Paying with cryptocurrencies has changed from being a trendy tool to a must for businesses to thrive and keep up with the market pace. Users increasingly appreciate the security and convenience of virtual coins and digital wallets to send and receive money or to pay for products and services online.
This direction took a significant uplift with the approval of Bitcoin and Ethereum spot ETFs, which brought decentralised assets closer to centralised institutions and traditional corporations.
Therefore, there’s an increasing number of companies using crypto payment to attract more users, and if you are one of them, you definitely need to capitalise on these technologies.
Crypto Payments in a Nutshell
Cryptocurrency payments mean enabling your customers to use Bitcoin, Ethereum, Tether and thousands of other blockchain-based currencies to initiate transactions. This functionality is achieved through crypto payment gateways that facilitate the interaction between the user’s DeFi wallet, your website and your merchant account.
Paying with DeFi methods is faster and safer than traditional methods because the transactions are automatically processed without exposure to third parties and without collecting user data. They are also more globally available and allow you to overcome currency differences.
Industries That Use Cryptocurrency Transactions
Accepting crypto payments has transitioned from being exclusive to tech-savvy companies to almost any business.
Retail Stores
Online and offline stores now accept crypto wallets for point-of-sale payments or online purchases. E-commerce is an avid user of cryptocurrencies, powered by various crypto payment gateway providers that facilitate paying with BTC, USDT, USDC and other reliable coins.
H&M, Adidas and Nike are among the brands that accept crypto coins.
Luxurious Brands
Hublot, Gucci, Balenciaga and other luxury brands now facilitate cryptocurrencies on their website to accommodate their customer’s privacy and ensure seamless transactions. This aligns with the high-class category and wealthy users these brands serve.
Food Chain
Fast-food chains like KFC and Burger King now accept BTC to facilitate faster transactions, while delivery services like Uber Eats and DoorDash also accept cryptocurrencies to appeal to a larger user base.
Travel and Accommodation
The booking and travel industry has evolved massively thanks to cryptocurrencies, where passengers can pay for their itineraries with Bitcoin and manage their bookings using blockchain technology.
The futuristic use case of Web 3.0 in this industry includes storing user data and bookings through smart contracts, ensuring smooth reservations and minimising overbookings and scam activities.
Digital Products, Software, and Gaming
Streaming services and digital product stores now integrate blockchain-based payment gateways to accept payments in various cryptocurrencies and stablecoins. This aligns perfectly with the tech-savvy user base that prefers privacy and digital payment methods.
Automotives
Leading automotive manufacturers accept crypto payments. Ducati partners with BitPay to accept transactions in numerous digital coins, while BMW facilitates crypto payments on their licensed dealerships.
Financial Institutions
Traditional investment banks have shown increasing interest in cryptocurrencies, especially after the latest approval of ETH and BTC spot ETF trading on leading financial corporations.
This has brought DeFi currencies closer to traditional investors and institutions and contributed to the widespread adoption of cryptos.
Conclusion
Paying with cryptocurrencies is more available than ever before. Businesses of all types are accepting virtual coins and wallets to sell products and services. This adoption largely contributes to improving a company’s financial position, user experience and overall growth.