In addition, over 18,000 registered organizations around the world accept cryptocurrency as a form of payment. According to experts at TripleA, the number of crypto wallet holders will grow to 300 million by 2030 and the number of companies supporting crypto payments will grow to 25,000. How the cryptocurrency industry will evolve in the future and whether the major digital currencies will be a full-fledged payment instrument will be discussed below.
Large companies are ready to accept crypto payments
So far, more than 18,000 businesses around the world are ready to accept payments in digital currencies. And these are not online stores with traffic of up to 10,000 people per month, but large companies with their products and services around the world. Companies such as Booking, Coca-Cola, PayPal, KFC, BMW and many more are ready to accept bitcoin payments now. And each year the adoption of digital currencies will only increase.
According to experts at TripleA, retail and e-commerce will be the main sectors accepting cryptocurrency as a payment instrument. This market represents almost 40% of all crypto payments worldwide. The high-end goods sector (jewelry, yachts, airplanes, real estate), cross-border payments, as well as gaming and gambling circuits will also take the lead.
âWe are seeing a gradual adoption of cryptocurrencies by retail users. And it is a model! In addition, cryptocurrencies reduce costs when paying for goods in everyday life. The current goal is to create a unified technological system that will allow cryptocurrency to be used anywhere without conversions or exchangers, âcommented MinePlex co-founder Alexander Mamasidikov.
This means that users now have a real need for services to convert fiat currencies into digital coins and vice versa. The demand for such solutions will only increase.
Paying with cryptocurrency is easier than it looks
Cryptocurrency payments are quite common around the world. Some services, such as iVendPay, offer instant payments with coins from your crypto wallet. Other services use crypto-processing solutions or online banking tools that allow you to convert cryptocurrencies into fiat money and only then send them to a seller account.
âWe are developing solutions to pay for goods and services in cryptocurrencies. It requires a MinePlex multi-currency wallet to not only securely store digital currencies, track purchasing ability, but also make payment transactions directly into cryptocurrency, bypassing conversion to fiat. Our functionality will support 36 major fiat currencies including US Dollar, Euro and our own liquid PLEX token, âsaid Alexander Mamasidikov.
The future integration of cryptocurrency
In short, cryptocurrency can be a payment instrument in its own right. And in a few years we will be able to pay directly in Bitcoin or other coins by:
- cafes, restaurants, bars. Many similar establishments so far accept crypto payments in Bitcoin, ETH or DASH tokens;
- online shops, market places;
- travel services, such as booking and purchasing airline, train and other tickets;
- clothing, shoes, jewelry;
- hairdressing salons and beauty salons;
Most retail businesses will actively implement crypto payments over time and use them alongside traditional payment methods.
The adoption of cryptocurrency will accelerate over the next few years, leading to widespread use of digital coins as a payment instrument. This is driving a growing demand for crypto processing companies and online crypto-banking services, which convert cryptocurrencies into fiat currency. The e-commerce industry will grow rapidly, where cryptocurrencies will act as a full-fledged payment unit and will not require conversion. The most popular crypto payment areas will be retail, gambling, gaming, as well as food and beauty.