Integrating Crypto Payment to Ecommerce
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For any merchant, accepting credit card payments may be convenient yet costly since you have to incur processing fees charged by card providers. Putting ‘cash-only’ policies may hurt revenues for your business as most customers prefer cashless payments. A better alternative that will help you grow sales and tap into additional revenue streams is integrating cryptocurrency payments. So, how can one get started?
A cryptocurrency is digital money whose value is backed by cryptography to facilitate secure and anonymous transactions. Cryptos are not issued by central banks, governments or other central institutions. Instead, they are built on blockchain protocols to enable peer-to-peer (P2P) transactions.
The first-ever cryptocurrency, Bitcoin, launched in 2009 and thousands more have been added to the market since then. Blockchain technology is rapidly advancing, and financial institutions continue to add crypto services. This mainstream adoption has seen the crypto market cap grow to over $1 trillion. More people now have access to cryptocurrencies and are using them to settle payments for purchases. Here’s why you should start accepting crypto payments:
Notably, crypto payments are quite new, and many countries have little-to-no regulations for this sector. In an attempt to regulate these activities, some countries have imposed total or partial bans and risk policies, among other advisory terms for citizens.
In most countries like India, Bangladesh, Nigeria, and Nepal, cryptocurrencies are not recognized as legal tender. China has a near-total ban on crypto operations. These regulations vary across different countries. The
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