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- With the number of people who have transacted with cryptocurrencies approaching one billion, it is clear that the new form of currency is the uncontested method of payment for the future.
- With national governments and businesses embracing the change, QPayments is an excellent payment solution for the world of cryptocurrencies.
According to the latest data, more than 900 million people have already made transactions with cryptocurrencies. Over 900,000,000 people! We are approaching the cherished billion!
Interestingly, India has the largest absolute number of users.
But Nigeria is in the first place in terms of the percentage of the population involved in the crypto industry.
In recent years, the market has greatly improved in terms of the creation and implementation of various infrastructure solutions that use crypto technologies to improve current tools.
This is especially true for the fintech sector. Here, crypto-payments stand apart, which are gradually winning their share in the global market.
The power of blockchain has given us a new approach to payment solutions, simplifying all processes and making them transparent to anyone with internet access.
Crypto-processing is the connection of a crypto-gateway (payment solution) for accepting payments in digital assets on a website, store, etc.
What awaits us in the future
As the adoption of cryptocurrencies grows, the role of crypto payments will only increase.
The more people are involved in the “your keys – your crypto” philosophy, the more people will realize the importance of cryptocurrencies and the more they will use it in their daily activities.
And we pay for goods and services almost every day!
ARK Invest has released a great report this year called “Big Ideas”.
The thought of disintermediation of traditional banking services confirms what we are talking about in this article.
As consumers and merchants are moving to digital assets, the use of traditional checking accounts, credit and debit cards, and direct merchant accounts should decline, leading to the destruction of traditional payment intermediaries.
After gaining billions of users, digital wallets will connect millions of merchants that enable direct consumer-to-merchant transactions, making traditional financial institutions redundant.
The world is moving towards cryptocurrencies, where payment solutions will play a huge role.
Crypto payments are the present and the future
Almost every week there are mentions of companies / shops / restaurants that announce the start of accepting payments in cryptocurrency for their goods and services.
Here are just a few examples, more and more every day:
Salvador
In summer 2021, a small state in Central America recognized BTC as legal tender.
Switzerland
McDonald’s in Switzerland started accepting payments in cryptocurrency
In March 2022, the City of Lugano recognized BTC and USDT as legal tender. More than 200 stores and businesses across the city are already accepting digital assets for goods and services.
Newegg
Electronics giant Newegg is accepting cryptocurrency. Buyers choose “Pay With Crypto” in a couple of clicks.
Balenciaga, Gucci, Tag Heuer also started accepting cryptocurrencies.
The new payment method is available not only online, but also in regular stores using QR codes.
AMC
The American cinema chain AMC (the largest in the world) began accepting online payments in cryptocurrency in mid-2021.
The list is endless…
Crypto payments in the world
The number of B2B cross-border crypto transactions around the world is expected to increase dramatically in the coming years.
By 2025, the number of cross-border B2B transactions in Asia will reach 745 million.
The second region in terms of the number of transactions on the blockchain is Europe, where it is estimated that by 2025 the number of these transactions will have reached 466 million.
Readiness to use/accept cryptocurrencies for payments by consumers/merchants in various industries around the world as of 2022
And here are some interesting statistics on the most common factors that encourage users around the world to choose cryptocurrencies for online retail purchases in 2022
The main motivating factor for consumers to use cryptocurrencies in retail has been related to the enthusiasm for the new technology.
This follows from a survey conducted in both years by CryptoRefills.
The most common responses, according to the source, concerned future predictions about how cryptocurrencies would take the place regarding purchases.
Other top factors include security and privacy, with more than half of respondents saying they either see cryptocurrencies as a safer payment method or simply don’t trust financial institutions.
Countries in Latin America, Africa and Asia are more receptive to new digital currencies as they are an inexpensive way to get financial services that would otherwise be unavailable.
Pros and cons of crypto payments
PROS:
- Full control over your cryptocurrency (no one will be able to cancel your transfer or block the operation for a variety of reasons)
- Simplicity and convenience in paying for services
- Instant transactions and the ability to track the transaction in the explorer
- International payments in a couple of seconds
- No intermediaries who charge commissions from sellers and buyers
CONS:
- Basic knowledge of crypto technologies. The use of cryptocurrencies as payment for goods and services requires certain knowledge about the blockchain and crypto technologies (commissions, transaction confirmation, etc.)
- Lack of clear and uniform regulation across countries
- Basic knowledge about security (irreversibility of transactions or asking the service to return the cryptocurrency sent / by mistake to another address)
- Cryptocurrency Volatility
- At the moment, acceptance of crypto payments is not universal.
QPayments is an excellent payment solution for the world of cryptocurrencies
The QChain team presented their payment solution – QPayments, which provides instant payments in cryptocurrency.
Any shop, cafe, restaurant can connect the service to their platform and accept payments in digital currencies directly to their account.
Why are more and more companies choosing QPayments to enable cryptocurrency payments?
It is due to the innovative technology and undeniable advantages of QPayments, which make it easier and save your money.
- System transparency
- Ease and convenience of connection
- Simplicity and ease of use
- Connection takes from 3 to 7 days
- Instant invoicing and payment
- No commissions
- Reliable and safe operation
- Payment for goods and services anywhere in the world
- No need for a bank account
- No limits on the number of transactions per day, week, year
- Transactions have no upper threshold
- Work 24/7
- Smart contracts make it possible to create mathematically complex conditions for transactions
- The ability to conduct microtransactions and large amounts with the same conditions for everyone
- Security guarantee
- No denial of service / no blocking
- Expanding the geography of customers
- No need to verify your account
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