Acceptance of Cryptocurrencies in Mainstream Payments

Payment methods have evolved, exposing consumers to new digital alternatives to cash. Advanced technologies are now widely accessible by billions of consumers and businesses. Consumers have adopted digital payment solutions for everyday transactions. The ongoing development from separate online shops towards integrated online shopping ecosystems has created space for new business models and opportunities for digital payment methods. Providing customers with the ability to pay with cryptocurrency is an important step in business plans, lately. Crypto game have become stronger when big players like Mastercard Inc, PayPal Holdings and Tesla Inc took the driver’s seat.

In 2021, crypto has emerged more into mainstream payments than anticipated. In the next few years, many expect growing demand from consumers and businesses for crypto-enabled financial services. Stablecoins continue to grow rapidly, with over $50 billion of stablecoins in circulation that power $200 billion in payment volume each month.

Financial Institutions Preparing for Crypto

Acceptance of cryptocurrencies in mainstream payments have been jubilant and drastic. Many businesses are launching pilot programs to enable cryptocurrency acceptance within their community. You can expect to see large scale crypto offerings developed in 2021 across the market, as more banks look to offer consumers access to crypto within their core experiences. Alongside customer needs, a successful crypto strategy means determining which aspects to focus on in-house and when partnerships are better bets. PayFasto Payments Limited is focused on developing new solutions for clients to bridge the gap between traditional payment models and cryptocurrencies in mainstream payments.