The Increasing Popularity of Crypto for the Payment of Goods and Services
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The Increasing Popularity of Crypto for the Payment of Goods and Services
blockhain-aud-1
08 Jun 2020

Cryptocurrency Dependent on Technology

As time goes by, it is becoming more and more obvious that the future of payment will heavily depend on tech. That more and more people will be doing transactions via their computers or smartphones. And as more customers adapt to paying for goods and services via their devices, they will demand more support from their payment service providers. 

As of now, traditional payment service providers such as credit cards and the likes of PayPal are coping. However, as online shopping becomes more popular and more people pay for stuff online, issues such as fraud, lack of privacy, lack of security, and so on are becoming a concern for online shoppers. This is why a significant number are moving to use crypto for payment. But before we touch on that, below are key stats about e-commerce and payments over the next couple of years. 

First, in 2019, the total value of e-commerce sales was $3.53 trillion USD. This is up from 2018’s figure of $2.92 trillion. The total value of e-commerce sales is expected to shoot to $5.69 trillion USD by 2022. This shows how strongly e-commerce is growing. And it is a challenge for e-commerce businesses to improve their strategies to make sure they get a bigger slice of the pie as time goes by.

Second, a very significant 72 percent of payments for online purchases will be done on smartphones and tablets by 2021. This shows customer preference for making payments via smartphones and tablets. And it is because most customers usually buy things online when they are at home or when they are on move. 

Unlike previously when people preferred visiting stores to buy stuff, many people nowadays just order fast food, grocery, clothes, electronics, and many other stuff online. This is because they are finding online shopping more convenient and less bothersome. So businesses that are selling online and are developing or implementing strategies to target shoppers buying via mobile devices will benefit more in the coming few years. 

Lastly, a massive number of people are becoming aware of the challenges of using traditional payment systems such as credit cards. This has resulted in increasing popularity or preference for crypto payments that address many of the challenges experienced when using traditional payment systems. What can be gathered from this is that businesses that integrate crypto payment systems in the future are more likely to succeed as crypto payments become more popular going into the future. 

The Use of Cryptocurrency for Payment

What distinguishes a cryptocurrency from traditional or fiat currencies is the fact that a cryptocurrency is essentially a digital asset and that it is more secure because its information is shared on a publicly accessible database known as blockchain. 

The blockchain database or ledger cannot be manipulated. This means that transactions done via cryptocurrency cannot be fraudulently interfered with. Therefore, such transactions are more transparent and secure. 

Perhaps the most important aspect about most crypto transactions or payments is that they are peer to peer. In other words, they go straight from one person to the next. They do not go through banks. The main advantage of this is that it means no middlemen between the people doing the transaction and hence no middlemen fees or payments. 

Thus, in summary, cryptocurrency transactions are more transparent, more secure, and cheaper than traditional transactions using traditional payment systems such as credit cards. This is why it is not a surprise that more customers and merchants are becoming more interested in doing such transactions. 

Tradezy.io is an Australia based advanced marketplace platform that enables transactions to be done using both traditional payment systems and its own native cryptocurrency. The native cryptocurrency is called AUDCOIN. And it offers all the advantages of crypto payments as explained above. 

The AUDCOIN is a digital asset. And transactions made via it are secure, transparent, faster, cheaper, and, therefore, more efficient. Tradezy.io already has a good number of merchants selling products on the platform and accepting payments via the currency. The company is working to attract more merchants through various strategies such as offering powerful digital marketing tools. This means customers shopping on the platform will have more choice on where to spend their AUDCOIN.

Customers are incentivized to buy products via the currency in a number of ways including through getting rewards. As time goes by, more and more customers are signing up on the platform. And so are merchants. 

Anyone who wishes to enjoy the benefits of crypto payments should sign up on Tradezy.io. And as we go into the future, the company hopes to be the torchbearer that shows others the way to do business using crypto payments. 

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