Nowadays, paying methods are a hurdle and a big challenge in the e-Commerce quest for success, since it’s very limited and aren’t easily accessible for too many users.
In Latin America, around 65% of the population don’t have a banking account and only around 15% has a credit card, something that hinders the e-Commerce. Since they don’t require an intermediary, cryptocurrencies have been gaining steam as the “new paying method” for the electronic commerce and digital transactions.
Its implementation could be the solution for all those people who can’t access the traditional financial systems of credit cards and banking accounts, since the users don’t require banking mediation to use or operate any cryptocurrencies.
This is why using virtual currencies for purchasing goods and services are gaining strength every day, and even some major companies like DISH Network (cable TV provider), Microsoft (technology giant), Dell (computer maker), Expedia (online travel agency), Shopify (one of the world’s largest e-Commerce platform), Steam (gaming industry leader) and Save the Children (ONG) are already using cryptocurrencies as paying methods and marketing their services.
This is very important because the international acceptance to these operations has created some regulatory frameworks for cryptocurrencies in an effort to avoid illicit operations.
As the cryptocurrency use becomes more frequent and the digital era is fully exploited by keeping up to the technologic trend of Blockchain use in global finances, this paying method could evolve and extend worldwide, therefore increasing the number of e-Commerce users.
Although in many countries it’s still hard to find businesses that accept some type of virtual currencies, it’s undeniable the trend is increasing on a yearly basis and, eventually, will take the cryptocurrencies out of the speculative world to become of real exchange.
Here are some of the benefits of accepting transactions with virtual currencies:
- Freedom: By being decentralized currencies, they provide more liberty and less bureaucracy in the transactions. They offer person to person business. In addition, by not being linked to any government or financial institution, they might be spared in the event of a world or domestic financial collapse.
- Customers: Being the first one to accept cryptocurrencies as a paying method is a great way to attract customers who’ve been using them in the last few years.
- Economic: The average rate for a Bitcoin transaction between two users is way lower than a banking fee. This financial benefit is also applied to traders, which won’t be required to pay a commission for use of credit card or platforms like PayPal. In addition, since most governments don’t have a say in cryptocurrencies, you don’t need to declare these investments in your income tax return.
So you are still on time to become involved in the crypto-asset world, which every day is revolutionizing the current financial system. Don’t stay behind and become a part of history while it is being written. Get ahead of your competition in this new commercial system.
By Ana María Morales