Unlocking Crypto Deals: What Shoppers Are Snagging This Black Friday!
Remember when music videos took over the airwaves? Well, could it be that cryptocurrency payments are poised to dethrone our good old credit and debit cards?
Despite the buzz surrounding Bitcoin soaring to unprecedented heights this month, it seems that the reality is a bit more complex.
With President-elect Donald Trump’s company, Trump Media & Technology (TMTG), eyeing a foray into the crypto payments arena, it’s clear that shopping with crypto is becoming an enticing option for more than just the tech-savvy elite.
As the holiday shopping season kicks into high gear, consumers are eager to discover what goodies they can snag using crypto, while businesses are figuring out how to embrace this modern payment method.
One of the biggest perks of crypto payments is their instant nature—no more waiting for transactions to clear! For online marketplaces, this means smoother cross-border purchases are finally a reality.
As regulations tighten and technology advances, industry experts are increasingly optimistic that crypto payments will evolve from being a mere novelty to an integral part of retail and online commerce. In fact, crypto payments are already making significant strides in the B2B sector.
Don’t miss: What Can Shoppers Buy With Crypto?
What Consumers Can Buy With Crypto
Initially, cryptocurrencies were all about speculative trading or serving as a digital vault. Now, however, they’re transforming into versatile tools for everyday transactions. Thanks to a growing number of merchants and specialized payment processors, crypto enthusiasts can use their digital currencies to buy a wide range of products and services—from groceries and airline tickets to luxury items like cars and even houses.
Major players like Overstock and Newegg have been trailblazers in this space, paving the way for more businesses to accept crypto. Moreover, Shopify merchants can effortlessly integrate crypto payment solutions through platforms like Coinbase Commerce, allowing customers to pay with digital wallets for everyday transactions.
Luxury brands like Rolex and Ferrari have leaped at the chance to enable customers to purchase high-end watches and sports cars using Bitcoin or Ethereum.
To enhance the crypto experience, platforms like BitPay are forming partnerships with iconic brands like Ralph Lauren, AMC Theaters, and the illustrious Metropolitan Museum of Art. Even charitable organizations, like the American Cancer Society and American Red Cross, are accepting crypto donations via BitPay!
Explore more: Crypto Is Minting Millionaires, but Its Payment Utility Remains Uncertain
Opportunities and Challenges for Merchants
The rise of crypto payments reflects a broader trend toward digitizing our payment systems.
Just recently, cryptocurrency exchange Coinbase acquired the Utopia Labs team to fast-track its on-chain payments development within the Coinbase Wallet.
“Together, we’re building a future where both individuals and businesses—big and small—can utilize on-chain payments to enhance their everyday lives,” Jesse Pollak, head of Base and Coinbase Wallet, stated at the announcement.
Earlier this month, payment acceptance provider Ingenico announced a partnership with Crypto.com to enable cryptocurrency payments and services for users on the Ingenico platform, empowering merchants globally to accept crypto transactions.
In September, Mercuryo launched a euro-based debit card, allowing users to spend their Bitcoin and other cryptocurrencies directly at more than 100 million merchants on the Mastercard network.
“It’s crucial to recognize that crypto encompasses more than just Bitcoin, Doge, and NFTs,” Sheraz Shere, Head of Payments at the Solana Foundation, told PYMNTS recently. “… Blockchains are emerging as viable alternatives for payments and financial assets.”
Learn more: Blockchain’s B2B Dreams Start With New Crypto Regulations
As crypto payments continue to make their mark, clarity is key for consumers. Merchants should clearly outline the process, including which cryptocurrencies they accept and any fees involved. Providing educational resources or support can significantly enhance customer adoption rates.
As crypto becomes more mainstream, keeping up with regulatory changes is essential for both consumers and merchants.
“The primary obstacle to widespread stablecoin adoption beyond the crypto ecosystem is the absence of a comprehensive regulatory framework,” Tony McLaughlin, Emerging Payments at Citi Services, shared with PYMNTS recently.
Furthermore, the PYMNTS Intelligence report “Blockchain’s Benefits for Regulated Industries” highlighted the potential of blockchain technology in regulated sectors like finance and healthcare.
