Cryptocurrencies were born to facilitate digital payments, and e-commerce seems to be increasingly believing in them and tending to adopt cryptocurrencies. Blockchain technology is revolutionizing the way we all pay and transfer money.
According to BitPaymore than 100,000 merchants worldwide accept cryptocurrencies.
In this article, we will go through the different aspects of crypto payments, delving into the benefits of using crypto as a payment method and looking at the most popular companies that have already adopted it.
The year 2022 was a revolutionary year for the crypto payment industry, making it clear that crypto payments are not something that will be related to the future, but are already here.
Advantages of using cryptocurrency as a payment method
The decentralized ledger has it all blockchain-based payments (thus obtained through cryptocurrencies in their most common form).
So this means that every single monetary transaction that takes place between two different accounts (public addresses or wallets) is recorded in a ledger that transfers each transaction to the blockchain network that will only have to validate the transaction.
Transactions only need to take two easy steps to be considered as such by the blockchain:
- Authorization: the user (consumer) is responsible for the payment authorization. This gives the consumer the responsibility to: set the correct amount, provide the correct address, authorize the payment and transfer it to the network;
- Confirmation: the consumer must pay a certain amount of the fee and wait for the validity period of the transaction.
The advantage offered by cryptocurrency is really better than the traditional payments we are used to: funds can be transferred anywhere in the world in a few minutes and with complete security.
As far as transaction fees are concerned, these are significantly lower fees than common payment methods (typically, even for transactions of thousands of dollars, fees do not exceed $5).
Transactions via cryptoand thus the blockchain, cannot be cancelled, this eliminates the risk of chargebacks and puts those who accept the method in complete security.
Considering that there are many countries that allow purchases with cryptocurrencies to date, the interest in them is constantly increasing, and as a result, there are an increasing number of websites and services that offer people the ability to pay in cryptocurrencies.
In Europe, Switzerland is the first country among those that allow people to use BTC for business and tax purposes. While the United States of America is the country that allows the most cryptocurrency payments. Many other countries have begun to allow the possibility of accepting crypto payments, for example Brazil, Mexico, Argentina, Japan, El Salvadorand many others.
What are the most popular companies that accept crypto payments?
Although not fully regulated in many countries, crypto payments are a growing phenomenon in many countries. Because of this, many companies and multinational corporations have innovated to the point of pushing cryptocurrency payments.
These are the most popular brands and services that accept crypto as a payment method:
Already in October 2022. MasterCard has made great strides in the blockchain world. First by launching its first NFT credit cards, with the aim of making it easier to pay with cryptocurrency.
Then with the launch of Crypto Secure, a technology solution that aims to provide greater security to digital economic transactions by combining CipherTrace technology with proprietary information to support issuers by empowering them to keep up with the changing regulatory landscape of digital assets.
The e-commerce giant is working hard to include crypto as a payment method, directly in its e-commerce, even hiring several blockchain experts for this big step.
Meanwhile, you can convert cryptocurrencies to Amazon vouchers or Amazon coin, a currency that is also virtual but does not use blockchains. Let’s hope for faster future crypto buying solutions.
Lush bets on virtual strategies. A British cosmetics company has begun accepting bitcoin payments in its stores across the English Channel. This is a pioneering move in the world of retail, especially beauty retail, where several companies are open to this innovative payment system. The move brings the ethical brand of fresh, handmade cosmetics closer to an audience of cryptocurrency enthusiasts, promoting digital currencies that use cryptography to secure transactions.
More than a year ago, Starbucks president and CEO Kevin Johnson announced that the coffee giant is deepening its digital relationship through its payments partnership with PayPal and Bakkt.
The partnership allows users to top up their Starbucks card with a range of cryptocurrencies including Bitcoin, Ethereum and another, converting digital currency into physical currency.
He also talked about using blockchain technology to improve digital services, allow customers to exchange value between brands, engage in more personalized experiences and exchange more loyalty points for Starbucks stars.
More than 2,000 vending machines in Australia and New Zealand will allow customers to purchase a Coca Cola with Bitcoin. Coca-Cola Amatil, the Asia-Pacific bottling giant, has partnered with digital asset platform Centrapay to integrate Bitcoin as a payment option from its vending machines in Australia and New Zealand.
This means that more than 2,000 smart machines now accept cryptocurrencies.