The recent correction of values such as Bitcoin should not make us forget that cryptocurrencies will become part of the current uses of the real economy for the long term. Retail is showing the way…
Retail and e-retail are appropriating cryptocurrencies
The adoption of cryptocurrencies for the payment of purchases in retail has accelerated rapidly. Recently, Gucci announced the upcoming payment in crypto in some of its stores in the US. In-store payments being made with a link emailed to the customer. This link containing a QR code that allows you to execute the payment from your crypto wallet. Typically, crypto payments are accepted in commerce via a QR code or NFC reader on the terminal connected to a customer’s smartphone cryptocurrency app, (similar to credit card payments).
E-commerce has also just experienced a boost in the use of crypto to make purchases. Shopify is a good illustration of this. Indeed, the e-commerce technology giant, has just entered into a partnership with Crypto.com allowing merchants to accept crypto. Last month, the American digital payment platform Strike – which uses Bitcoin’s Lightning Network – also announced its integration with Shopify. This allowed Shopify merchants based in the United States (US) to receive Bitcoin payments from customers around the world in US dollars. Shopify has also entered into agreements with Coinbase Commerce and BitPay.
ShareChat, India’s $5 billion social network
More classic actors
BitPay precisely… Camper & Nicholsons International is one of the oldest yachting companies in the world, founded in 1782 as a shipyard in Gosport, England. This world leader in the luxury yachting business has just accepted crypto payment through Bitpay, the world’s largest provider of bitcoin and cryptocurrency payment services. BitPay offers consumers a complete digital asset management solution that helps turn digital assets into dollars to spend at tens of thousands of businesses. BitPay acts as a payment processor that offers a turnkey crypto payment solution. For its part, TAG Heuer has also just opted for the same BitPay solution. TAG Heuer customers in the United States can now shop online for up to $10,000 per transaction.
Instant payment in Bitcoin thanks to the Lightning network
Recent advances in technology have made the process of buying crypto even smoother. This is the case of the Bitcoin Lightning Network, an “overlay” to the network bitcoin which enables instant payouts and lower network fees. This network creates more opportunities for all bitcoin holders to buy online. A few seconds now against ten minutes before. As technology improves, new strategies for using cryptocurrencies are unfolding.
Cash back in the form of cryptocurrencies
Incentive mechanisms are put in place by FinTechs to encourage the public to appropriate crypto in their daily lives. Thus, mobile payment systems with cryptocurrencies in offline and online stores such as Elipay offer buyers cashback in the form of crypto tokens every time they make a purchase. The company has even deployed an ultimate universal terminal, Elly POS, which accepts all types of payment: from WeChat Pay to GoCrypto to classic credit card payments.
The “rounding” strategy
Recently, Robinhood, the popular trading app for Generation Z, announced the launch of its own debit card, the Robinhood Cash Card with the ability for users to automatically invest in assets such as stocks and cryptos when they spend money on their everyday purchase. Robinhood proposes to round the transactions carried out using the card to the nearest dollar and to use this additional money to buy crypto-assets such as Dogecoin or Ethereum in particular.
The “gift card” strategy: the Swiss example
To boost usage of the most famous crypto, major Swiss retailers have started selling gift cards to consumers looking for ways to buy Bitcoin. According to Swiss daily Tages-Anzeiger, Manor, one of Switzerland’s largest department store chains, sells Bitcoin gift cards in all of its 59 stores across the country. Vardex, a cryptocurrency financial services company, developed Bitcoin gift cards, which are sold by major retailers in Switzerland, including at kiosks…
So the real question is not whether cryptocurrency will be accepted by all merchants, but rather when?
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How is retail accelerating the use of cryptocurrencies?
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