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Cryptocurrencies are changing the face of traditional payment systems and becoming an increasingly popular tool for consumer acquisition. The adoption of cryptocurrencies and their utility for spending are gaining widespread acceptance, not only within the native crypto community, but also among some of the world’s largest financial institutions.
According to a 2023 study by Ripple, global finance leaders see using cryptocurrencies to transact and make payments as the biggest accelerator for the adoption of digital assets. Blockchain and crypto, as disruptive technologies, have the potential to attract millions of new consumers from this growing community to businesses around the world that welcome cryptocurrencies as a form of payment.
ForumPay represents a bridge for businesses looking to tap into the crypto-consumer market and leverage cryptocurrencies as a tool for customer acquisition. In this article, we take a closer look at how crypto is impacting the global payment scene, and how ForumPay can help businesses maximize the latest and most innovative way to attract new customers.
Innovative, secure technology
Adopting cryptocurrencies into your current payment flow is a clear demonstration to consumers that you and your business are aligned with the latest innovations in digital payments. As the world becomes much more accepting of cryptocurrencies as tender, and not just as an asset class reserved for investment, customers are increasingly looking for trustworthy outlets in which to spend their funds.
Leading research and advisory firm Forrester Consulting found that merchants accepting bitcoin (BTC) attracted up to 40% more new customers and increased their sales, with crypto-consumers spending around twice as much as those using credit cards. ForumPay data reveals a similar trend, as BTC continues to be the most popular and frequently-used cryptocurrency for payments, accounting for just under one half of all transactions across 2022 and 2023.
What’s more, blockchain technology and by extension, cryptocurrency payments, enable secure and tamper-proof transactions by entering each one into the decentralized and transparent public ledger. By leveraging these benefits, merchants and businesses are able to offer their customers greater protection against fraud and data breaches and increase customer confidence.
The most popular areas of spending
According to recent data, some of the most popular products and services purchased with cryptocurrencies include mobile data and airtime top-ups, esports and gaming items and holidays. There is even an emergent trend among crypto-consumers of using funds to pay for utility bills. This evidence shows how cryptocurrencies represent an accessible and democratic form of payment, used widely among the general public, for both one-off, high-value transactions, and everyday purchases.
Real estate is another target of crypto-spending that is growing in popularity and transforming high-value transaction trends. Worldwide, cryptocurrency users are increasingly using their funds to enter the real estate market, whether for purchasing an entire property, making down payments, or as collateral for crypto-based mortgages. According to a 2022 Redfin-commissioned survey of 1,500 U.S. residents, 12% of first-time homebuyers sold their crypto funds to help save for down payment, a figure that rose from 5% in 2019. Historically an appealing investment, hopeful real estate investors have faced complex and expensive processes when entering into transactions using traditional currencies, which can be a deterrent for some investors despite the potential gains.
Borderless payments
Offering the option to pay in cryptocurrencies will allow consumers from all over the world to discover and purchase your products and services. Given their decentralized and autonomous nature, cryptocurrencies represent a form of international currency, unbridled by geographical borders, long delays and high conversion fees.
Cryptocurrencies, including stablecoins, are swiftly becoming one of the most popular ways to send remittances from one country to another, as they bypass the bureaucracy and invasions of privacy inherent to traditional FIAT currencies and payment railways, which often take days, or even weeks to process.
International consumers are therefore increasingly comfortable using their crypto funds to pay for products and services from other countries. Moreover, some 25% of adults around the world do not have proper access to traditional financial services. Many of these so-called ‘underbanked’ individuals rely heavily on digital currencies to transact both with businesses and with each other.
Strengthen customer acquisition with ForumPay
ForumPay’s easily-integrated cryptocurrency payment gateway functions much like any other form of payment, such as credit or debit cards. While you continue to invoice in the FIAT currency of your choice, consumers see exactly how much crypto they need to pay before initiating the transaction, creating a transparent payment flow from one end to the other. Merchants and businesses are also fully protected from cryptocurrency market volatility — our instant price determination fixes the crypto price equivalent to the FIAT amount you charge, meaning you are never at risk receiving anything less than your stated retail price. Once the payment has been executed, the funds are settled into your bank account on a daily basis.
As a cryptocurrency payment solution, ForumPay is the ideal bridge for welcoming new customers to discover your products and services and enter into safe and successful cryptocurrency-to-FIAT transactions. ForumPay can be seamlessly incorporated free of charge into your current online or physical PoS payment flow, allowing for hassle-free integration and creating a smooth payment experience for crypto-consumers. In fact, no integration is needed to accept payments from any mobile connected device. As well as payment processing, ForumPay also provides bespoke solutions and over-the-counter (OTC) services for high-value transactions.
If you are a merchant or business and have yet to start accepting payments in cryptocurrency, book a meeting with one of our crypto payment experts to find out how it works. Alternatively, visit forumpay.com for more information.
