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The Importance of Local Payment Solutions for Crypto Adoption

Sep 19, 2023

Dot

5 min read

Contents

  • The Global Impact of Crypto Payments

  • Benefits of Cryptocurrency Payment Gateways

  • Rise of Inqud

  • The Digital Transformation of States' Financial Landscapes

  • Conclusion

In recent years, cryptocurrency has emerged as a groundbreaking financial innovation with the potential to revolutionise the way we transact globally. While its impact is felt worldwide, the benefits of crypto payments hold particular significance for emerging countries. According to Checkout.com's report, 77% of merchants who choose to accept crypto as a payment medium observe an increase in cross-border sales. It's no surprise, therefore, that an estimated quarter of all online businesses are looking to offer crypto payment methods by 2025 – a number that will only rise as the education gap decreases.

The Global Impact of Crypto Payments

The transformative power of crypto payments extends far beyond local boundaries.This global adoption trend indicates that mass acceptance and usage of cryptocurrencies are steadily increasing, and the statistics check out. As more businesses embrace crypto payments, the need for local payment solutions becomes even more critical.

Benefits of Cryptocurrency Payment Gateways

Cryptocurrency payment gateways offer unique advantages for businesses of different scales and industries.

  1. Reduced Processing Costs

One of the most significant benefits of using cryptocurrency payment gateways is the lower fees associated with transactions. In the fiat world, merchants often incur fees of over 3.5% per transaction. However, when using the best cryptocurrency payment gateways, fees can be as low as 0.8%, resulting in substantial cost savings for businesses.

  1. Elimination of Chargeback and Rolling Reserves

Crypto payments eliminate the possibility of chargeback fraud since all transactions on the blockchain are final by default. This eliminates the need for rolling reserves due to chargeback-related legislation, enabling businesses to use these funds to increase revenue and reinvest in their operations.

  1. Scalability and Cross-Border Potential

Unlike traditional banking systems, cryptocurrencies are accessible worldwide, requiring only internet connectivity. This allows merchants to significantly increase their cross-border potential and reach a wider market. Digital assets know no bounds, enabling businesses to service global customers and explore advertising opportunities worldwide. In contrast, fiat-only businesses tend to be limited to serving their local cohort.

  1. Instant Payments and High Acceptance Rate

Crypto payments are instant, facilitating faster transactions compared to traditional payment methods. The decline rate, which shows how many transactions were rejected, is much lower with cryptocurrency payment processors compared to fiat processors. Top crypto providers offer 99% acceptance rates, making transactions efficient and reliable.

Rise of Inqud

Inqud, an emerging player in the world of crypto payment solutions, is poised to make a significant impact on the global financial landscape. With a focus on seamless user experiences and enhanced security, Inqud aims to provide businesses of all sizes with an accessible and reliable crypto payment gateway. By addressing regulatory concerns and promoting widespread adoption, Inqud is dedicated to bridging the gap between cryptocurrencies and conventional finance, fostering financial inclusivity, and contributing to the ongoing transformation of the global economy. 

The Digital Transformation of States' Financial Landscapes

Digitalizing the national monetary systems of states represents a momentous shift from traditional account-based payment systems to value-based or token-based systems. In the conventional account-based model, transactions involve the transfer of claims, recorded within intermediaries like banks. Conversely, value-based systems facilitate direct transfers of payment objects, such as commodities or digital currencies, between parties. This transition towards digital assets, underpinned by distributed ledger technology, holds the potential to revolutionize the global economic structure, reshaping financial transactions on a fundamental level.

The momentum behind this digital transformation is accelerated by the remarkable development of crypto-payment technology. Increasingly, businesses worldwide are embracing cryptocurrencies, recognizing the numerous advantages they offer. These digital assets provide a diverse array of coins, enabling payments for goods, services, and various transactions, thereby expanding possibilities for businesses and individuals alike.

In conclusion, digitalizing national monetary systems and embracing crypto payments present a paradigm shift in the financial landscape. As more businesses and individuals adopt cryptocurrencies, the potential for global economic transformation grows exponentially. By leveraging the benefits of crypto payments and working with reputable payment processors like Inqud, businesses can thrive in this new era of financial innovation. As the world marches towards a more interconnected and digitally-driven financial ecosystem, embracing crypto payments will be a crucial step towards shaping a brighter and more inclusive future for all.

Industries

IMB, SMB

Products

Crypto widget, API, card2crypto

Tags

Payment methods, Cryptocurrency, Payment methods

Author

Oliver Bennet

Cryptocurrency Payment Strategist

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