On July 8, 2020, PayAccept, a fully decentralized platform building a link between traditional and Blockchain-powered financial instruments, announced that it would launch a payment platform to bring the mass adoption of a digital economy.
PayAccept is entering an emerging market by integrating various exchanges, crypto wallets, blockchains, and digital assets.
The payments provider now plans to give users worldwide access to financial resources via a debit card, which will be linked to the platform and accessed via an easy to use web-based interface set to be unveiled in Sept. 2020.
The potential of blockchain tech to disrupt traditional means of global transactions and create a worldwide digital economy capable of bringing blockchain-based financial assets to the masses is a revolution.
According to telecom entrepreneur Christiaan Van Steenbergen, digital wallets, decentralized finance (DeFi) currency conversions, and physical debit cards for crypto and fiat assets are a must for users looking to explore the crypto sphere.
The Rise of Crypto Payment Providers
The dev team at PayAccept has an adept knowledge of onboarding, managing and transacting with crypto-assets. They have developed a decentralized crypto wallet and several internet payment protocols for merchants to accept crypto payments.
The startup now joins other payment providers working to bring cryptocurrency to the masses. For instance, ForumPay, a prominent point-of-sale solutions provider, recently rolled out a platform that allows buyers to pay in crypto and merchants to receive payments in either crypto or fiat.
ForumPay also facilitates any e-wallet or digital token during everyday transactions, without the need for physical contact between merchant and customer.
Similarly, Visa announced that it is on the lookout for Ethereum developers to help build a global blockchain payments network.
Merchants Should Prep to Accept Crypto Payments
As the number of folks who own and use cryptocurrency increases rapidly, so is the demand for goods and services with digital cash.
Between Q3 of 2016 and Q1 of 2020, blockchain wallet adoption surged by 425 %, according to Statista, and crypto-paying consumers are spending upwards of €3.4 trillion each year per data from an EU report on digital currency and monetary policy.
However, many merchants remain unsure about crypto and blockchain hence missing out on embracing payment tools that match the increasing levels of customer demand.
That’s the problem PayAccept, ForumPay, and other payment platforms are looking to solve.
Indeed, for cryptocurrency payment options to become adopted by a wide array of merchants, and not just tech-savvy, ease of adoption and integration will be vital.