This is an awesome idea that could work in one of two ways: either Steempay replicates the Paypal model and lets us move and spend fiat (a big gap in the Steemit ecosystem in my opinion) OR enough merchants start accepting Steem/SBD so that we don't have to.
Either way would be very exciting.
Thank you, @edumurphy. Check out what the developer of steempay, @kodaxx is doing with steemvend. I guess that this will be to the benefit of US citizens only and other countries who accept the USD as their currency pair like Nigeria. Steempay/steemvend might even do better than paypal. Let's follow the developments. I just can't wait to start spending my SBDs/steem for coffee, groceries and other day to day needs. Thanks for your support.