Overview
CoinsBee is a global platform that helps users spend cryptocurrency in everyday life.
By integrating cryptocurrency payments through NOWPayments, CoinsBee expanded its payment options and provided users with greater flexibility to convert crypto into real-world value.
This partnership addressed key challenges, including simplifying global payment acceptance, improving transaction reliability, and providing a scalable solution for expanding crypto payments.
The Challenge: Simplifying Payments for Global Crypto Users
Before integration with NOWPayments, CoinsBee had issues with payment fragmentation.
In the crypto payments ecosystem, there is a variety of coins, user preferences, and constant changes. All these different payment methods were a complexity that was not needed, especially because CoinsBee wanted to scale globally and reliably support many different digital assets.
Here are the key challenges:
- Managing different cryptocurrencies with different users’ preferences
- Fast changes in the crypto ecosystem
- Complexity increases as the platform grows
- Requirement for a solution that enables global assets without incremental operational burden
Such fragmentation led to challenges in providing smooth, efficient, and scalable payment processes for a platform like Coinsbee.
The Solution: Integrating NOWPayments for Simplicity and Scalability
CoinsBee has chosen to use NOWPayments to be able to support more than one coin in different regions. The company has chosen this integration to extend payment coverage while keeping it lean, scalable, and reliable.
NOWPayments provides Coinsbee with a great opportunity to:
- Support a lot of cryptocurrencies without any complications
- Optimise a payment flow with seamless integration
- Incorporate additional assets for those who use less popular coins
- Boost system resilience
Implementation: Seamless Integration with NOWPayments
Coinsbee and NOWPayments’ integration can be described as streamlined and efficient. NOWPayments’ API solution made the implementation process smooth and frictionless. The uncomplicated nature of integration made sure that Coinsbee could improve its payment flow without interrupting the user experience.
Key aspects of the implementation:
- Efficient Integration: Clean APIs and simple process
- Smooth Implementation: No significant delays
- Low Overhead: Added crypto payments without major changes
Results: Expanding Asset Coverage and Improving Conversion Rates
Since integrating NOWPayments, CoinsBee has seen significant improvements in payment flexibility and user conversion rates, enabling the platform to serve a broader range of users, particularly those wanting to use less common cryptocurrencies. The addition of new payment methods also boosted payment reliability, reducing transaction friction and failures.
Reduced Barriers for Global Transactions
Cryptocurrency payments removed common global transaction problems such as:
- Narrow asset scope
- Transaction malfunction
- Support for less-traded digital assets
As a consequence, it helped users settle payments in an easier and less disruptive way.
Increased Payment Flexibility and Speed
As the asset coverage was increased, particularly for those who wanted to pay with less popular coins, a broader range of cryptocurrencies could be used by more users to pay. This flexibility has led to:
- Increased transaction success
- Better User Experience
The Coinsbee team notes the following:
“NOWPayments is one of our top 3 payment providers in terms of conversion rates on our platform.”
Streamlined Payment Operations
The integration of NOWPayments allowed CoinsBee to simplify its payment processing and reduce operational complexity. Key outcomes included the following:
- Expanded asset coverage for a broader user base
- Improved payment reliability through redundancy
- Enhanced overall system stability
Customer Insights: A Deeper Understanding of Crypto Users
The integration of NOWPayments has given CoinsBee valuable insight into how its users process payments using cryptocurrency. Traditional payment systems were not well adapted to the less common digital assets, and the number of transactions involving these assets saw a sharp rise on the platform.
These insights have helped CoinsBee understand the user preferences better and improve its service offerings.
Popular Cryptocurrencies Used
Most of the cryptocurrency transactions on CoinsBee were for:
- Lesser-known coins: As the coverage of assets grew, users became more willing to pay with more types of digital assets, particularly those previously blocked by payment systems.
- Popular coins: Widely accepted cryptocurrencies like Bitcoin and Ethereum remained popular, but alternative coins that people hadn’t heard of started to become more popular.
Observed User Behavior
CoinsBee uncovers several trends among its crypto users:
- Other Payment Methods Preferred: Crypto users preferred to make payments in crypto rather than fiat.
- More rare coin transactions: That increase in coin backing was directly correlated with more transactions made with those coins.
- Worldwide User Base: By backing more cryptocurrencies, CoinsBee was able to serve users in regions where traditional financial services are inaccessible.
These insights encourage CoinsBee to constantly upgrade its platform and offer a smooth experience to its diverse and globally spread user base.
Outlook: The Future of Crypto Payments at CoinsBee
CoinsBee expects the use of cryptocurrency to increase as more and more people around the world seek flexible and efficient ways to accept and send payments. The global demand for crypto-friendly services is only going to grow and platforms like CoinsBee are in a prime position to satisfy these demands.
Kate Lifshits, CBDO of NOWPayments, highlights the following:
“We are excited to support CoinsBee as they scale their crypto payment solutions. As demand for seamless, borderless payments grows, we are proud to help users globally make the most of their digital assets.”
Future trends are:
- Crypto Adoption Is Growing: As crypto becomes more popular, it will be necessary to use it for everyday transactions
- Better Crypto Payment Infrastructure: Better infrastructure will ensure crypto payments are seamless and reliable
- Rising Adoption of Digital Assets: As companies see the benefits of faster, borderless transactions, more of them will start accepting crypto payments
CoinsBee is working to improve its payment solutions and to keep up with the fast-changing world of crypto payments.
About CoinsBee
CoinsBee is a global platform that enables people to use cryptocurrency for everyday expenses. CoinsBee allows you to convert crypto into real-world value with gift cards, mobile top-ups, and gaming credits from thousands of brands. The platform is global and serves customers in Europe, the United States, Africa, and Asia.
About NOWPayments
NOWPayments is a cryptocurrency payment gateway that enables companies to receive payments and make payouts in cryptocurrencies. NOWPayments offers 350+ cryptocurrencies and offers an easy, flexible, and scalable way for businesses to incorporate crypto payments into their business processes.
