Monarch, the decentralized wallet and crypto service app suite, has launched a new decentralized recurring payments system.
This smart contract allows any merchant to start accepting recurring payments, and any user to start paying onboarded merchants with the supported cryptocurrencies.
Monarch’s smart contract for crypto recurring payments is fully decentralized and allows users to make recurring crypto payments to subscription services, pay for products and services through custom payment plans and more, all while maintaining their own private keys and seed.
How It Works
Merchants sign up on Monarch to accept recurring crypto payments. On the consumer side, users set up their smart contract supported wallet to send recurring payments to their selected merchants.
The system is decentralized, so any merchant can accept recurring payments without formally partnering with Monarch.
Monarch’s recurring payments app is Ethereum-based, the smart contract currently supports Ethereum, and ERC20 stable tokens like TUSD and DAI to limit volatility, and soon any ERC20 token.
“Our continued focus is to provide services that make it easy for any merchant or consumer to start using crypto seamlessly throughout their everyday lives. 98 percent of businesses are small businesses in the US alone. This simple utility allows them all to start using and receiving crypto today with MetaMask for recurring services. Why Metamask? We wanted to make this as available as possible to people without changing what they are used to. We’ll add this to the Monarch Wallet within the next few months as well. For now, anyone with a desktop computer and MetaMask can use it.”
– Robert Beadles, President of Monarch
The Monarch Wallet supports more than 3,000 cryptocurrencies, with functionality across iOS, Android, desktop, and Mac OS.
The company recently concluded its Token Generation Event, raising more than $2 million to help fund further development of the Monarch Wallet, MonarchPay, and a suite of other blockchain services.
Monarch is advised by Roger Ver, Bitcoin Foundation Founder and Bitcoin.com CEO; Eric Ly, Co-Founder of LinkedIn; David Zimbeck, lead developer at BitBay and creator of the first smart contracts; Damon Nam, Founder of CoinVest, and many of the most influential names in the blockchain industry. Monarch has acquired a broker-dealer license and is awaiting SEC and FINRA approval.