Swapin payment service

In most countries of the world, cryptocurrency has no legal status and is not recognized as a means of payment for goods and services. To pay with digital coins for renting an apartment or Netflix subscription, users have to first change them into fiat. To bridge the gap between conventional money and cryptocurrency, Estonian developers created the Swapin payment service. The platform offers ready-made solutions for individuals and legal entities. Private cryptocurrency users can make crypto-fiat payments (and in the future – buy coins from cards), business owners – integrate widgets for digital currency payments into online stores.

Swapin official website

The service was launched in 2017 – during the period of rapid growth of the digital market. Then the developers saw opportunities in providing a convenient tool for using cryptocurrencies – exchange, payment for purchases.

Swapin is focused on residents of the European Union, so the site works only in English.

The service has an EU license, its number can be found at the bottom of the homepage. Registration is required to work with the platform. Unauthorized users can view the following sections:

• “About Us”. On the page you can learn about the company, its goals and objectives. A separate block contains information about partners and team members.
• “Business”. In this section, potential customers are shown the possibilities of Swapin for legal entities.
• “Blog”. Here the developers publish current project news and detailed information about team members.
• “Partner Program”. The service offers favorable terms of cooperation. On the page, customers can learn the terms of the referral program.
• “Help Center”. The section contains instructions for working with the platform. The information is grouped by sections. You can use the keyword search.
• “Terms and Conditions”. In this tab, the user agreement with all additions is published. Before creating an account, it is necessary to read and accept the rules of work.
• “Privacy Policy”. On the page, the developers told about the measures to protect confidential data.
• “Tariffs and conditions.” Here you can see the commissions, transaction limits, available currencies.
• “Supported countries”. Swapin is available in Europe, Asia, Africa. The page contains a list of countries whose residents can use the resource.

Features of the Swapin payment service

The project operates under an EU license and complies with the requirements of European anti-money laundering legislation. Swapin seeks to eliminate the gap between traditional assets and decentralized finance. The payment service has the following features:

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• Supports euros and pounds sterling. In 2023, users can send and receive transfers in EUR and GBP. The developers plan to add other fiat currencies as well.
• Unifies crypto-fiat transactions. Users can pay with digital coins for goods and services, accept payments in tokens.
• Takes small commissions. On average, they charge 0.8-1.9% per transaction (the same as in exchangers).
• Executes fast payments. The average transaction processing speed is 5 minutes.
• Verifies clients. The company operates under an EU license, so mandatory KYC is required.
• Uses AML filter. Swapin fulfills the requirements of the European regulator, so all payments are verified. If they find a link to Darknet or mixers, the transaction will be rejected.
• Sets transaction limits. The minimum transaction amount is 5 euros, the maximum is not limited.

History of the project

The original name of the platform is PiixPay. The eponymous company was founded in 2017 in Estonia. The team offers an easy-to-use platform that helps organizations and individuals make payments in cryptocurrency. For this purpose, the developers are developing a payment system that combines traditional finance and crypto assets.

In December 2021, the team raised €1.68 million in a funding round. After that, the developers have rebranded. According to the founders, the new name – Swapin (“fast exchange”) more accurately reflects the goals of the project.

The funding they received allowed them to expand the platform’s capabilities. In December 2022, the InstaBuy service for buying cryptocurrency from a card is scheduled to be launched. Swapin is available in 92 countries around the world, but the developers are eager to expand the geography. The company’s plans for 2022-2023 include obtaining an EMI (Electronic Money Institution) license to develop the innovative product.

Registration in Swapin

Users can create a personal or business account (if they represent the interests of the company). To do this, you need to:

1. Go to the official website of the payment service.
2. Click the Get started button.
3. Fill out the registration form – specify e-mail and password. For a business account you will need to enter the name of the company.
4. Accept the terms of service.
5. Press the Sign up button.

To activate the account you need to follow the link from the e-mail. To get access to the features, you will have to first fill in the page with personal data, pass KYC and confirm your residential address.

Verification

To work with the platform, you need to confirm the account. The name in the profile must match the document, otherwise verification will be rejected. After passing KYC, it will not be possible to change the name without presenting documents. To confirm a personal account, you need to:

1. Log in and go to profile settings.
2. Select Verification.
3. Enter full name, place of residence, country of birth, cell phone number, citizenship. It is also required to specify the approximate annual turnover of cryptocurrency transactions.
4. Press the Start verification button.
5. Take selfies with your passport or driver’s license with good lighting and upload the photo.

Verification takes 15-60 minutes. The result will be sent to your email. Business owners must pass KYB (“Know Your Business”). This will require:

1. Log in to the account.
2. Add the company information on the home page as per the documents.
3. Upload the certificate of incorporation of the legal entity, AOA card.
4. Fill in information about the current activities of the company.
5. Specify information about the representative. Upload passport or driver’s license.

The documents are processed in accordance with Estonian law. The results are reported by e-mail.

Personal profile overview

After entering the personal cabinet you can work with the following sections:

• Overview. The tab allows you to quickly return to the main page of Swapin.
• Connect wallet. To work with the service, you need to connect any Web3 cryptocurrency wallet (WalletConnect option). The most popular wallets in 2023 are MetaMask, TrustWallet.
• InstaPay. Here you can choose templates for crypto-fiat settlements. Customers use the service to pay utilities and rent, buy electronics, autos, real estate.
• InstaFill. The section stores information about the wallets connected to the service. All coins that are received on them are automatically converted to the connected bank account. The function is in demand among freelancers and miners who receive payment in crypto and immediately convert it into fiat.
• All transaction. In this section you can view the history of transactions.
• Rewards. The terms and statistics of the affiliate program are published here.
• Manager your profile. In this section you can add (change) personal information and pass KYC.
• Preferences. On the page you can confirm or change your e-mail address, link your account with social network accounts to log in without a password.

Swapin services

More than 70 thousand customers from 92 countries use the company’s products. Swapin cooperates with Kraken crypto exchange, IBAN.com bank account standardization service, Veriff identity verification platform, Aufort Gold investment company, and others.

The company adheres to strict regulatory requirements to provide customers with a high level of crypto-fiat payments.

In the fall of 2022, Swapin offers services such as:

• InstaPay.
• InstaFill.
• InstaBuy (preparing to launch later this year).
• A suite of services for businesses.

InstaPay

Swapin customers transfer cryptocurrency and their counterparties instantly receive euros or pounds sterling into their bank accounts. Assets are converted at the market rate. To make crypto-fiat payments you need:

1. Go to InstaPay and click Send payments.
2. Select cryptocurrency and fiat (EUR, GBP).
3. Enter the payment amount.
4. Specify details and address of the recipient.
5. Check the data and confirm the payment creation.
6. A QR code and wallet address will appear on the next page. The exact amount in the specified currency should be transferred to it.

The exchange rate is fixed for 30 minutes. If the funds arrive later, the amount to be received will be recalculated. The operation takes 2-5 minutes. After the operation is completed, the user will receive an e-mail notification.

InstaFill

The function automatically converts incoming cryptocurrency payments into fiat and sends them to the bank account. To activate it, you need to:

1. Log in to your account and select the InstaFill menu item.
2. Enter the data – tag (any), cryptocurrency, bank account details. The name will be automatically uploaded from the account, it can be changed at any time.
3. Click Continue.
4. Follow the link from the e-mail for confirmation.
5. Open the InstaFill menu. The list of addresses will appear. Transfer coins to the wallet in the corresponding cryptocurrency.

The exchange takes place at the market rate. Current quotes are displayed on the main page of the personal cabinet at the top.

InstaBuy

The function is under development. With its help, users will be able to quickly and conveniently buy popular coins.

Services for business

Business owners can expand their opportunities with Swapin. Automatic conversion to fiat eliminates audit and tax problems.

Executives can pay employee salaries in bitcoins with instant conversion to euros to an IBAN account.

Swapin’s services for businesses include:

• Accepting payments from customers in cryptocurrency (BTC, ETH and others). Funds are instantly converted and sent to the bank account. The company does not bear the risks associated with storing digital assets.
• Adding a widget to the website for automatic exchange of cryptocurrency into fiat. This significantly expands the target audience of the online store and increases sales.
• Buying cryptocurrency from bank cards (being prepared for launch).

Commission

Swapin does not charge for opening, account maintenance, replenishment of personal and business accounts. The table shows the tariffs for the other services.

Service	Commission (%)
	Personal account	Business profile
Cryptocurrency to fiat exchange	0,8-1,35	0,5-1,35
Transfer to bank	0,2-0,4

Affiliate Program

Swapin offers to earn on attracting new clients. For this, participants are paid 25% of the platform’s income from referral transactions. To join the affiliate program you need to:

1. Register a business account.
2. Copy the referral link in your personal cabinet.
3. Publish your personal code on your personal website, blog, forums. You can send the link to clients in private messages.

Statistics on referrals are tracked in your personal cabinet. The service pays remuneration from the 1st to the 5th of each month to a bank account (IBAN-address is required). The minimum amount is €30.

Advantages and disadvantages of the service

Pros	Minuses
You can pay for purchases with cryptocurrency	Russian-speaking users need to confirm residence in one of the 90 supported countries (Europe, Asia, Africa).
Works with individuals and companies	Mandatory verification
Small commissions for transactions	Supports a small number of fiat currencies (EUR, GBP)
Supports top coins and stablecoins

Support service

The administration has prepared detailed instructions on working with the service. They can be found in the Help Center section. For convenience, the information is grouped by sections:

• About Swapin – information about the project, its tasks and benefits of use.
• Getting Started – a guide togetting started with the platform.
• Deposit and Withdrawal – instructions for depositing and withdrawing funds.
• Verification – account verification rules.
• Other – troubleshooting methods.

Answers to frequently asked questions can be found at the bottom of each page in the Popular articles block. If the problem cannot be solved, you should contact support. The following communication channels are supported:

• Email
• Online chat
• Telegram
• Twitter.

Users can add a video or screenshot to a message. The fastest response can be received in chat on the website. On average, operators respond within 3-10 minutes, on other communication channels – within a day.

Conclusion

The popularity of cryptocurrencies is constantly growing. Experts estimate that in 2022, the audience of the digital market exceeds 221 million people. Due to the lack of regulation, few online stores accept payment in cryptocurrencies so far. Entrepreneurs fear high volatility and difficulties in accounting for digital coins. This problem is solved by the Swapin service.

Companies can invoice in digital currencies and integrate widgets to accept coins in online stores. Private users send crypto-fiat transfers to friends and pay for purchases. Transactions take place with low fees and no risk of fraud. Swapin operates under an EU license. This ensures that all of the company’s products are safe and compliant with regulatory requirements.

There is a special offer for our readers: a promo code for 100% discount on the service commission when registering a new account via a link to the official Swapin website.

Important! The promo code can be applied only to InstaPay transaction – the service commission for such operation will be equal to zero.

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Author: Saifedean Ammous, an expert in cryptocurrency economics.