Transforming Digital Payments for Louisiana State Government
Envoc partnered with Bead Pay to deliver a real-time cryptocurrency to USD payment solution for the Louisiana state government, enabling a secure and efficient payment system with no volatility, handling of cryptocurrency, or risk.
The challenge
In a pioneering move to modernize government payment acceptance and provide more options to its residents, the State of Louisiana sought to integrate cryptocurrency as a valid form of payment. Recognizing the stigma of handling cryptocurrencies and associated volatility, the state allowed Envoc to innovate a solution.
Industry:
FinTech
In Production:
September 2024
Effort:
$$$$$
Objective
The primary goal was to seamlessly integrate cryptocurrency as a payment option for state services while maintaining the highest levels of security and protecting against price volatility. Further, the state wanted to avoid directly handling cryptocurrency and any associated volatility generally associated with digital currencies. The state also wanted to realize these objectives:
-Decrease in the number of fraudulent transactions
-The State of Louisiana will not handle cryptocurrency
-Cryptocurrency price volatility is avoided
-Any digital wallet with cryptocurrencies can be used
-The state receives payments in US Dollars
"Our collaboration with the State of Louisiana on cryptocurrency payments represents a significant step in providing residents with secure, efficient, and modern options for conducting their transactions with the state." - Calvin Fabre, CEO of Envoc
The Envoc solution
Envoc engaged Bead Pay, another innovative company that provides real-time cryptocurrency conversion into US Dollars for governments and businesses in both point-of-sale and online transaction environments. Envoc leveraged its experience and history of providing over 10 years of PCI-compliant payment solutions and local software development skillsets to launch the payment system. As a result, Envoc and Bead Pay have successfully empowered the State of Louisiana to offer its residents a modern, secure, and efficient way to pay for state services using cryptocurrency.
The Louisiana Department of Wildlife and Fisheries was the first to adopt this digital payment option, enabling sports enthusiasts nationwide to access the department’s services using cutting-edge technology. As more state departments follow suit, the partnership between Envoc, Bead Pay, and the State of Louisiana continues to set the standard for digital transformation in the public sector.
Read the Louisiana State Treasurer’s Press Release on the state’s acceptance of cryptocurrency.
KEY FEATURES
- Real-Time Conversion: The system converts incoming cryptocurrency payments into U.S. Dollars in real time, ensuring the state receives payments in US Dollars while eliminating concerns about price volatility.
- Seamless Integration: Envoc ensured that the Bead Pay solution integrated smoothly with the state's existing systems, infrastructure, accounting, and reporting streamlining the implementation process.
- Robust Security: With a strong emphasis on maintaining the highest levels of security, Envoc built a system that prioritizes data privacy and protection.