Singapore, April 29, 2024 – Coinremitter, one of the top crypto payment gateways for businesses, revealed a significant rise in businesses adopting crypto payments. This trend highlights the growing acceptance of cryptocurrencies as a mode of payment.
“Our data shows approx 20% monthly rise in businesses looking to integrate crypto payments,” said team Coinremitter. “This data is collected from recent statistics of our crypto payment gateway, considering the rise in the number of registered merchants, plugins, and API integration, we’re witnessing at least a 20% monthly rise in the number of businesses accepting crypto payments.”
Why Businesses are Turning to Crypto Payments?
Decentralization: It allows the distribution of control and record-keeping across a network of computers. Transactions are recorded on a distributed ledger. They’re accessible to everyone and don’t need any centralized authority to verify transactions. Here are the benefits of decentralization:
- No chance of shutdown or compromised network as there is no central network. As long as some computers on the network are operational, the network keeps running.
- Transaction history is visible to everyone on the respective blockchain explorer. Transactions are transparent and tamper-proof on the blockchain network.
Accessibility: Crypto payments are accessible to a global customer base so merchants can expand their products and services to worldwide customers overcoming the limitations (especially currency conversion rates) of fiat currencies.
Faster Settlements & Lower Fees: Crypto payments eliminate intermediaries, leading to faster settlement times than traditional methods. This also reduces fees to be paid to intermediaries, resulting in up to 50% fewer transaction fees.
Programmability: Some cryptocurrencies allow the creation of smart contracts – self-executing agreements that automate transactions based on pre-defined conditions. This unlocks opportunities for innovative payment models like microtransactions that are difficult or expensive with fiat payments.
Hedge Against Inflation: Traditional currencies can be prone to inflation. Cryptocurrencies like bitcoin with a capped total supply are seen by some as a hedge against inflation, which may cause a more stable store of value for businesses.
Enhanced Security: Blockchain technology offers a highly secure and transparent way to process crypto transactions. Every transaction is recorded on the blockchain with zero possibility of being tampered with or changed, reducing the possibility of reversing payments.
Safe and Secure Investment Option: The blockchain technology, which backs the crypto transactions, uses cryptographic security, which can protect one’s crypto holdings from unauthorized access. Apart from volatility and some exchange hacks, cryptocurrencies are considered to be a safe investment option, especially in long-term investments. Those who accept crypto payments or hold crypto funds are advised not to lose the private keys of their wallets to avoid fund loss.
Fraud Prevention: Crypto eliminates the risk of chargebacks, a significant issue for businesses in certain industries accepting fiat payments. Crypto transactions are irreversible once they get confirmed on the blockchain, reducing the risk of fraudulent activity.
Future Predictions from Coinremitter
“Crypto payments are here to stay and rise. We’ve said that we’re witnessing approximately 20% monthly growth in the number of merchants joining our platform,” said team Coinremitter. “We can see predictions for around 17% CAGR in crypto payments between 2024 and 2029.”
We were curious about what made merchants shift to crypto payments. “Well, there are certain advantages of accepting crypto payments, but from the data collected from our platform, we think that we’re gaining registrations because of low fees and worldwide availability,” said team Coinremitter. “We’re charging a 0.23% processing fee, which is the lowest as far as we know, and this might be a deciding factor for many businesses focusing on profits.”
“Apart from such benefits, the adoption of crypto payments may be just like stepping into the future. Crypto payments can be utilized in more ways, especially in the Metaverse,” team Coinremitter added. “Metaverse may unlock new revenue streams, especially for creators, which already has begun. Crypto payments are in the base of this ecosystem and crypto payment gateways like our platform are fueling crypto payments.”
Media Contact:
Name: Sam
Organization: Coinremitter
Email: support@coinremitter.com
Website: https://coinremitter.com/
Address: Central #18-81, 8Eu Tong Sen St., Singapore 059818
