The crypto industry is experiencing another rise in popularity. The market size of crypto is expected to reach almost $5 billion by 2030. Companies that understand the power of crypto are gradually adopting cryptocurrencies and accepting them as payment. The ways of featuring crypto payments are diverse, and new ones are constantly emerging. Take a look at the list of the hottest cryptocurrency payments trends of the near future.
Key Points:
- Crypto payments are set to become more common in the next few years.
- Merchants will need to automate their crypto payments and expand available crypto payment options.
- NOWPayments’ solutions are ideal for companies that wish to embrace all crypto payment trends of the future.
What is crypto payments
Crypto payments are similar to any other type of payment, except that they involve a transfer of cryptocurrency from one address to another. Crypto payments have become fairly popular among merchants these days. In order to conduct a crypto payment, the merchant needs to provide the customer with their public address and the sum they need to pay. The customer can perform the transaction using their crypto wallet.
Top trends of crypto payments in 2021-2022
Automated crypto payments
Cryptocurrency transactions are no longer a rarity, and there are thousands of people who utilize crypto as a payment method regularly. There is a high probability of this trend becoming even more common in the near future. As a result, merchants have to be ready to face multiple requests for a crypto payment daily. That is why it is essential that businesses automate their crypto payment processing infrastructure and make it work without their involvement. NOWPayments offers special plugins for merchants who host their online stores on platforms such as PrestaShop, WooCommerce, Magento 2, WHMCS, OpenCart, Zen Cart, Shopify, and Shopware. These plugins fully automate the crypto payment processing of the merchant and make it convenient to receive crypto.
Unique cryptocurrencies
Bitcoin, for a long time, had been a go-to currency when it came to crypto payments. Every crypto investor wanted to make a purchase with Bitcoin, while every crypto business made its choice in favor of Bitcoin when picking a crypto payment method. Now, things have changed. No one gets surprised when they see an option of payment with Bitcoin. Therefore, businesses must take a look at the myriad of altcoins available to them. For instance, NANO and XRP are ideal for payments due to their fast transactions and low fees. Moreover, both coins have amazing communities members of which will be more than happy to pay for goods with their favorite tokens. NOWPayments provides merchants with an opportunity to accept more than 100 cryptocurrencies.
Fiat-to-crypto and crypto-to-crypto conversion
Some of the merchants that accept crypto still prefer to receive the final sum in fiat. Such a feature is particularly popular among businesses that do not wish to hold crypto on their balance sheet. At the same time, today, some companies do the opposite, they actually decide to receive all of their payments in crypto. NOWPayments makes fiat-to-crypto and crypto-to-crypto conversion possible and enables merchants to collect their payments in the crypto of their choice. NOWPayments also lets merchants charge clients in crypto and then get their payment in fiat currency.
Crypto donations
Social media continues to demonstrate relentless growth giving rise to thousands of entertainers and online celebrities. Donations have become a popular way of interacting with these people, and every year fans donate billions of dollars to their favorite streamers and bloggers. Simultaneously, crypto donations remain an unexplored area for so many influencers. It is possible that in the coming years, we will see a rise in the number of bloggers offering cryptocurrency donations as a means to expand their fanbase. NOWPayments provides easy and convenient tools for accepting crypto donations such as widgets, buttons, and links.
Mass crypto payments
Every day, millions of dollars worth of crypto get passed around on the blockchain. Some companies which transitioned to crypto in their operations need to conduct dozens of transactions daily, which can be time-consuming. There is no doubt that soon, we will see a need for a convenient way of sending mass crypto payments. NOWPayments already has a solution thanks to its Mass Payments feature.
Easy crypto payment integration
Businesses which began accepting cryptocurrencies a while ago often do it using outdated equipment. Usually, such gear includes a physical Point-of-Sale terminal which requires expensive maintenance and limits the capacity of the merchant to accept online payments. Modern businesses need solutions for accepting crypto, which are fast and easy to integrate, as well as cheap to maintain since no one wants to suffer excessive expenses. All of NOWPayments’ crypto payment tools are free to deploy, including the virtual PoS terminal, and do not imply buying any proprietary equipment.
The future of crypto payments
Many businesses which are hesitant about featuring crypto as payment wonder what is the future of cryptocurrency payments. While it is hard to say whether the current crypto boom is here to stay for the next 20 years, the growth of interest for the crypto industry from businesses and people in general in the near 2-3 years is guaranteed. That is why we can expect even more competition in the realm of crypto payments. Crypto payment processing companies will try to beat one another by bringing down the cost of their services, making it even more profitable for merchants to switch to crypto. The cryptocurrency payment method will be added by many major companies, so smaller enterprises will have to embrace a differentiation strategy and feature as many cryptocurrencies as possible. They will be easily able to do it with NOWPayments.
Conclusion
Cryptocurrencies are already deeply ingrained in the global economy, and their significance will continue to grow. Although it is hard to predict cryptocurrency future trends, we will certainly see a rise in crypto payments. Businesses that wish to stay ahead of their competitors in terms of crypto payments are welcome to utilize NOWPayments’ solutions.