The recent correction of values like Bitcoin should not make us forget that cryptocurrencies will be part of the current uses of the real economy in the long term. Retail is showing the way…
Retail and e-retail are appropriating cryptocurrencies
The adoption of cryptocurrencies to pay for retail purchases has rapidly accelerated. Recently, Gucci announced the upcoming cryptocurrency payment at some of its US stores. In-store payments being made with a link emailed to the customer. This link contains a QR code that allows you to execute the payment from your cryptocurrency wallet. Cryptographic payments are typically accepted in commerce via a QR code or NFC reader on the terminal connected to the cryptocurrency app on the customer’s smartphone (similar to credit card payments).
E-commerce has also just experienced an increase in the use of cryptocurrencies for shopping. Shopify is a good illustration of this. In fact, the e-commerce technology giant has just entered into a partnership with Crypto.com, allowing merchants to accept cryptocurrencies. Last month, American digital payment platform Strike – which uses Bitcoin’s Lightning Network – also announced its integration with Shopify. This allowed Shopify merchants based in the United States (US) to receive Bitcoin payments from customers around the world in US Dollars. Shopify has also entered into agreements with Coinbase Commerce and BitPay.
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More classic actors
BitPay precisely… Camper & Nicholsons International is one of the oldest yachting companies in the world, founded in 1782 as a shipyard in Gosport, England. This world leader in the luxury yacht business has just accepted cryptographic payment through Bitpay, the world’s largest provider of bitcoin and cryptocurrency payment services. BitPay offers consumers a complete digital asset management solution that helps turn digital assets into dollars to spend at tens of thousands of businesses. BitPay acts as a payment processor that offers a turnkey crypto payment solution. In turn, TAG Heuer has also just opted for the same BitPay solution. TAG Heuer US customers can now shop online for up to $10,000 per transaction.
Instant Bitcoin Payment Thanks to the Lightning Network
Recent advances in technology have made the process of buying cryptocurrencies even easier. This is the case with the Bitcoin Lightning Network, an “overlay” on the bitcoin network that allows for instant payments and lower network fees. This network creates more opportunities for all bitcoin holders to buy online. A few seconds now versus ten minutes before. As technology improves, new strategies for using cryptocurrencies are emerging.
Cash back in the form of cryptocurrencies
Incentive mechanisms are implemented by FinTechs to encourage the public to appropriate cryptocurrencies in their daily lives. Thus, mobile cryptocurrency payment systems in offline and online stores such as Elipay offer shoppers cashback in the form of crypto tokens every time they make a purchase. The company has even deployed an ultimate universal terminal, Elly POS, which accepts all types of payments: from WeChat Pay to GoCrypto to classic credit card payments.
The “rounding” strategy
Recently, Robinhood, the popular trading app for Gen Z, announced the launch of its own debit card, the Robinhood Cash Card, with the ability for users to automatically invest in assets like stocks and cryptos when they spend money on their daily purchases. . Robinhood proposes to round up transactions made using the card to the nearest dollar and use that additional money to buy crypto assets like Dogecoin or Ethereum in particular.
The “gift card” strategy: the Swiss example
To increase the use of the most famous cryptocurrency, leading Swiss retailers have started selling gift cards to consumers looking for ways to buy Bitcoin. According to Swiss daily Tages-Anzeiger, Manor, one of Switzerland’s largest department store chains, sells Bitcoin gift cards at all of its 59 stores across the country. Vardex, a cryptocurrency financial services company, has developed Bitcoin gift cards, which are sold by major retailers in Switzerland, including at kiosks…
So the real question is not whether cryptocurrency will be accepted by all merchants, but when?