Over the past decade, the world of cryptocurrency has undergone a significant transformation, and one of the most remarkable advancements has been in the area of crypto payments. Initially, crypto payments were mostly limited to tech-savvy individuals and early adopters. However, with the rise of user-friendly platforms and the widespread adoption of cryptocurrencies, they have become more accessible and popular among the general public.
Nowadays, many merchants and businesses accept crypto coins and tokens as a valid form of payment, and the number of processed crypto transactions is rapidly increasing. With the ongoing innovations in the field of blockchain tech and the growing endorsement of cryptocurrencies, we can expect them to continue to evolve and improve in the future.
A survey showed that a majority of merchants will start accepting cryptocurrency payments within one to three years. Some regions are expected to witness a rapid change (or revolution) in less than a year. While some other regions may take 3 years for adopting the same.
Reasons for Emphasizing Crypto Payments
There are multiple reasons for emphasizing crypto payments. It may be a fanbase of cryptocurrencies, consumers willing to opt for a simple, fast, and secure payment method, a sudden evolution of crypto wallets having significant advantages over a fiat wallet, or crypto payment processors like Coinremitter being strong enough to push merchants towards crypto payments with unbelievable services. With a large volume of consumers constantly looking for the option, merchants had to add an option of crypto payments.
In the world of digital payments, cryptocurrency behaves like an essential value token, which can be transferred to compatible crypto wallets online for products and services. There may be three key reasons for prioritizing crypto payments over fiat payments:
- High chance of becoming the future of currency.
- Proficiency in omitting intermediaries from the chain.
- Blockchain’s robust security over conventional payments.
Initially, crypto payment gateway services were only offered by selected digital innovators because of the skepticism of some highly established market players. Cryptocurrency transactions proved to be a boon for those who always wanted to get rid of remittance fees. Coinremitter’s lowest processing fee helps the tech to push the trend ahead more aggressively. But more professionals moved to crypto payments once after the pandemic got started. Relying on digital transactions seemed a dependable option when contactless payments were being hailed.
What is the Future of Crypto Payments?
The rise of cryptocurrency has revolutionized the way we perceive financial transactions. As a decentralized and secure digital currency, cryptocurrencies have emerged as a viable alternative to traditional payment methods. With the increasing adoption of blockchain technology and the growing demand for contactless transactions, the future of crypto payments looks promising. Also, cryptocurrencies are predicted to be the future of currency.
Most intellectuals have claimed that transactions based on blockchain tech as well as all other digital assets are going to rule cross-border settlements. Also, an increase in the adoption of mobile payments and CBDCs has helped merchants gain trust in crypto coins and tokens. According to a report, crypto payments are projected to rise by 16.6% CAGR till 2023, which directs to their promising future.
Who can Help?
Currently, available crypto payment platforms and exchanges can play a crucial role in promoting crypto payments and building a community that has faith in the power of cryptocurrencies. Providing consumers with services that can make them forget their fear of crypto investments.
Take the example of Coinremitter, it just works as a mediator between two parties for transferring cryptocurrencies. Without interfering much, it just transfers the requested or needed amount to the entered address respecting the privacy of the parties getting involved. Yes, you heard it right. Coinremitter hasn’t featured something that can make everyone surprised.
One can manage to process crypto transactions on Coinremitter without completing KYC or adding a bank account. Those who’re skeptical about revealing their identity must be satisfied with these services.
How is Coinremitter Contributing to the Future of Crypto Payments
Building a community is undoubtedly very important for a bright future of every revolutionary tech. Coinremitter focuses on adding more people to the crypto payment system. Providing merchants with features that can make merchants adopt crypto payments smoothly looks to be a progressive step toward the future.
By labeling revenue as ‘unimportant’, Coinremitter prioritizes merchants’ savings by charging the lowest withdrawal fees as well as competitive transaction fees from them. With the easy installation of open-source plugins and staff-supported integration of crypto API, merchants can provide customers with an option to pay crypto coins or tokens on their websites themselves.
Coming back to savings, Coinremitter exclusively provides support to the gas station. By enabling it, merchants can spend less on gas fees on selected crypto transactions. Also, Coinremitter merchants can refer Coinremitter to others and can claim up to 75% of Coinremitter’s revenue under Coinremitter’s affiliate program.
Conclusion:
With a CAGR of 16.6%, the revolutionary tech of cryptocurrency payments looks promising enough, and the beginning of 2023 seems to have geared up for a promising future. Coinremitter’s efforts to push the trend with its exclusive services as well as less spending seem to pull the future. One can probably say that 2023 has begun well for crypto payments, which indicates a healthy future ahead, at least for the existing decade.
