Swapin Review – Top Crypto-To-Fiat Payments Processing Service

The digital economy has come to stay – there is no doubt about that. However, it will take time for the world to make the necessary transition. It will also take more innovations for the cryptocurrency industry and the entirety of the digital economy to become mainstream. At this stage, projects that integrate the digital economy with traditional finance are valuable. Swapin is an example of such a project, and we’ll explore their offering in this review.

Swapin aims to provide individuals and businesses the best features of both the digital economy and traditional finance. By bridging the gap between crypto, fiat currencies and banks, Shopin’s platform can be used for a variety of transactions, including payroll, invoicing, rent payments, transfers, and many more.

What is Swapin?

Swapin is best described as a crypto-to-fiat processing service that allows people to easily convert digital currencies to fiat currencies. While it is primarily a crypto platform, its services also help users bridge between cryptocurrency and traditional finance. 

With Swapin, you can perform transactions with cryptocurrencies and have them converted instantly to EUR and sent into your bank account. The implication is that it allows any user, including businesses and individuals, to make payments with digital currencies and have the other party receive the payment in fiat currency. You can transfer money, pay rent, pay for internet, utility bills, and more using Swapin.

Swapin is a fully registered company that operates with an Estonian licence. It also complies with European financial services standards. The platform’s offering is highly suitable for individuals and businesses that prefer to make payments in crypto, even when the receiving party want to receive their funds in the form of fiat currency.

A brief history of Swapin

Swapin was founded in 2017 by Evald-Hanness Kree as Piixpay. As hinted earlier, it was registered and licensed in Estonia, and its headquarter remains in Tallinn, Estonia. However, Swapin is a member of the Swiss Crypto Valley Association, an organization formed in 2017 with the Swiss government’s support. The “Crypto Valley” serves as the headquarters of notable companies like Ethereum Foundation, Bitcoin Suisse AG, Tezos Foundation, Bancor, and more.

Piixpay, the original platform created in 2017, was rebranded as Swapin in 2022. This followed a successful funding round that saw the company raise €1.88 million. The rebranding didn’t stop at the name. Rather, Swapin also implemented a series of improvements and updates. The app was significantly improved and the company’s marketing policy and development strategy were rejuvenated.

As it stands, Swapin has ambitions of becoming the go-to platform for European crypto users. Already, it has secured several businesses as customers, including RE/MAX, PaxWorld, and Aufort Gold. The platform has an impressive 4.8 rating out of 5.0 on Trustpilot. 82% of 110 reviewers rate it Excellent (5/5), while 12% rate it Great (4/5).

Swapin’s mission

According to its website, “Swapin is on a mission to bridge the gap between crypto and traditional finance.” From all indications, the company is staying true to its mission. Already, it has provided the next-generation payment technology that can change how businesses and individuals send, receive, and store money, regardless of whether they prefer crypto or fiat money.

Swapin Review – how it works

Swapin works by converting cryptocurrencies to fiat money as quickly as possible in the most cost-effective manner. Instead of using exchanges and suffering the losses and inefficiency that comes with it, individuals and businesses can use Swapin for a variety of transactions.

With Swapin, anyone can transfer crypto and receive fiat money like EUR and GBP in a bank account. Individuals can use it to buy crypto in seconds and pay bills with crypto instantly. Businesses can also use it to accept payments in crypto and receive the funds in fiat currency directly into their bank accounts. The ultimate solution it offers is the freedom to transfer and receive funds instantly and safely and convert the fund automatically between crypto and fiat money. 

Supported assets

Swapin is a growing company, so it is understandable that it will not support all types of cryptocurrencies. At the moment, the platform supports about 10 cryptocurrencies, including:

• Bitcoin (BTC)
• Ethereum (ETH)
• Litecoin (LTC)
• Tether (USDT)
• Dash (DASH)  
• Tron (TRX)
• Bitcoin Cash (BCH)
• Service Coin (ESCT)

When it comes to the supported fiat currencies, Swapin states that it supports EUR and GBP, and other fiat money. Swapin’s service is supported in the majority of the world’s countries.  

Swapin features review – Crypto-to-fiat processing for B2C and B2B clients

In this section, we will discuss Swapin’s solutions for both its B2C (business-to-consumer) and B2B (business-to-business) customers.

Swapin’s B2C solutions

As we’ve already stressed, Swapin can be used by individuals who intend to make payments, transfers, and other transactions with crypto. Here, we will briefly discuss all of Swapin’s solutions for private transfers (its services to Business-2-Customers clients):

InstaPay

InstaPay is a Swapin tool that allows individual users to send digital assets, which are automatically converted into Euros (EUR) and then deposited instantly in the recipient’s IBAN account. With this tool, you can seamlessly make instant transfers to friends and family from your crypto wallet. You can also pay for purchases using crypto, regardless of what you buy or where you buy from.

InstaFill

InstaFill is a helpful feature in Swapin that allows individual users to automatically convert personal digital assets into EUR, and then forward the same to a bank account. It becomes active when an individual links a personal IBAN account to a crypto account on Swapin. When using this feature, you can simply deposit assets into your crypto account, and after instant conversion, the EUR will be transferred to the linked IBAN account for little commission charge.

Predefined Payments

Predefined payment is a useful feature on Swapin that saves users the troubles of filling previously entered data. It is an excellent feature for individuals who pay monthly rent or bills. Instead of wasting time filling the same pieces of information every month, you can create a ready-to-use template for recurring payments. The feature even allows you to set up a reminder about future payment dates.

InstaBuy

Though this feature is still in development, there is no doubt that it will be super-helpful for individual crypto users. According to available information, InstaBuy will simplify the processes of buying cryptocurrencies with a VISA/MasterCard or bank transfer. The feature is expected to be added before the end of 2022.

Swapin’s B2B solutions

We’ve mentioned severally that Swapin caters to the needs of both individuals and businesses. Here, we will briefly discuss its major features and solutions for Business-2-Business clients.

CoinCollector

CoinCollector is the Swapin feature that serves as a bridge between crypto coins and fiat money for businesses. With the tool, businesses can bill their customers in Euro (EUR), and customers can settle the bill in crypto. When customers settle their bills with any of the acceptable digital assets in Swapin, the billing company will receive their payment in fiat currency from a connected IBAN account.

E-Com Widget

As the name suggests, this feature facilitates the integration of Swapin into websites. As an e-commerce widget, it integrates seamlessly with any site and allows online stores to accept and process crypto payments into fiat currencies. Of course, the converted fiat payment is instantly transferred to the seller’s linked IBAN account. Swapin’s E-Com widget is available on popular e-commerce systems, including WooCommerce, PrestaShop, and Magneto.

Swapin Fees and Conditions

One of the most important factors to consider when choosing a payment processing service is its fees and charges. So, what are Swapin’s fees and commissions right now?

The first good news is Swapin doesn’t charge a penny for account opening and maintenance – they are absolutely free of charge for both B2C and B2B clients. However, below is a breakdown of the platform’s fees and commissions as of August 2022:

Service	Fee
Cryptocurrency deposit fee	0%
Bank transfer fee	0.2% – 0.4%
Conversion charges for cryptocurrency to fiat	0.8% – 1.35%
CoinCollector and E-Com Widget processing fee	0.25%
Credit Card acquisition fee	2% – 2.5%

The figures above are subject to change in the future, so make sure to check Swapin’s official website to see up-to-date fees and conditions.

It is also important to note at this point that the minimum transaction on Swapin is currently €5 (5 Euros), but there is no maximum limit.

Who can use Swapin?

Just about anyone can use Swapin. The platform was created to encourage crypto adoption and it has the potential to attract all kinds of users, including core crypto enthusiasts and individuals who are just getting started with crypto. 
Swapin is definitely worth considering for all types of businesses and individuals who need a bridge between crypto and fiat money or banks. Essentially, it is a great tool for all kinds of businesses, but is especially helpful for the following group:

• Online shops and E-Commerce websites
• Cryptocurrency Miners
• NFT and Physical Art Dealers
• Entertainment, Lifestyle, and Travel firms
• Car dealerships and related businesses
• Real-estate and property development companies
• DeFi platforms and DApp developers or firms

Swapin’s top clients

Already, Swapin has attracted several important clients from different sectors. Some of its most notable clients include:

PaxWorld

A blockchain platform, PaxWorld is building a multifunctional decentralized metaverse. It is also one of a handful of startups that are determined to pay employees in crypto. With the help of Swapin, the company has been able to consistently pay salaries in crypto, albeit, converted to EUR before reaching employees’ accounts.

E-Jewels

E-Jewels is recognized as one of Europe’s biggest luxury diamond retailers, and it is a good thing to see that it is crypto-friendly. In a bid to make life easier for crypto shoppers, the company makes use of CoinCollector from Swapin to accept crypto payments. There is also a concrete plan to integrate E-Com widget and get customers to purchase jewelry directly from its website with supported cryptocurrencies. 

Aufort Gold

Aufort Gold is an online platform that allows individuals to invest in precious metals. To make its services accessible to crypto users, Aufort Gold has integrated the E-Com widget on its website, making it possible for people to invest in Gold easily with cryptocurrencies.

RE/MAX

RE/MAX is recognized as one of the biggest real estate players in the world, and it is refreshing to see that it is becoming more and more crypto-friendly. Of course, RE/MAX is one of Swapin’s biggest customers. It currently employs both InstaPay and CoinCollector to accept crypto payments from customers worldwide.

Partnership program

Swapin has an interesting partnership program that can reward loyal users significantly. According to information from the company, the Swapin partnership program offers as much as 30% revenue share.

Participating in Swapin’s partnership program is simple. You just need to sign up, get your partner link, and share it extensively. You will qualify to get a share of the profit whenever any of your invited users make an exchange transaction.

More about Swapin

While we have discussed the critical things you need to know about Swapin and its services, there are other things you should care to know about the company. Here, we will look at other aspects of the company an interested user should know about.

The Swapin team

The success of a company is often determined by the quality of its team and how it executes its plans. Swapin has a pretty strong team, and it is only rational that you know the major key players:

• Evald-Hannes Kree (Founder and CEO) – Kree possesses an MBA and has wide experience in E-Commerce and Fintech. He is also regarded as an early blockchain visionary, entering the industry as early as 2013
• Joonas Honga (CTO) – the Chief Technical Officer of Swapin boasts more than 15 years of software engineering experience. He is also regarded as an early blockchain enthusiast
• Edward Rebane (CPO) – A well-known crypto enthusiast, Rebane has been involved in several startups in the E-Commerce sector. He was previously a software development team leader and product owner
• Mart Varatu (Head of System Operations) – Varatu has wide experience in product development, system administration, and technical support. He has been involved in the blockchain industry since 2018
• Julia Tarmisto (AML and Legal) – Tarmisto is a banking expert who has more than 10 years of experience in the EU market. He is also an authority in Fintech

Advisors

In addition to the experienced team, Swapin has a number of excellent advisors on its books. The platform’s top consultants include:

• Dimitrij Pruglo – Founder and CEO of Covesting. A tech investor who has worked with SEB Bank and Saxo Bank
• Marek Partel – Cofounder and CEO of Estateguru. An angel investor
• Toomas Romer – Cofounder and Vice President of Eng Bolt
• Ian Kalla – An astute BaaS and Core solution architect

Partners and Service Providers

Due to the nature of the cryptocurrency industry, businesses and platforms in the industry must have reliable partners. The Swapin team understands this and has been working with a number of partners and service providers. The most prominent ones include:

• Coinfirm – a foremost risk-management service provider that is known for helping blockchain protocols scale sustainably
• My EU Pay – a reputable payment services provider for businesses and individuals
• Kraken – one of the top cryptocurrency exchanges
• Onfido – an Artificial Intelligence-based technology for verifying government-issued IDs
• StartupYard – a company that finances and supports promising startups
• Veriff – an authority in protecting against scammers and bots

Swapin’s roadmap

It is not often that we see a company’s roadmap. However, Swapin has released its roadmap until the end of the first quarter of 2023. Knowing the company’s plan for the future can help you determine whether its services and business model are sustainable. For that, we will summarize Swapin Roadmap as released by the company:

Q3 2022

We’re already in the third quarter of 2022 and Swapin’s plans include adding new crypto assets to the supported cryptocurrencies on the platform. New altcoins will certainly be added, and on the fiat side, it is still Euros (EUR) and Pounds (GBP).

In this quarter, Swapin also intends to release a partner widget that will facilitate the ease of buying crypto with fiat.

Swapin is also planning to add a Merchant portal that will make things a lot easier for businesses. The exclusive merchant portal will allow businesses to manage customers’ data, review transactions, and perform other important tasks.

Lastly, Swapin intends to add a Virtual IBAN in Q3 2022. This new virtual will perfect the gap-bridging qualities of the Swapin platform as it will enable users to spend money on their behalf and not on the company’s behalf.

Q4 2022

In the last quarter of the current year, 2022, Swapin has a lot lined up. Firstly, the company intend to add SWIFT payments to its suite of features. This, of course, will help it work better with banks all over the world.

Swapin also intends to release a multilingual mobile app in Q4 2022. The app will be free to download via Google Play Store for Android users and Apple App Store for iOS devices. The purpose, obviously, is to help people access crypto-to-fiat processing services from anywhere in the world.

Swapin also intends to revamp its Application in what it has named Swapin Application Refresh v2.0. This design update and refresh will be informed by market demand, customer feedback, and internal company KPIs.

The last item in Swapin’s roadmap in 2022 is the updated E-Com plugins for major platforms. The company wants to update the crypto-to-fiat payment widget in a manner that will make it compatible with almost all top e-commerce solutions.

Q1 2023

According to Swapin’s roadmap, early 2023 is the time the platform will become a fully-fledged payment service and enjoy all the benefits that come with it. The company plans to obtain an Electronic Money Institution license, which will place it at the same level as a major banking service.

While Swapin’s successes in the future will not depend on its ability to get this license, we understand that the license will open doors to several opportunities. With the Electronic Money Institution license, Swapin may explore such opportunities as bank cards, wire transfers, and other services. The move will place will likely secure its place as the leading platform when it comes to bridging the gap between crypto and banks or fiat currencies.

Swapin review – the verdict

Swapin was created to bridge the gap between the crypto space and the traditional banking system, especially in the area of converting crypto to fiat currency. By all standards, it is doing very well. With Swapin’s services, the line between crypto accounts and bank accounts has blurred significantly, especially in Europe.

Swapin, as a platform, is not limited to converting crypto to fiat money. As we’ve discussed here, the platform can be useful in many ways. It allows individual users to transfer money to friends and family and convert their digital assets to cash. Swapin also allows businesses to receive payments in crypto and have them converted instantly to fiat money and deposited in the account. The service opens doors to different possibilities.

Swapin is also highly rated by users. Its impressive rating on Trustpilot is a testament to the fact that people will always love a platform that offers real value. Considering what we’ve seen in Swapin’s roadmap, we can conclude that the best is yet to come from the crypto-to-fiat processing platform.