Shop.com to Allow Bitcoin Payment Through a Strategic Partnership with BitPay

Shop.com, a United States-based e-commerce platform, now allows Bitcoin payments. It is among the latest sites to drive crypto adoption.

The announcement comes after a survey revealing that crypto holders and non-owners have a clear interest in crypto payments. It explains why a lot of companies are trying to add crypto payment options to their checkout.

Partnering With BitPay

Shop.com has partnered with BitPay, a crypto payment service provider, to make the transactions possible.

Companies use BitPay services to act as a gateway for crypto payments to increase their payment options to encompass crypto. Other service providers such as Las Auto Gallery and The Kessler Collection have also incorporated BitPay services.

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During checkout, Shop.com users can select the BitPay option. It will allow them to access their crypto wallets to pay for the goods. Users can now pay in Bitcoin, Ether, Bitcoin Cash, Wrapped Bitcoin, Litecoin, and Dogecoin. In addition, they can pay using other five U.S. dollar-pegged stablecoins and hence diversity in choice.

Steve Ashley, the CEO at Shop.com, describes the partnership as the next chapter in doing business. In addition, he said that the BitPay payment option is available in all countries that Market America operates. They include the United States, Canada, Hong Kong, Australia, Taiwan, Singapore, U.K., and Malaysia.

BitPay, at the moment, has partners such as Shopify, Microsoft, and Shopify. Recently, it also announced support for Google Pay and Samsung Pay in its wallet soon.

BitPay also revealed a partnership with DeFi platform 1Inch. 1Inch provides users access to yield farming and DEX services via the BitPay wallet.

Crypto Adoption

Buying and selling cryptocurrencies is going mainstream with each passing day. Yet, spending digital currencies in day-to-day purchases is still difficult due to volatility.

A growing number of businesses ranging from airlines to tech to retail are embracing cryptocurrencies. They are now partnering with crypto payment service providers to allow customers to pay for their goods and services. These are Pavilion Hotels and Resort, Microsoft, Starbucks, Amazon, Visa, and PayPal.

From the survey, 93% of the participants who hold crypto said they would consider purchases in crypto in the future. Another 59% who had never held crypto said they have an interest in making crypto payments.

The blockchain cannot change so that users can confidently exchange funds and things. This improves openness and minimizes the risk of fraud. Unsurprisingly, businesses adopting cryptocurrency payments could help consumers make cheaper and more effective purchases.

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Crypto payments can generate a borderless and globalized economy and combat financial inequalities. They can provide the unbanked with access to quick and safe financial services.