More and more public and private organisations are riding the wave of cryptocurrency luxury. Shopify is another e-commerce giant to join the list. The Canadian company recently signed a contract with a crypto payment gateway, CoinPayment.
Earlier in February this year, the e-commerce platform showed a positive attitude towards social media giant Facebook’s project Libra. Although controversial, Facebook’s own cryptocurrency could create a good amount of hype in the crypto market. By introducing digital currencies tech to the system, Shopify wanted to eliminate the risk of counterfeit and fake products from the supply chain.
Cryptocurrency adoption can reach a new level
With more than one million merchants running businesses in 175 different countries, a large number of transactions take place on the Shopify platform every month. This means several billion cash turnover every year. Even if a small percentage of these transactions take place in cryptocurrency, the figure will be significant for the digital currency market.
Shopify has made all arrangements to make this possible. The company already conducted a successful beta trial last year. Inspired by the trial now it has partnered with CoinPayments to make cryptocurrency payments fully functional on its platform. Customers who want to pay with cryptocurrency will now find an option of CoinPayments processor for all the merchants of Shopify.
CoinPayments has a wide range of cryptocurrency options (more than 1,800) for its users. So, a client will be able to use his/her digital currency unless it is an extremely rare type. Retailers, on the other hand, do not have to wait too long before receiving payments as DLT is meant to make transactions faster.
Retailers also do not face any difficulty in getting payments from a different country. There is no need for a third-party payment processor or bank to receive payments from the Shopify cryptocurrency system.
Will the digital currency market see more users?
Crypto startups and payment processor firms are relentlessly trying to make crypto payments easier. For instance, the CoinPayments processor is very straightforward to integrate and use. CoinPayments CEO Jason Butcher expects to expand its operation globally and introduce cryptocurrency payments to a vast number of individuals and end-users as it partnered with Shopify.
Butcher explained how their platform conducted beta trial last year. Every aspect of a transaction process was thoroughly checked- speed, efficiency, interoperability, and compatibility with Shopify stores. CoinPayments also made sure of its security features so that there is no theft or fraudulent activity.
The contract will benefit both companies. Butcher expressed his high ambition to become unbeatable in the digital payment sector by combining the Shopify’s vision to expand their merchant base and their mission to power crypto payments.
Many others have already joined the crypto-economy
Several e-commerce giants and service providers have decided to adopt the emerging cryptocurrency economy by integrating the crypto payment method into their platforms. They are deeming this payment form as time-demanding and state of the art. Software maker Microsoft Corporation has been accepting the digital currency for use in its online Xbox store since 2014.
Although it suspended the payment mode for a short while due to the extreme volatility of Bitcoin, it resumed accepting the crypto solely for Xbox store credits. Bill Gates frequently pointed out digital currencies as a better alternative to traditional currency. Another prominent US retailer Overstock is accepting digital currencies.
Online shoppers can easily get a variety of goods from furniture to clothing with their digital wallets. They are certainly in the crypto-economy for the long run and not just using Bitcoin as a marketing policy. Newegg is a familiar name in the cryptocurrency community for retailing crypto mining devices. They provide all kinds of hardware for miners.
They satisfied the customer demand by adding digital currency as a payment method. Miners can now purchase hardware with the coins earned through the mining process. Norwegian Air, a top-ranked European airline, may soon accept cryptocurrency payments for flight tickets. Coindesk also reported in February 2020 that the Norwegian Block Exchange (NBX), a leading crypto exchange of the country, will facilitate air ticket purchase with virtual currencies.