Paying for daily needed goods in cryptocurrency was merely a dream a couple of years ago, but things look differently, way more differently, today – giants like PayPal and Visa allow customers to pay for their purchases in cryptocurrency.
Contrary to some’s expectations, cryptocurrency is still in the headlines today and will probably continue to be so, particularly since crypto payments have become real. Major companies worldwide, including Visa, Mastercard, and PayPal, have chosen this route, as well as important entrepreneurs and public personalities. Remember when Elon Musk announced Bitcoin adoption in 2021? Since then, he, indeed, changed his mind, now sympathizing with Dogecoin, but he’s still a crypto fan. Time has passed, and at this very moment, cryptocurrency has been embraced by companies across myriad industries, from airlines to FinTech and MarTech. Established companies like Microsoft, WeWork, and Expedia have also recognized the upsides of accepting crypto as a form of payment and announced their initiative to introduce the technology. (konahonudivers.com)
Digital currencies have, undoubtedly, turned from a predominantly asset class into a legitimate funding source to make a payment in the real environment at thousands of merchants. Let us, thus, explain this phenomenon to acquire a more comprehensive understanding of it.
PayPal’s approach to cryptocurrency payments
Dan Schulman, CEO and PayPal president, told Reuters in 2021 that cryptocurrencies are beyond a mere digital asset and are expected to become a legitimate funding source for transactions in the real environment. The support for cryptocurrency in cross-border e-commerce with PayPal has surged in popularity since then. PayPal first allowed users to purchase and hold digital currency and then made it possible for US consumers to pay for needed goods in various cryptocurrencies (including Bitcoin, Bitcoin Cash, Litecoin, and Ethereum), which are to be immediately converted into USD during the transaction. Later, the company announced that UK customers could trade cryptocurrencies on PayPal’s website and mobile app. Users should spot this crypto-payment feature in their PayPal wallet if they have enough funds to make an eligible purchase. Moreover, they’ll be able to track their crypto through the PayPal mobile app and, hence, have more control over their assets.
With so much buzz around crypto and its global adoption, more individuals are increasingly interested in investing. If you’re one of those enthusiasts up to date with the latest crypto news, that’s amazing, but if you’re a newbie in this vast world, you should know some things before buying your first cryptocurrency. First and foremost, it’s advisable to document thoroughly and find the coins that suit you the most. Maybe PayPal’s approach to digital currency and how it plans to integrate currencies like Bitcoin and Ethereum into its network can give you a helping hand.
Ethereum, for example, has rapidly evolved into what it’s today – a vivid ecosystem supporting a plethora of distributed applications, and here we’re, one of giant PayPal’s favorites. So, suppose you decide to invest in Ethereum. In that case, we can only congratulate you but ensure you’re informed about how to buy ETH, the coin’s price history, market cap, and liquidity to measure the worth of your investment.
Visa’s position
A 2021 Visa report suggests that the payment giant processed more than $1 billion in cryptocurrency transactions in the first half of 2021. This amount has significantly increased by the first half of 2022, by $2.5 billion, more precisely. There’s no doubt that crypto payments have a real moment at this time and are forecast to become even more popular, particularly with the upsurge of stablecoins.
Visa announced in March 2021 that it would join forces with a famous crypto exchange to make transactions in its network easier. It allows users to access, hold, and use cryptocurrencies as desired. Crypto-based payment options are, hence, at anyone’s fingertips today due to Visa’s involvement and several partnerships that enabled things to be like that. The payment giant powered by the Ethereum blockchain has collaborated with significant crypto players and programs to make it possible for users to spend and convert cryptocurrency at approximately 70 million merchants around the globe. Besides adding USDC stablecoin to its settlement platform, Visa plans to support CBDC (central bank digital currencies) as soon as they become accessible. Undoubtedly, Visa is open to change and innovation, so we’re excited to see what the payment giant is cooking in the oven. The company also declared that the crypto community treasures linking cryptocurrencies to Visa’s international network, and this is only not surprising – with so many crypto enthusiasts out there, Visa’s progressive approach will be nothing but embraced.
Both PayPal and Visa have made cryptocurrency an available form of payment, but many more companies have considered this improvement, too. Some other companies that have embraced digital currency as payment include:
- Mastercard
- Microsoft
- Starbucks
- Amazon
- Coca Cola
- Sotheby’s
- LOT Polish Airlines
- airBaltic
- Pavilion Hotels & Resorts
As you can see, a wide variety of companies have taken steps to permit cryptocurrency transactions, from airlines to auction houses. You might be surprised to see some names on this list, such as Coca-Cola and Starbucks, but it’s true – both accept digital currency to pay for drinks. The drinks’ giant distributor and bottler, Coca-Cola, joined forces with the Centrapay platform to allow consumers to pay for their favorite coke by means of some vending machines geared to take crypto as payment. On the other hand, Starbucks put the Bakkt app at the customers’ disposal, letting them pay for a yummy latte with converted Bitcoin.
Crypto payments beneficial for customers and merchants alike
Crypto payment options have opened doors of opportunities for both merchants and consumers. This approach allows traders and suppliers to have their products bought by a larger number of customers, as cryptocurrency is, for some, a preferred currency that outreaches fiat currency. Companies can see a profit faster by allowing people to pay for their needed goods with Bitcoin, Ethereum, Litecoin, or other cryptocurrencies. Customers, on the other hand, benefit from hassle-free and rapid transactions. Everyone is so happy!
