After several long debates about security and trust, it’s safe to say that Cryptocurrency adoption has finally begun in the business sector. Many Businesses worldwide have already accepted Crypto as a form of payment and the numbers are constantly rising.
According to an analysis by a famous blockchain services provider, the worldwide adoption of crypto jumped by a whopping 880% in the year 2021 and is expected to rise even further. In all these businesses, the E-commerce market has already started benefiting from it and platforms like Woo-commerce, Shopify, and Magneto have incorporated support for Crypto payments.
How is Crypto Payment beneficial for the e-commerce segment?
Though we don’t have complete adoption yet, the effects are still huge. Much of the benefits that are offered by Crypto to E-commerce are common to all businesses in general.
However, there are some areas where E-commerce and Crypto shine together.
Inherent Support For Receipts
In the E-commerce market, storing and creating receipts is of absolute importance, and even though today’s systems are quite robust, they still fail to successfully create the receipts at times, either due to network congestion or other factors. Cryptocurrencies solve this because they are powered by the blockchain – a public scalable database. Any Crypto transaction is immediately recorded and stored in the blockchain. We have an automatic and intrinsic receipt creation mechanism with the blockchain.
No Room For Payment Error
Ecommerce platforms suffer from all sorts of issues when it comes. It might happen that the customer buys a product online using one of the digital payment gateways, but the receiving bank doesn’t receive it. With Crypto, this is a thing of the past. Blockchain technology is robust and when transferring money in Crypto there are only two things that can happen. Either the money gets transferred, or it doesn’t, there’s no in-between.
Great Customer Reach
Our Digital Payment Systems are all regulated by a government authority. People from other countries or any foreign citizens can have difficulty making an international payment. Moreover, the services provided to solve this problem charge a huge transaction fee and are difficult to set up.
Crypto brings a revolutionary change to this. With Cryptocurrencies, you can have a customer pay you from any part of the world. It takes seconds to create a Crypto wallet and even less to make a Cryptocurrency transaction. Oh, and did we forget to mention that the Crypto payment gateways charge a very low network fee. This not only improves the customer reach but also the customer experience as making payments now is super easy.
Security at its Best
Cryptocurrencies are inherently secure because they are built on top of a blockchain. Crypto payments leave no chance for attacks or payment fraud.
This is beneficial to e-commerce stores in two ways. Firstly, this saves the company time and money on the development costs and in making their app secure. Secondly, this removes the overall bottleneck that happens during the development and shipment of the app.
Fast Payment Speed
The newer blockchains offer a block time of 400 ms. What this means is that in a fraction of a second, people can make their payments and buy products from the store by just using funds from their crypto wallet.
This leaves any of the digital payment systems in the dust since they rely on different server banks for their operation and often face network congestion and server downtime.
Cryptocurrencies put the users first, the users can choose to have complete anonymity when making payments since the payments only require their wallet address. Moreover, every purchase a user makes on an e-commerce store is stored on the blockchain from where it can never be deleted. This adds a whole new layer of trust.
According to Brand essence Market Research, Global Crypto Payment Gateway Market is expected to grow with a CAGR of 22.8% over the forecast period of 2025. Increasing adoption of cryptocurrencies broadly and growing investment in this field are some of the major factors driving the growth of the Global Crypto Payment Gateway Market. Don’t get confused just start accepting crypto payments.