Cryptocurrency is changing the global economy. But we know a lot of you are waiting for the blockchain to go mainstream before using crypto payments in your apps. Bad move. Credit and debit card payment volumes are at impressive levels, but the structure has flaws. Let take a look at why you want to boost your app’s popularity by accepting cryptocurrency payments.
Why You Should Consider Crypto Payments
Blockchain will eventually overcome traditional payment sector difficulties. This will take place as online and mobile payment systems expand. After this happens, the blockchain becomes mainstream, economical and practical.
Ask yourself the following:
- When (not should!) this transpires, do you want to have to find your sea legs after the fact?
- Are you, like typical businesses of the past, waiting for the “other guy to do it” to see what happens?
The Complexity of the Conventional Payment Process
Customers are already looking for instantaneous transaction speed. They’re comfortable with enhanced accessibility. For you to facilitate this, your app will need the resources for better mediating trade.
Purchase through an app is traditionally conducted through a number of systems. What they all have in common are credit/debit cards and PayPal. The blockchain, in comparison, uses an ecosystem akin to a cash or wire transaction. Payments move directly between parties without using a third-party financial institution.
With cards, buyers use a tiered system that gives third-parties permission to perform a trade. The moving parts include customer, merchant, financial institution conducting payments and the customer’s bank. And along the way, the customer or app-owner can pay fees and charges.
A lot of businesses are just starting to relax around outlets like PayPal for in-app purchasing. But many app-owners have yet to consider the benefits of the crypto decentralized ecosystem.
In the case of both PayPal and bitcoins, information is both stored and guaranteed. What you need to consider is PayPal — as a centralized system — has complete control over your balance. The result being PayPal has plenty of customer complaints about the company’s mistakes involving funds left in their care.
These errors will never happen in the blockchain. It’s a decentralized system that’s immutable. With its automation, transactions aren’t altered because no individual or entity has authority over the transaction.
Factor in PayPal charges around three percent for things like currency conversion. They charge for transactions involving a service. Exchanges hit you with a fee. Cryptocurrency will not do this. This is something consumers will see and embrace as the blockchain grows.
Blockchain Will Require Due Diligence
The growth rate of fintech goes a long way to proving blockchain’s viability. There is an upward trend of consumers using digital currency as the price of crypto continues to rise over time. e-Money continues to expand its reach as well. In 2013, the European Union used e-money for transactions worth 1.8 million euros. Three years later, the European Union spent 2.8 million euros.
e-Money is a broad term for electronic monetary storage. A tech device is then used to make payments to third-parties, as opposed to the e-money issuer. It is a process of prepaid bearer instruments that don’t necessarily require bank accounts for transactions.
Given the similarities, the debate could be we’re moving towards decentralized payments. The growth of these transactions shows a leaning toward overstepping credit card companies and banks to make payments.
We have to say integrating blocking payment into your app won’t be easy. But make no mistake, taking the time to do so now will prepare you for a future where crypto dominates the global market. Being in the fast lane from the start will boost your popularity.
Get in Now
Integrating blockchain won’t require having developers and a marketing strategy. Turn to solutions like OPEN platform or CoinGate. Platforms like these offer the resources you need for blockchain implementation.
Implementing blockchain won’t be expensive and doesn’t need a lot of resources or manpower. Hesitation in using crypto payments to boost your app’s popularity is going to put you a step behind. Get started now!