Polygon (MATIC) has unveiled a partnership with MyLugano, the Swiss city of Lugano’s crypto payment application. As the latter is widely open to the Web3 ecosystem, let’s take a look at this latest integration.
Polygon lands on Lugano’s crypto payments app
On Wednesday, the Swiss city of Lugano announced the integration of Polygon (MATIC) into its MyLugano crypto payments app:
Payments on Polygon PoS are achieving new heights. It’s no longer private companies like Grab with a massive user base tapping Polygon PoS for payments, governments are relying on it too.
Via the @LuganoPlanB program, the payment app MyLugano, promoted by the Lugano… pic.twitter.com/6QNBxLG6gK
– Polygon (Labs) (@0xPolygonLabs) November 22, 2023
Last year, the city made news when it introduced its “₿ Plan”, then allowing its citizens to pay for certain expenses in Bitcoin (BTC), USDT and LVGA, a local stablecoin.
Since then, the app has gone from strength to strength, with 30,000 downloads – the equivalent of half the local population :
” To date, this infrastructure has enabled over 30,000 users to access the loyalty circuit via the LVGA payment token, generating significant revenue for affiliated local economic activities. The integration of the Polygon blockchain consolidates MyLugano’s position as an innovative local payment tool and opens up new opportunities for users to explore the Web3 world. “
According to the app’s website, it enables payments at 400 points of sale across the city and counts 8,000 transactions per month free of charge on its 3Achain blockchain. This is built on Consensys’ Quorom technology, itself based on Ethereum (ETH).
What’s more, these in-app payments offer users up to 10% cashback. What’s more, MyLugano also functions as a multichain wallet, enabling non-fungible tokens (NFT) to be stored as well.
This new partnership with Polygon complements the existing solution:
” The plan is to enable citizens and businesses to use Bitcoin, Tether and LVGA to pay their annual taxes, parking tickets, utilities and school fees, paving the way for cryptocurrencies to become legal tender in the city. Polygon PoS will provide the rails on which certain transactions will take place. “
While such initiatives remain relatively marginal on the overall scale of the ecosystem, they are nonetheless very interesting to follow due to their innovative aspect. For example, such use cases could be taken up by other cities in the future, in order to stimulate their local economies.
