Exploring The Global Adoption of Crypto Payment Systems

How accepting payments in cryptocurrency is changing the way business is done

As most already know, within this last year major companies such as PayPal, Visa, Mastercard, Square, and more have all announced plans to start transacting in cryptocurrency.

PayPal is a household name in the payments industry, and so is Visa, which recently announced:

“Visa has been working closely with licensed and regulated digital currency platforms like Coinbase and Fold to provide a bridge between digital currencies and our existing global network of 61 million merchants. Around the world, more than 25 digital currency wallets have linked their services to Visa, giving users an easy way to spend from their digital currency balance using a Visa debit or prepaid credential — anywhere Visa is accepted.”

Mastercard made a similar announcement in their shift toward embracing cryptocurrencies:

“Mastercard [on July 20] announced the expansion of its cryptocurrency program, making it simpler and faster for partners to bring secure, compliant payment cards to market. Supercharging the partnership experience, cryptocurrency and crypto card partners are invited to join Mastercard’s Accelerate program2 for emerging brands and fintechs, giving them access to everything they need to grow quickly.”

Visa and Mastercard are popular payment options. The two companies are present in every country on this notable list, in addition to 9 million US businesses. It is not outlandish to believe that bitcoin ATMs supported by these larger companies may soon be a reality.

Allowing a customer to use their Visa card to pay for an order with bitcoin is a big deal for those who already have embraced the digital currency both nationally and internationally. Among the top five countries (Turkey, Brazil, Colombia, Argentina and South Africa), bitcoin adopters total more than 79 million people.

We have seen a global mass adoption of these crypto payment gateways, and it is anticipated that many moe will be coming in the future. Our partner Nexus Markets offers a crypto payment system so that you and your business can start accepting a wide variety of cryptos. Learn more here.

For more information on Shift Markets and our solutions, please visit our website. You can also ask any questions you may have in our Telegram channel and a team member will get in touch.