In 1997, Visa offered a unique processing service, and two years later, MasterCard introduced a similar system. Since then, modern people cannot imagine a life without such technologies. However, the development of such systems doesn’t stand still — now, crypto processing is gaining popularity.
The first cryptocurrency processor appeared in 2011 when BitPay developed a solution for merchants wishing to accept Bitcoin for payment. This article will describe in detail why such innovation is needed and where it is actively used.
Why Should Companies Accept Payments in Cryptocurrency?
Bitcoin will be 12 years old in 2021. At first, it was an unknown coin – but now, the scale of its use is enormous. Every Internet user regularly sees offers to buy or sell Bitcoin, install special exchange applications, or take mining courses. And the popularity of the currency is justified indeed.
So why should companies use crypto? The main pros:
- Total decentralization
- Affordability and speed of international payments
- Uninterrupted network operation
- The presence of a protective asset
- Simple investment
Talking about the last point, to start trading Bitcoin, a company doesn’t need special licenses. It is enough to use a crypto wallet or a secure messenger like Grapherex. It works with basic E2E encryption and estment firm Grayscale believe that Bitcoin can replace gold to preserve capital.
Where Is Cryptocurrency Actively Used?
At the moment, there are dozens of crypto processors already used by large companies such as Microsoft, KFC Canada, Shopify, and Dell. Its popularity has increased so much that there is even a special service for finding stores that accept crypto — the Coinmap.
Let’s take a look at some of the biggest companies that accept crypto:
AirBaltic. To conduct transactions with BTC, Latvian national air carrier has cooperated with BitPay since 2014. It converts the crypto into euros at the current exchange rate at the time of purchasing the tickets.
Subway. One of the fast-food industry leaders also accepts cryptocurrencies. Subway allows Bitcoin payments in some countries and offers cryptocurrency supporters up to 15% discounts.
PayPal. The company has added cryptocurrency support to its wallets. Moreover, PayPal is planning to launch its own crypto trading system with the American blockchain startup Paxos’ help.
It will also soon be possible to make payments via the Venmo mobile app!
As you can see, the innovation has affected many areas of life — traveling, getting favorite fast food, internet payments. That is why we cannot do without installing a crypto wallet or messenger like Grapherex.
Crypto Processing: Core Value
In general, crypto processing is of great interest for various types of business due to the following opportunities:
- huge geographic coverage;
- very low costs;
- high speed of operations.
All this will allow not only to reduce waste on basic processes but also to increase customer loyalty — everyone wants to pay for online purchases quickly and without problems. So, the future is behind crypto processing, and this is an obvious fact.