update 15 November 2021

Are Crypto Payments Becoming Mainstream?

In recent years, cryptocurrencies have taken over the financial market. For instance, Bitcoin is today one of the most popular digital currencies in the world. This rise to success has helped crypto infiltrate our everyday lives and our wallets. Therefore, soon we may use crypto payments to purchase goods and services.

This article looks closer at all the businesses embracing crypto payments to pave their way into the mainstream.

Companies that Accept Crypto Payments

Cryptocurrency has proved to be a financial revolution as more businesses, and significant companies accept it. According to a 2020 HSB survey, 36% of small and medium-sized companies in the U.S. use Bitcoin. In Japan, more than 260,000 convenience stores accept cryptocurrencies as payment methods. However, very few people know that businesses all around the world are accepting crypto payments.

The financial industry is aware that the crypto market is the main competitor of banks and other financial institutions. Simply put, crypto payments may be safer, faster and come with fewer fees than bank transactions.

Also, several market-leading financial institutions and payment systems have embraced cryptocurrency. For example, some of these banks include:

  • Bankera
  • Fidor Bank
  • Royal Bank of Canada
  • The Living room of Satoshi
  • Worldcore
  • Goldman Sachs

Examples of famous payment platforms that use cryptocurrencies include Visa, PayPal, MasterCard, Cash App, Square, and Bitstamp. To this end, over 9 million U.S. Businesses accept cryptocurrency payments.

Fashion Industry

As a rule of thumb, fashion companies are always on the lookout for what is trending. For example, many such enterprises use cryptocurrencies to accommodate a broader target market, such as:

  • Lanieri
  • Queen Bee of Beverly Hills
  • YYBazaar
  • Hipptee
  • BitcoinShirt
  • Excellion

Also, industry-leading jewelry companies have started accepting crypto payments, too. Among them are Real Watches, Ancora 1919, Kobelli, Etsy, Domoshop, and Saving Pearls.

On the Etsy platform, you can easily find merchants who accept crypto payments. This way, it allows vendors to customize their modes of payment. Also, crypto users can send the payment directly to the vendor using their digital wallets.

E-commerce Industry

Whether you are buying furniture or groceries, e-commerce has it all. Online shopping is diverse, flexible, convenient, and reliable, making it a favorite for many consumers. Moreover, recently, you can use crypto to pay for goods. Some of the businesses looking into accepting crypto payments include:

  • Shopify
  • Bitshopping
  • Overstock
  • Rakuten
  • Survival Camping Store
  • Newegg
  • Gipsybee
  • Something Geeky

Additionally, Overstock, in partnership with Coinbase, facilitates crypto payments on its platform. Users have to choose the ‘Pay with Bitcoin’ tab in the Payment Information section to pay using cryptocurrency. Lastly, the platform allows payment with other major virtual currencies like Monero, Ethereum, Dash, Litecoin, and Bitcoin Cash.

Automotive Industry

When it comes to cryptocurrency payments, the automotive industry does not lag far behind. You can now purchase a car using crypto from famous car manufacturers. Lamborghini Newport Beach, AGU, Post Oak Motor Cars, BMW, Spokester, and Classic Recreations. Additionally, you can purchase a new BMW from an authorized BMW dealer and MINI automotive company, Stephen James Group.

Software and Hardware Manufacturing Industry

Several tech companies have also embraced cryptocurrency payments. Some of them include:

  • Microsoft
  • Breakstore
  • Archos
  • Ledger
  • GoDark
  • Trezor
  • LibreOffice
  • Caseking

Since 2014, Microsoft has been accepting cryptocurrency payments in its online Xbox store. So, users can top up their Microsoft accounts using cryptocurrency and buy its software.

Food industry

Crypto investors can now use digital currencies to pay for their favorite food and drinks. Some of the companies in the food industry that accept crypto payments include:

  • Burger King
  • Subway
  • Pizza Hut
  • KFC
  • Crypto Coffee
  • Toga
  • Wholesale Roots
  • Domino’s Pizza
  • Koyah
  • The Pembury Tavern
  • Undead Coffee

Also, Burger King Outlets in Venezuela and Germany reported accepting crypto payments for their online delivery service. So, buyers can buy from these outlets using Bitcoin, Dash, Litecoin, Ethereum, and Tether. However, they do not accept cryptocurrency payments in their physical locations yet.

Movie Industry

Crypto enthusiasts can now pay for movie tickets in select movie theaters worldwide. Some film venues accepting crypto payments include Lionsgate Films, AMC Theaters, London Theatre Direct, and Major Cineplex.

In Brazil, Cine Multi was among the first cinema venues to accept cryptocurrency payments. Thanks to its partnership with Bancryp App, their customers can easily buy tickets using crypto.

Why Do Companies Accept Crypto Payments?

It is always good for businesses to accept any popular payment method, especially with support from banks and vendors. Also, it is common for vendors to list the forms of payment they accept on their online checkout pages. So, why not follow the trend and give the customers what they want.

Similarly, crypto transaction processing fees are lower than those of major credit cards. For instance, MasterCard charges between 1.55% and 2.6% for every transaction. Often, cryptocurrency exchange charges range from 0.5% to 1% per transaction. Therefore, it has the upper hand over traditional payment forms in terms of transaction costs.

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Lastly, vendors who include a Bitcoin payment system on their platform make a potential investment. Also, they come with low transaction fees and the coin has the potential to increase in value in time. As a result, vendors could boost their business profits using crypto.

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