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Cryptocurrencies are becoming an increasingly common payment instrument in real life. Today, according to TripleA analytical agency, over 250 million cryptocurrency users are registered across the globe. Most of them live in Asian countries (160 million holders).
In addition, more than 18,000 worldwide registered organizations accept cryptocurrency as a payment. According to TripleA experts, the number of crypto wallet holders will increase to 300 million by 2030 and the number of businesses supporting crypto payments will increase to 25 thousand. How the cryptocurrency sector will evolve in the future and whether the main digital currencies will be a full-fledged payment instrument will be discussed below.
So far, more than 18 thousand companies around the world are ready to accept payments in digital currencies. And these are not online stores with the traffic up to 10 thousand people a month, but large corporations with their products and services across the globe. Companies such as Booking, Coca-Cola, PayPal, KFC, BMW and many others are ready to accept payments in bitcoins now. And every year the adoption of digital currencies will only increase.
According to TripleA experts, retail and e-commerce will be the main sectors accepting cryptocurrency as a payment instrument. This market accounts for almost 40% of all crypto payments in the world. The sector of premium goods (jewelry, yachts, planes, real estate), cross-border payments, also gaming and gambling circuits will take the lead as well.
“We see a gradual adoption of cryptocurrencies by retail users. And it’s a pattern! Besides, cryptocurrencies reduce costs when paying for goods in everyday life. The current goal is to create a unified technological system that will make it possible to use cryptocurrency anywhere without conversion and exchangers”, commented co-founder of MinePlex Alexander Mamasidikov.
It means that users have a real need now for services that allow converting fiat currencies into digital coins and vice versa. The demand for such solutions will only increase.
Cryptocurrency payments are quite common all over the world. Some services, such as iVendPay, provide instant payments with coins from your crypto wallet. Other services use crypto-processing solutions or online banking tools that allow you to convert cryptocurrency into fiat money and only then send them to a seller account.
“We’re developing solutions to pay for goods and services in cryptocurrencies. It requires a MinePlex multicurrency wallet for not only securely store digital currencies, track purchasing capacity, but also make payment transactions in cryptocurrency directly, bypassing conversion to fiat. Our functionality will support 36 major fiat currencies, including US dollar, euro and our own liquid PLEX token”, says Alexander Mamasidikov.
Cryptocurrency adoption will accelerate within the next few years, leading to widespread digital coins as a payment instrument. That brings up a growing demand for crypto processing companies and crypto online banks services, which allow converting cryptocurrencies into fiat money. E-commerce sector will develop rapidly, where cryptocurrencies will act as a full-fledged payment unit and won’t require a conversion. The most popular crypto payment areas will be retail, gambling, gaming, as well as food and beauty.