A New Era in Banking: HSBC Embraces Crypto for Mortgage Payments

FCF Pay, a blockchain-based payments processor, has unveiled an offering that allows HSBC customers to settle their mortgage payments and loans using a diverse array of cryptocurrencies.

Among the cryptocurrencies supported are the stalwarts like Bitcoin (BTC) and Ripple (XRP), along with the unconventional but increasingly popular meme coins.

The process itself is remarkably straightforward.

First, users select the recipient for their cryptocurrency payment, followed by the provision of necessary payment information.

The FCF Pay platform then ensures that these payments are processed within a mere two days.

It is important to note that FCF Pay applies a nominal 2% fee to the transaction amount, accompanied by an additional $3.

Currently, this service is exclusively accessible to residents of the United States (US), with plans to expand its availability to other regions in the near future.

This development marks the latest chapter in FCF Pay's ongoing efforts to incorporate cryptocurrencies into the fabric of mainstream financial transactions.

Back in October 2022, FCF Pay captured headlines when it enabled the use of SHIB tokens in addition to more established cryptocurrencies like BTC, ETH, and DOGE for purchasing Netflix subscriptions and shopping on Amazon.

This capability was made possible through the seamless integration of FCF Pay's Visa card.

Moreover, by November 2022, cryptocurrency enthusiasts were delighted to learn that their tokens could be utilised for purchasing flight tickets with major carriers such as American Airlines and Air Canada, all facilitated by FCF Pay's Visa cards.

The momentum continued into February 2023 when FCF Pay expanded its repertoire by adding Shiba Inu's BONE and LEASH tokens as payment options for its virtual debit cards, broadening the range of supported cryptocurrencies beyond the ubiquitous Bitcoin.

FCF Pay's commitment to fostering cryptocurrency adoption received further validation last week when the company introduced its Crypto Bill Payments system.

As detailed in a company blog post,this offering empowers users to settle bills with approximately 21,000 companies and even public administrations across the US using an extensive range of cryptocurrencies.

This roster includes Bitcoin, Ethereum, Ripple, Shiba Inu, and stablecoins like USDT, spanning various blockchains.

Crucially, this initiative not only serves the interests of fervent cryptocurrency enthusiasts but also addresses the pressing needs of the unbanked population within the US, effectively bridging the gap between the digital and traditional financial realms.