Crypto Payments Are Gaining Ground With Centralized Payment Processors
Mastercard, Visa, PayPal and more have paved the way for the use of crypto as a payment tool for the purchase of goods necessary on a daily basis.< /p>
Some of the largest public companies such as MicroStrategy have started using Bitcoin (BTC) as a cash hedge, while PayPal, Mastercard, and Visa have paved the way for the general public to use crypto as a form of payment. While many experts are still skeptical about using crypto as a form of payment, given the price volatility, recent market trends and data indicate that crypto is increasingly being used to buy articles of daily use.
A recent report from the fintech payment infrastructure provider checkout.com which surveyed 33,000 business leaders found an increase in consumer interest in paying in crypto. The report indicates that 40% of consumers between the ages of 18 and 35 want and plan to use cryptocurrencies to pay for goods or services within the next year. That's less than 30% last year.
The rise of digital payments, aided by the COVID-19 pandemic, has only facilitated the mainstreaming of crypto. People are more familiar with QR code payments today, which makes it easier for traditional payment processors like Visa and Mastercard to introduce crypto payments to its network without having to build a separate infrastructure.
>Miles Paschini, CEO of fintech bank FV Bank, told Cointelegraph:
“The use of cryptocurrencies as a method of payment has progressed over the past year, but mainly in the area of settlement layers, progress has been made with stablecoins, in particular with USDC and to some extent XRP. The developments we've seen in the settlement layer aren't exactly visible to the retail client. I think we'll see more of this type of settlement layer integration...
Mastercard, Visa, PayPal and more have paved the way for the use of crypto as a payment tool for the purchase of goods necessary on a daily basis.< /p>
Some of the largest public companies such as MicroStrategy have started using Bitcoin (BTC) as a cash hedge, while PayPal, Mastercard, and Visa have paved the way for the general public to use crypto as a form of payment. While many experts are still skeptical about using crypto as a form of payment, given the price volatility, recent market trends and data indicate that crypto is increasingly being used to buy articles of daily use.
A recent report from the fintech payment infrastructure provider checkout.com which surveyed 33,000 business leaders found an increase in consumer interest in paying in crypto. The report indicates that 40% of consumers between the ages of 18 and 35 want and plan to use cryptocurrencies to pay for goods or services within the next year. That's less than 30% last year.
The rise of digital payments, aided by the COVID-19 pandemic, has only facilitated the mainstreaming of crypto. People are more familiar with QR code payments today, which makes it easier for traditional payment processors like Visa and Mastercard to introduce crypto payments to its network without having to build a separate infrastructure.
>Miles Paschini, CEO of fintech bank FV Bank, told Cointelegraph:
“The use of cryptocurrencies as a method of payment has progressed over the past year, but mainly in the area of settlement layers, progress has been made with stablecoins, in particular with USDC and to some extent XRP. The developments we've seen in the settlement layer aren't exactly visible to the retail client. I think we'll see more of this type of settlement layer integration...
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