According to a survey
conducted by PMNTS and BitPay, 85% of businesses are adopting crypto in payments, supply chain, authentification, etc., to expand the market and gain new customers.
Cryptocurrencies have unlocked a new way for businesses to make transactions and have thus provided online retailers with a new payment method option. In fact, a handful of major brands, marketplaces, and payment processors have already begun accepting cryptocurrency as payment.
In partnership with crypto-friendly travelling booking platform Travala, Expedia
has begun accepting payments for over 700,000 hotels and accommodations with (more than 30) cryptocurrencies.
announced last year that they would be open to the possibility of accepting cryptocurrency as a form of payment in the future. In their own words, it is “something we are keeping an eye on”.
Shopify is now allowing customers and brands to connect through their crypto wallets. Taking advantage of tokenization mechanics, the online store now offers merchants the chance to provide exclusive access to products and events to brand token holders.
The company is also providing convenient NFT minting and selling features which are compatible with Ethereum, Solana, Polygon, and Flow.
How to use Cryptocurrency in eCommerce
eCommerce and cryptocurrency complement each other quite nicely since they share the same home, and both appeal to the digitally-savvy user. As an eCommerce retailer you should view cryptocurrency the same way you view your business. It’s an additional option for those looking for a fast and more convenient way to pay for goods and services. This shows the high demand for digitally-based payments among an online consumer base.
With cryptocurrency there is no need to go to a bank, withdraw money or even enter a credit card number before submitting a payment at checkout. The same demand that has propelled the online retail world is driving digital payments
and, if done so the right way, this could serve as a great compliment to your existing services.
Why Should Your E-Commerce Brand Adopt Crypto Payments?
Opens up new markets
Crypto payments help to address the challenges of cross-border payments, as digital currencies are independent of any state or third party, which makes it easy for anyone to hold crypto and transact. It is especially attractive for commerce in markets where many consumers are “unbanked” and have less access to traditional bank methods, or where other popular payment methods are difficult to use. Accepting crypto payments will be beneficial in allowing these e-commerce companies to unlock revenue streams in new markets.
Since there is no central control that can withdraw funds from someone’s account without their consent, the risk of fraud and cyber-attacks is massively reduced when using blockchain technology. By reducing the likelihood of these security breaches, taking crypto payments may help with the public perception of your brand.
Faster transactions and payment processing
More businesses are starting to embrace stablecoins as an official mode of payment, due to the faster processing times and lower costs compared to traditional fiat settlement rails. This enables businesses to accept crypto and convert it to fiat currency quickly. Instead of waiting days or even weeks for FX payments to settle, settlement takes place within hours. Though some may debate that scalability, accessibility, and ease of operation continue to pose challenges to wider-scale adoption and implementation of crypto payments, it has inspired many legacy businesses to re-evaluate their technology platforms and processes to incorporate this.
iPeakoin's crypto solution for businesses
iPeakoin offers a powerful crypto wallet for flexible on-and-off ramps. Especially for ecommerce merchants, they can not only use iPeakoin's Global Account for receiving payments from ecommerce platforms, like Shopify and eBay but also use realize easier exchanges between fiats and crypto currencies with Crypto wallet. Some businesses may have little professional knowledge or technology on blockchain, but iPeakoin's product is available to all business types and sizes.
There are undoubtedly plenty of barriers to the mainstream adoption of cryptocurrency in the e-commerce world. Equally, however, it has the potential to revolutionise and streamline the entire online payment process.
For more details, or just want to say hi, feel free to send us a note at email@example.com or https://t.me/ipeakoin (Telegram).
iPeakoin, a fintech company that builds an institution-grade global cash management platform, is committed to bridging the gap between traditional finance and crypto, and to providing a one-stop shop for diversified and globalized cash management with technology.