As global trade expands, the demand for seamless cross-border payment solutions is growing.
How long will it take to buy a newspaper or groceries with cryptocurrency? Well, it turns out that you can already…
Crypto-linked payment cards are live in market today and proving popular. So much so, Visa announced in January 2022 that usage of its crypto-linked cards hit $2.5 billion in its first fiscal quarter.
Consumers are accessing and using cryptocurrencies to buy things in physical stores, online and in-app. That’s because providers are making this as simple as toggling between currency options in an app.
Consumers like convenience, closely followed by familiarity. They shop to buy, not pay. So, making payment low-to-no hassle, plus replicating the experience of how consumers often pay and what they’re comfortable with, is the way forward.
After all, why should paying with crypto feel any different to tapping a contactless card at point of sale? Or confirming account details at an online checkout?
Well, it doesn’t have to.
The right partner can already simplify the on-ramp/off-ramp, fiat-to-crypto/crypto-to-fiat conversion. This makes spending crypto seamless for customers and easy to administer for providers.
Real-time syncing of crypto accounts via card and bank rails replicates the experience of everyday fiat spending on a debit or credit card. What’s more, the fact that this happens nearly instantly protects everyone from currency fluctuations.
Instant acceptance at more than 30 million shops, businesses and ATMs worldwide is available by co-badging with Visa, Mastercard or Discover. There’s no need to wait for shops to start accepting crypto, as purchases are converted from fiat to crypto at the point of sale.
If you want to allow customers to shop across all channels, good partners can help issue physical and/or virtual cards. If they can integrate Apple Pay, Google Pay and Samsung Pay, so much the better.
Similarly, ATM cash access is simple enough to organise if your partner has the right licences. As are cardless cash withdrawals at ATM via mobile phone.
It’ll be a while yet before people are paid in crypto. And goods and services are priced in crypto. So, there’ll always be a need to bridge the existing fiat world and new crypto world behind the scenes.
According to Visa research, most active crypto owners, passive owners or those curious about crypto are interested in crypto-linked cards and their benefits (83%, 77%, 78% respectively).
Many see it as a chance to get started with crypto, particularly if payment functionality is included. For existing crypto owners, crypto-linked cards are also an easy way to tap into their crypto asset liquidity, without having to sell and transfer their fiat.
Enabling customers to use cryptocurrency like fiat by drawing on their crypto wallet balance is also a way to bridge today’s web 2.0 world with the web 3.0 of tomorrow.
Bringing crypto ideas to life can be complex and time-consuming, not to mention manual and expensive. But partnering smart cuts the time and complexity of getting good ideas to market.
Monavate is a regulated entity in the UK and EU, and able to give access to bank and card rails. We can work with you to bring your crypto payment idea to market using our capabilities.We have a Swiss crypto licence and the risk appetite to partner with crypto firms.
Speak to us about how you can access any card scheme and IBANs anywhere. Or about cloud-based, real-time payment processing to enable any program, any size, now and in the future.
For more hints and tips as to the five steps to retail-ready crypto, download our e-book.