For the payment industry, decentralized ledgers (blockchains) and cryptocurrencies represent perhaps the biggest innovation of the decade. As crypto is becoming many consumers’ favorite way to pay, leading processors like Coinspaid recorded a significant
increase in processing volume. What’s behind crypto payments’ popularity – and can this trend be sustained?
It is all about accept bitcoin payments
Many large businesses either already accept Bitcoin or are looking into the possibility to integrate crypto. In August 2021, Amazon and Walmart posted a
few job openings for blockchain solution developers. Both companies’ executives have hinted that they are exploring ways to expand crypto payment options for customers.
Some economists associate the growth of cryptocurrency payments with the COVID-19 epidemic and even believe that the increased use of digital currencies in 2022 will have an impact on emerging markets. The lack of infrastructure and entrenched institutional
interests cause the so-called leapfrog effect, ensuring an even more rapid spread of cryptocurrencies . At the same time, developed economies of the world, burdened with the legacy of the past, will sooner or later have to catch up with the emerging economies
in terms of new payment model adoption.
The growth of cryptocurrency payments is also evidenced by a recent report by the
eMarketer research resource.
As consumers’ interest in blockchain payments grows, large companies are increasingly testing this technology for payment use cases, including integrations with some of the largest payment providers. Global spending on blockchain is forecast to reach nearly
$17.9 billion in 2024, growing at a five-year compound annual growth rate of 46.4%.
At the same time, experts emphasize that BTC will remain the most-used cryptocurrency: by 2024, it may account for 56% of the total crypto payments volume.
Coinspaid is ready
The growth of cryptocurrency payments on a global scale should lead to the emergence of faster, cheaper, and more reliable payment services, such as Cryptoprocessing by Coinspaid.
Coinspaid is a crypto-financial ecosystem that brings joy and simplicity to using cryptocurrencies both for businesses and end customers: wallet app, payment gateway, SaaS, and more. Their B2B processing service Cryptoporcessing.com
allows merchants to accept cryptocurrency payments on their websites and convert them into conventional fiat currencies, followed by a withdrawal to a bank account.
The service supports more than 30 cryptocurrencies: BTC, ETH, USD, LTC, DOGE, etc. In addition to accepting crypto from customers, CoinsPaid’s clients can buy cryptocurrency for fiat - for example, to settle with partners. The platform also offers a payment
feature allowing clients to automatically set up payments to multiple addresses to counterparties in one click. Withdrawals to a bank account are available in 6 major currencies: USD, EUR, AUD, CAD, JPY and GBP. Withdrawals to a bank account are available
in 6 major currencies: USD, EUR, AUD, CAD, JPY and GBP.
All confirmed transactions in BTC and ETH are immediately credited to a merchant’s balance. This gives a merchant a strong competitive edge, especially in areas like gaming, where fast deposits are key to user retention and loyalty. By the way, very few crypto
payment providers offer the same instant processing feature, and most of them only operate in the US.
It is all about client satisfaction
Below are the key facts about Cryptoprocessing by CoinsPaid. Its advantages and benefits.
1. Processing fees.
Cryptoprocessing’ fees may vary for the particular client. By now the standard fees are the following: 0.8 % of any payment made in cryptocurrency without conversion into fiat and 1.5% of a payment made in cryptocurrency with conversion into fiat and withdrawal
to the client's bank account (the minimum transaction fee is 0.5 EUR). There is a possibility to get commission discounts up to 50% for usage of CoinsPaid's utility token CPD.
2. Instant conversion to various fiat currencies.
Even though crypto is highly volatile, merchants working with Cryptoprocessing by CoinsPaid aren’t aren't mitigated to any exchange rate risks. Revenue can be instantly converted and sent to a bank account already in fiat. This is also more convenient for the
accounting and reporting purposes.
3. Two successful security audits.
In 2020, Kaspersky Labs audited CoinsPaid and didn’t find any security vulnerabilities. This audit was followed by 10Guards, making CoinsPaid the only crypto payment provider to have two audit reports by major security providers.
It is all about the future
2022 can be a very important year for the development of blockchain payments, and the following few years will quite possibly place cryptocurrencies in the center of the global payment stage. Thousands of businesses will want to learn how to accept Bitcoin
– but those who wish to get ahead of their competition are already integrating Cryptoprocessing by CoinsPaid.