Written by: CoinPayments
Ecommerce and cryptocurrency are likely the two most prominent sectors shaping the digital payments industry today.
While Ecommerce is responsible for redefining the commercial activities of the world, crypto payments have redefined the way transactions are made. Together, they complement each other and create a simplified ecosystem for buying and selling online.
The current scenario of Ecommerce and crypto payments
- Statista data predicted that 72% of Ecommerce sales will take place on a mobile device by 2021, which highlights the importance of a better global payment mechanism.
- Another report stated that there has been a 700% surge in the number of businesses accepting bitcoin payments since 2013.
- Foresight Business predicts the North American virtual currency market alone will reach $1.8 billion by 2027 from $250 million in 2019.
Why Ecommerce has embraced crypto payments
The Ecommerce industry was quick to identify the power of crypto payments, resulting in more integrations of cryptocurrencies over the last few years. Apart from the obvious benefits of trust, transparency, and security that come with crypto payments, here are some prominent reasons why Ecommerce was quicker to adopt crypto than other sectors:
- The use of mobile devices
Mobile devices have given the world what it needs; flexibility and easy access. Needless to say, when it comes to buying or selling something online, the process has never been easier thanks to our smartphones and tablets.
However, despite the payment process through mobile devices being a crucial component of the ecosystem, the current payment process still lacks the Midas touch. The need for a seamless, transparent, faster, and more secure payment process through mobile devices is what is driving crypto payment adoption in the Ecommerce sector.
- Customer experience
Being customer-centric is what the Ecommerce industry does best. Millions of dollars are spent to identify consumer needs based on age, location, profession, and more, just to provide a better customer experience – both on the shopper and merchant side. However, the biggest role played in the customer experience is the ability to pay and receive payment quickly, efficiently, and globally.
Hurdles like bank servers going down, payments not being processed, the need to link to accounts or register for a credit card (as some websites only accept credit card payments), and many others have accelerated the adoption of crypto payments even further.
- Lower transaction fees
Businesses used to incur three to six percent fees on transactions, which can now be negligible with the adoption of crypto payments. Especially in the case of cross-border settlements, crypto payments can be processed for less than a percent, helping merchants reduce significant overhead.
CoinPayments’ role in Ecommerce and crypto payments
As a global crypto payment gateway, CoinPayments has played a significant role in bridging Ecommerce with the world of cryptocurrencies. Hosting more than 2,000 cryptocurrencies, the platform facilitates global payments at only 0.5%, eradicating the most crucial pain point of high transaction fees for online merchants.
To ease the transition into crypto, CoinPayments provides merchants with user-friendly shopping cart plugins with major Ecommerce platforms as well as custom tools to enable any merchant to accept crypto payments in store and online.
Another key parameter that takes precedence for the Ecommerce industry is the ability to reach a wider customer base and provide an efficient payment mechanism to them. CoinPayments, being active in more than 180 countries, has streamlined the crypto payment process with Ecommerce merchants in mind. The transaction can be done either through a payment address or QR codes, which is instantly reflected on the blockchain’s immutable database, providing utmost security and authenticity.
And, this is just the tip of the iceberg.
With the goal to bring crypto into the mainstream through mass adoption, CoinPayments continuously offers features and services that help any merchant easily accept crypto payments.