Crypto payments: benefits for a consumer
The world is going through crucial changes, and people need to get used to new realities and trends. Crypto payments are among the most widespread tendencies, as businesses understand a bunch of pros connected with the implementation of this payment option. What about consumers? What are benefits of cryptocurrency for a buyer? Let’s dive into this fast-growing trend deeper.
New era of e-commerce
The pandemic created fertile ground for the e-commerce industry development. According to Statista, in 2019 the retail e-commerce sales reached $3.35 billion, while in 2020 this number has jumped by 29.6%.
If we compare the number of online buyers, the impact of the pandemic is obvious as well – their number has skyrocketed from 1.4 billion (2018) to 2.9 billion (2020). This is why the industry undergoes headlong growth, and cryptocurrencies are able to provide customers with some crucial benefits.
Top-3 key benefits for consumers
Why should consumers experience crypto payments?
- You need no bank account. Open a crypto wallet and transfer your digital assets to pay for goods or services. Such an opportunity is exceptionally important for developing economies.
- You pay minimum fees. While talking about wire transfers or even credit cards, commissions are sometimes large enough. If we glance over the rules of crypto payments, consumers carry the lowest expenses. For instance, MasterCard transaction fees are from 1.3% to 3.5%, while the average BTC transaction costs $23.13, no matter how many Bitcoins you transfer.
- Transactions are not limited. Many countries (Canada, India, Malaysia, USA, etc.) set limits on maximum transfer amount, while crypto transactions are unlimited.
These pros just head the list, while the full scope of advantages is much larger. As such, crypto payment methods are expanding worldwide, and the number of crypto-friendly businesses is on the rise.
Possible hurdles and ways to overcome them
Do crypto payments look too perfect? Some hurdles undoubtedly exist; meanwhile, there are effective options to overcome them:
- Volatility. Some consumers are afraid of crypto payments because of the market volatility. Stablecoins solve the problem effectively. Use USDT, USDC, or other coins backed by fiat currencies, facing no risks of ups and downs.
- Irreversibility of payments. While talking about wire transfers, a consumer may cancel his (her) transaction, and crypto payments don’t include this option. The only way to exclude risks is to think well before buying goods and services.
Fast-growing popularity of crypto-friendly businesses
The benefits of crypto processing are quite evident for business owners as well, and the number of companies accepting digital assets surpassed the mark of 17 000 in 2021. Crypto payment gateways make the process as easy as ABC. A company is dealing with a crypto provider, entering the door to the world of digital assets. B2BinPay is among the leading providers, offering diverse assets to accept and beneficial conditions for business owners.