Despite some initial concerns, it seems that we have reached a tipping point when it comes to the appetite to use cryptocurrencies as a source of payment. Businesses that are aware of the urgent need to remain significant as the payments of the ecosystem of the payments by accepting more payment methods at the checkout are increasingly open to the idea of accepting cryptocurrencies, in line with increasing appetite. Of consumers for payments in crypto.
Currently 6% of online businesses accept cryptocurrency (up to 9% in the US), but another 15% have ambitions to accept them in the next two years. The 250% predicted that the increase in acceptance rates was the highest of any new payment method, before subscription payments (156%), loyalty cards (127%) and through mobile applications (116%).
But the willingness to adopt cryptocurrency as a payment method and the ability to do so is not the same; If cryptocurrencies will break down as a dominant alternative payment option, as our data suggests, companies should strategize to incorporate cryptocurrency acceptance into their cash register efficiently and without compromising their existing payments infrastructure. Can accept.
The journey begins with partnering with the appropriate payment provider that offers a merchant account service that includes cryptocurrency in its available payment methods. With the right payment service provider, merchants can accept multiple alternative payment methods through a single, simple integration; Including cryptocurrency such as Bitcoin in the payment mix is the most effective way to include Bitcoin payments in the checkout.
How to accept cryptocurrency
Skrill Quick Checkout is one of the integrations that merchants offer this feature. By integrating Skrill Quick Checkout, an online business can combine hundreds of payment methods at their checkout simultaneously, which can be selected and deselected through their Merchant Account tools. And the ability to accept cryptocurrency is included in these options.
Through the integration and selection of cryptocurrencies, online merchants can incorporate currencies such as Bitcoin into their accepted payment methods, so that their acceptance of traditional payment methods or other alternative methods is not compromised.
Prepaid cards
From a consumer point of view, the use of cryptocurrencies to make payments is not dependent on the merchant being able to accept it. Instead, their focus is on being able to take the wealth they have in their crypto portfolio and use it practically by spending in the real world.
One method to do this is to give the crypto wallet holders the option to link their account to a prepaid card. Similar to a prepaid card linked to a digital wallet, this allows holders of crypto deposit accounts with the contents of their account immediately without actively converting their finances to another currency, which can be a long process and expensive.
Earlier this month we announced a card issuance partnership with Coinbase that enables Coinbase account holders in the UK to do just that. The Coinbase debit card instantly converts finance to fiat currency when used and has all the in-store functionality of a traditional bank card, allowing consumers to make contactless or EMV (chip & pin) verified payments with anyone. As well as make money withdrawals from their Coinbase accounts from an ATM. Consumers can also make payments at any online cashier that accepts traditional credit and debit cards.
The Coinbase debit card, which will be available to account holders in the rest of Europe at the time, is also associated with a mobile application that allows consumers to not only select the cryptocurrency they want to spend, but also provide users who spend summaries . Receipt and notifications to inform them better about their purchasing habits and their budget.
The advantage of the prepaid card model is that the company do not need to take in the box cryptocurrency in any way; As funds are seamlessly converted into fiat currency before the transaction is completed, no new integration is required beyond accepting Visa card payments, which makes this solution scalable and maximum benefit for customers.
Conclusion
Through alternative and inventive payment facilities, such as the Skrill Fast Cash Box and the Coinbase debit card, the leading providers of payment services such as Paysafe develop cryptocurrencies as a purely commercial product. Or a storehouse of wealth and go to the real world. Although we are still a long way from seeing that cryptocurrencies are advertised as well as accepted in stores or online, but the functionalities that enable purchases in Bitcoin come to light.
To be sure, the innovations of payments, which are caused by the growing appetite of consumers and businesses to deal with cryptocurrencies, will continue to develop and gain popularity as they climb into public awareness and the use of cryptocurrencies to perform.
Some of the challenges with Bitcoin specifically, particularly the volatility, could be disadvantages, and we believe that stable coins can provide the eventual solution to the widespread use of cryptocurrency payments, along with integrated online cashiers and prepaid cards.
The exchange of value in the form of money and money has been an essential process since immemorial. This is only a difference in the form of changes during human history. A new exchange method has emerged because the technology has been carried out in time. But could crypto applications change the future of digital payments?
Digital exchange
Cryptocurrency is a digital exchange device used for financial transactions. The cryptocurrency powers blockchain technology to achieve transparency, immutability and decentralization.
The cryptocurrency is mostly controlled by the central authority and falls under the control of the government. This is a very effective method of exchange of value, and can be sent between two parties, privately or using public solutions.
It can be difficult to send and receive large sums of money, which cryptocurrency is the new finance in your business.
People all over the world use this method of cryptography, and it is certainly very useful. With the help of crypto-currency, money can be exchanging faster. Cryptocurrency is simply the future of digital payments and therefore has a strong effect on the global economic system.
In this article, we will discuss the points about the advantage of cryptocurrency and why it can be a significant benefit for industries and businesses. In this article, you will find out how business critical cryptocurrency and bitcoin usage will be validated.