Nicole Jonker, Eric Anziano, Stephane Djiane, and Ryan Taylor on the Crypto adoption. They question the issues and possibilities of using Cryptocurrencies.
Crypto adoption is a fact. This assumption is made on the grounds of Crypto.com making their Pay Checkout plugin for WooCommerce which holds 30% of international online shops.
Worldwide there are a couple of retailers that made the step towards Crypto adoption like 7-Eleven in the Philippines, the Ethereum-based payment made between IKEA and an Icelandic retailer. There is obviously a possibility of Crypto’s big break emerging.
According to a study by Nicole Jonker of De Nederlandsche Bank people shouldn’t get excited so soon because Crypto retailers are just in their early days.
According to the study, not many Dutch retailers take Cryptocurrencies seriously and don’t see the point of integrating them to their business. Simply put, there is no demand whatsoever. She commented:
“The potential of Cryptos to drastically change the existing retail payment ecosystem by making financial institutions superfluous or even disrupt the monetary system seems small.”
Is there a Crypto solution?
There may be one solution to that – the well-known Libra, Facebook’s Crypto network, which makes Cryptocurrencies a lot more approachable and mainstream than ever.
Eric Anziano, the COO of Crypto.com, comments that the adoption of Libra by companies like Uber is what can make the cut for all others. He pointed out:
“While Libra has faced significant concerns from regulators, it has helped draw more attention to Crypto as a viable payments alternative for consumers and e-commerce merchants.”
Stephane Djiane, the CEO of Global P.O.S, and Anziano think that millennials are the reason why retailers might look into the Crypto paying opportunity. Anziano speaks on the matter:
“There are now roughly 65 million Crypto wallets and Millennials have expressed an appetite for alternative banking. Thus, retailers are likely facing a pull factor from customers.”
According to Jonker’s research, payment services for retailers hold the most power and reduce volatility and fees’ increase.
Solving the problem.
Ryan Taylor, The CEO of Dash Core Group, says digital currencies may solve most issues for retailers. Issues like chargebacks, easier cross-border transactions and fees that most of the time drive new customers away and eliminate sales.
Another problem-solving trait of Cryptocurrencies is that usually retailers use cash registers with scanners that will not accept such currencies. Hugo Briand from the consulting company Ekino came up with the Global P.O.S, currently helping retailers in France set up their very own payments next year. The technology used for such purposes is a Crypto-wallet with a QR code. This beats the issue with Bitcoin transactions taking a long time since Briand’s system takes no more than five seconds.
There is this one issue with the new Crypto system and that is putting a percentage over transactions which may be an issue. Of course, such issue can be prevented by retailers accepting payments. Unfortunately, such practices can not be seen in near future.
Ryan Taylor speaks on behalf of his Crypto Dash and states that fees aren’t a problem with Dash:
“Dash fees are de minimus, and average just 1/20th of a U.S. cent. In most cases, the fees are paid by the sender but can optionally be deducted from the transaction amount. Other than micro-transaction machine-to-machine use cases, the fees are too trivial to warrant consideration.”