More businesses are beginning to adopt cryptocurrency payment solutions. As companies begin to invest time into understanding cryptos, the once unknown technology is slowly but surely creeping into the mainstream financial, eComm/retail, and other industry sectors. New apps, marketing, and positive reviews from early adopters have spurred on others in their respective marketplaces to consider following suit, or better still, many have already followed suit. We are increasingly seeing cryptocurrency payments trend across the globe despite their price volatility, and that trend is set to continue. Here’s why.
The first sector to take on cryptocurrency payments, and one that continues to grow, is online gaming. Under online gaming comes the iGaming industry.
A world of real money casino, bingo, and virtual sports betting that accounts for the lion’s share of crypto transactions in the online gaming world. Naturally so too. iGaming requires players to deposit to play games like online bingo at bingo websites such as those listed on Whichbingo Uk. And players win, they need to withdraw. This is a constant too and throws with deposits and withdrawals in crypto constantly being processed by iGaming sites.
And one of the reasons crypto has become so popular in iGaming is because crypto wallets make short work of processing transactions, which are anonymous. In particular, when withdrawing, it takes less than 5 minutes to receive the funds as opposed to credit/debit cards or eWallets which can take 3 to 7 days.
Many of those that are currently invested in virtual currencies understand the risks involved with volatile price movements. These movements can be a blessing and curse depending on which way the price of a particular crypto moves. However, as cryptos payments are so easy to make, and storing them is now effortless, they are becoming a choice payment option.
According to one study on the US cryptocurrency market, 48% of investors decided to invest in cryptocurrency over the course of Q1 and Q2 of 2021. That’s a pretty impressive statistic and shows just how much belief people have in today’s crypto market. Further studies reported by PYMNTS also show that the number of cryptocurrency transactions is steadily increasing. The impressive figure reported is that $12 billion is transferred every day using bitcoin, Ethereum and Litecoin – bearing in mind this figure does not include the likes of DOGE, XRP, TRON, and other popular cryptos as well as those up-and-coming digital currencies, this is a jaw dropping figure indeed.
If $12 billion per day is moving through 3 of the most popular cryptos, it’s hard for anyone to turn around and say nothing will ever come from crypto. And for businesses looking to compete harder in today’s highly saturated and competitive business markets, it’s difficult to ignore the popularity of crypto. So much so, that these figures are encouraging more companies to accept crypto as a payment option.
Although cryptocurrencies are gaining traction with an increasing number of payment options now available across multiple industries, there’s still some way to go with several challenges to overcome.
Most notably, having to type in a ‘public key’ to make payment, or provide one to get paid, is long winded. However, there is a counterargument to these notions. That is, the public key may be difficult for some cryptos, but comparatively it’s no more arduous than using 8-, 9-, 10-digit account numbers, swift codes, sort codes, and bank names to make a transfer. The amount of information needed to make a wire/bank transfer is multi-faceted, while a crypto transaction is a single key. And just as you can save bank details or credit/debit card information when making transactions, many crypto wallets have the same function built in.
Therefore, all you need to do is enter someone’s public account correctly one time, and you can then make multiple payments. Some companies even allow the sender to use an email address associated with the crypto wallet and the receiver can then accept the transaction being held on the blockchain network. This solves the issues of smoother transactions, and we are sure to see more user-friendly tech introduced to reduce the amount of crypto lost due to errors and to make crypto transactions seamless.
Due to the anonymity and lack of third-party intervention, i.e., banks, cross border crypto transactions are fast and anonymous. Although there are some measures put in place by governments that force websites processing cross border crypto payments, the sheer number of transactions from various companies makes preventing or taxing cross-border payments extremely difficult.
For global companies looking to target overseas markets with a super-fast cross border payment solution, cryptocurrency is perfect. It makes for the perfect borderless B2C and B2B solution and is a key reason crypto payment solutions will continue to emerge and evolve.
To sum up, crypto payment solutions make it easy to deposit and withdraw crypto funds from websites. It is also a fast payment solution for eComm, and it is even emerging as a physical over-the-counter payment solution. As confidence grows in crypto, an increasing number of the world population are adopting crypto with less fear of price volatility. As a result, payment solutions are creating more user-friendly ways to make transactions less complex. Add fast payments, less fear, and smoother transaction processing, and you have global adoption of common currencies connecting countries, which in turn inevitably means an increase in cross-border crypto transactions.