The e-commerce industry has played a significant role in serving a hassle-free shopping experience to customers. Crypto payments have played a key role in streamlining the e-commerce industry so far. Understanding the importance of crypto payments for business becomes important to know their impact, which can potentially empower the e-commerce industry.
The Role of Crypto Payments:
For businesses, crypto payments offer an optimized way of transacting digitally. The presence of blockchain technology and decentralization eliminates all the flaws of traditional payments, so individuals can have a reliable alternative for processing digital payments. There are several benefits of crypto payments that define their role in shaping a profitable business, let’s have a look at them in brief:
- Reduced transaction fees and quicker cross-border transactions improve operational efficiency.
- Businesses aim to reach worldwide consumers and crypto payments provide a streamlined solution for reaching worldwide consumers.
- Both parties can have peace of mind as blockchain technology does a brilliant job of maintaining transparency and trust.
Crypto Payments: Empowering the E-commerce Industry
The concept of crypto payments isn’t a mere trend in the e-commerce industry. But it is a shift, which empowers the entire e-commerce ecosystem. Here are the key factors of this empowerment:
- Security and Transparency: Merchants can enjoy next-level security and transparency with the help of blockchain technology.
- Global Transformation: E-commerce platforms accepting crypto payments can keep pace with the times and have a cutting edge within the competition. Crypto payments empower e-commerce industries to explore new horizons and dominate the future.
All these factors may seem unrealistic at a glance. But some stats or progress may let us believe in the potential of crypto payments. We will see how some individuals have believed in the power of crypto and how the e-commerce industry and some other enterprises have contributed to the growth of crypto payments.
Crypto Payments: Progress So Far
Initialization
It all started on 22 May 2010. The first Bitcoin transaction came into the limelight when a programmer named Laszlo Hanyecz paid 10,000 BTC (worth USD 30) for two pizzas. Crypto enthusiasts celebrate this day as ‘Bitcoin Pizza Day’. This move inspired many merchants to come forward and start accepting crypto payments. As a result, some reputed business chains have identified the potential of crypto payments and stepped into this revolutionary ecosystem, which is as follows:
- AT&T
- Starbucks
- Microsoft
- Tesla
This list can display some other notable mentions as well, but these four names are enough to define the potential of crypto payments.
Community and contribution
An ecosystem is incomplete without its community. The evolution in crypto payments is caused by consumers prioritizing crypto payments over traditional payments, which inspired many merchants to have an option for crypto payments.
This is considered to be a turning point for the crypto payment ecosystem. Some enterprises came forward and introduced crypto payment gateways, which simplified the way everyone transacts. Accepting crypto payments was a complicated process once. However, the world is able to witness the ease of accepting crypto payments just because of some contributors.
Ease of accepting payments
Some crypto payment gateways brought some exciting features with them, which simplified the process of accepting crypto payments. Such features are popularly known as crypto plugins and crypto API respectively.
Crypto API can be integrated into a merchant’s website. Merchants can enable the option for crypto payments, which will allow their consumers to pay in crypto directly from their websites. All merchants need to follow effective coding to perform a proper integration of crypto API.
Crypto payment gateways collaborate with some e-commerce platforms and launch plugins that simplify the integration process. For example, Coinremitter offers some open-source plugins for popular e-commerce platforms like WooCommerce, Magento, OpenCart, PrestaShop, etc. Merchants having their e-commerce websites based on these platforms can simply install the compatible plugin and start accepting crypto payments.
The above features have made customers show interest in crypto payments. With the help of crypto APIs and plugins, the process of sending and receiving crypto payments has been comparatively less time-consuming.
Conclusion
The inclusion of crypto payments has significantly empowered the e-commerce industry. Their benefits have played a crucial role in building an ecosystem-friendly community, which made an unforgettable contribution. As the e-commerce industry keeps growing, the inclusion of crypto payments may let us witness a more efficient, competitive, and future-ready e-commerce ecosystem.