hindered the user experience and made it economically impossible to facilitate true micropayments.

“The concept of micropayments has been around since the late ’90s but in the last couple of years, significant growth in the digital economy, consumer needs and technology maturity have made micropayments feasible both in terms of technology and economics,” said Sushil Prabhu, Dropp CEO and Chairman.

Messari shared this price analysis for HBAR following the recent partnership:

“Hedera’s $HBAR + 15% on news that the U.S. Federal Reserve’s FedNow added a Hedera Hashgraph-based micropayments platform as a service provider.

FedNow is an instant payment service provider developed by the Fed for depository institutions in the U.S.”

 

One Hedera investor had this to say:  “Whether it’s Hyundai integration of Hedera, FedNow highlighting our premier micropayments platform, Dropp, the largest single use case in all of crypto, or Karate Combat and Calaxy revolutionizing sports and social media, the rising tide of positive catalysts for Hedera will not stop.”

 

Coin Speaker reports:

As a micropayment processor, Dropp accepts both crypto and fiat currencies for payments.

With the addition of the platform in FedNow’s showcase section, users can pay for services using various crypto assets, including HBAR, the native crypto of the distributed ledger technology (DLT) Hedera.

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