CRYPTO ADOPTION IN THE COMMERCE INDUSTRY

Crypto adoption is surging across the globe: In Australia, a partnership between Coca-Cola and New Zealand-based payments service Centrapay has led to the soft drink giant’s vending machines being able to accept payments in BTC. Samsung is currently working with the central bank of South Korea to develop the transaction infrastructure for the bank’s digital currency, with plans afoot to allow offline transactions to be made using the currency via Galaxy smartphones. Perhaps most intriguingly of all, Mattel has created a series of NFT artworks based on its wildly popular Hot Wheels series.

TRADITIONAL PAYMENT SERVICES VS CRYPTOCURRENCY PAYMENT SERVICES.

It’s not difficult to see why Crypto adoption within the commerce space is gathering brisk momentum. With its emphasis on ease of use, the robust infrastructure available to merchants has made digital assets much more accessible as a payment option. In traditional merchant financial services, payments between merchants and customers are verified and settled using a third-party intermediary, which is typically a credit card company.

Digital asset payments operate in a similar way to cash payments. Transactions are verified and settled once the full payment is received. This takes time on a blockchain, and so transactions start off as pending until the digital assets are deposited into the merchant address. If the payment is not received, the transaction is cancelled. There are other notable types of transaction statuses unique to cryptocurrency payments due to the peer-to-peer nature of blockchain-based transactions.

Despite the volatility of cryptocurrencies, their surging popularity doesn’t look set to slow down. The uncertainties of the past 18 months have forced many businesses to challenge old paradigms and find better, more efficient ways of doing business. Many are looking to cryptocurrencies and underlying blockchain technology to provide a welcome boost. Crypto is solidifying its place in the payments and transactions landscape, despite its unpredictable nature to the extent that it is already playing an influential role in changing monetary policy. It’s safe to say that for this reason, the growth we’re seeing in new cryptos will not be a short-lived trend and we will see the use of crypto go beyond the payments landscape. The drivers of this new world of commerce will be those financial institutions who keep up with, and get to grips with, the full potential of cryptocurrencies.

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