Why E-Commerce Giants are Deciding to Integrate Crypto Payments
The worldwide pandemic brought on an influx in the need for digital businesses, pushing their abilities to adapt, diversify and operationalize their processes to better suit consumer demands during that globally challenging time. Offline businesses needed to adapt and change their business models to focus on online mechanisms.
Many companies with established e-commerce sites have integrated crypto into their payment schemes, such as AT&T, Shopify, and Home Depot and the list goes on.
A blast from the Past
With this exponential rise in digital businesses came the need for online payment gateways. Banks had to improvise, further moving customers to online wallets, and tech companies were on overdrive to create, create and create new apps to support this rise in fintech. Real-time mobile payments started to include P2P payments and digital remittances as well. Digital remittances, for example, are expected to jump 45% between 2021 and 2025, to $428 billion, according to a report from Juniper Research. Financial technology was embracing its new power and continues to develop into new and better things.
The payment landscape and its need for global transactions gave rise to an increased uptake in cryptocurrency and all its benefits. Today, cryptocurrency has grown into becoming an asset that can be used to purchase physical, tangible goods through digital sites, apart from investing / trading in it. It could even be exchanged to regular fiat, fast through various platforms. Currently, more than 300 million people around the world are already using cryptocurrencies. Why is it quickly rising?
- It eliminates the role of banks, as intermediary fees are minimal compared to bank charges during money transfers. The network members within the blockchain themselves act as the intermediary, keeping such fees as low as possible.
- The money is really yours – only you can access and use your money, you’re not storing it in a third-party entity that’s liable to the government and risks your assets being frozen.
Crypto is incredibly easy to use – with more and more websites integrating crypto into their operations, the consumer journey to push this payment method is prioritized.
Needless to say, blockchain-based assets such as cryptocurrency are the gateway to innovations within the digital realm.
It has become more than just a mode of payment, also bridging investment opportunities. NFTs (non-fungible tokens) are another type of asset representing real-world & digital objects like art, music, in-game items, and more that can be purchased through crypto. Crypto users and businesses have the ability to create, buy and sell NFTs to keep the currency flowing. Other NFTs go beyond art, acting as access passes to conferences and events, or even accessing products.
Apart from investing in NFTs, there are additional investment opportunities, such as investing in dollar-pegged stablecoins (hedging against other denominated assets and currencies), investing in actual businesses that have Initial Coin Offerings, buying synthetic assets (such as gold and other commodities), even the purchase of physical real estate! These are ways that the physical and the digital world intersect, bridged by crypto.
An upcoming trend in the digital world that’s heavily anticipated is the development of the metaverse. This is on Web 3.0 landscape, promising an interactive virtual world accessible through virtual reality headsets and our own devices. This 3D environment uses artificial intelligence, and the intellect of many creators and programmers to bring AR, VR, and XR together, allowing each user to interact with each other and experience offline activities, online among other uses. By the use of crypto, you will be able to further engage within these worlds with activities such as purchasing virtual real estate and securing your own space in this new virtual reality that is inevitably going to take the world by storm.
Forward-thinking Organizations Integrate Crypto
Virtual currency demands virtual purchases. Many companies with established e-commerce sites have integrated crypto into their payment schemes, such as AT&T, Shopify, and Home Depot and the list goes on.
It is not, however, just limited to online super-stores.
The global luxury market seeks to hit approximately US$1.5 trillion by 2025. So far, luxury brands such as Patek Philippe, Hublot, Tesla, and even high-end travel agent travala.com have begun to accept crypto as a payment mechanism. Celebrities like Elon Musk, Gwenyth Paltrow, and Bill Gates began to endorse the system, which became a good alternative for when loans are difficult to seek, such as during the pandemic. Elon Musk, Tesla CEO himself says that he will keep supporting and buying Dogecoin, a cryptocurrency he has been supporting for years.
Exeno itself sells technological goods, as well as household, beauty, and other products and has begun to focus more on the crypto journey, focusing solely ion crypto commerce (“c-commerce”) by expanding and transforming its marketplace into one that will soon facilitate the trading of NFTs, by also introducing their own cryptocurrency – the exeno coin (now at the pre-sale stage!). The company to “bring crypto to life” by ensuring that cryptocurrency can be made a part of what is a “normal e-commerce journey”, and is as seamless as possible, familiar to the end-user, and easy to navigate through, with great returns.
Having looked at the past, the present, and the future, it seems understandable that many players in the growing, demanding market of e-commerce are trying to be a part of the Web 3.0 revolution and adapt. Cryptocurrency is just beginning its flight, and we’re here to see it soar into the technological realm that’s yet to be explored to its fullest potential!