Cryptocurrencies were relatively unknown by the general public until recently. While originally designed for use within the financial sector, this interesting digital asset is now entering into mainstream use. In fact, it is estimated that approximately five per cent of all consumers currently hold some type of cryptocurrency within their portfolios. It therefore makes perfect sense that online retail businesses are looking for ways in which they will be able to accept this form of payment in the not-so-distant future. In order to understand the impact that this change might have upon the marketplace, it is first important to appreciate the appeal of cryptocurrencies in general.
How Is Cryptocurrency Transforming Online Retail Marketplace?
All About the Available Technology
Currencies such as Ethereum and Bitcoin have been making digital waves in recent times, and for good reason. One of the main reasons why they are so appealing involves their decentralised nature. Their values are not controlled by any single bank or financial institution, but rather reflect the number of transactions taking place at any given time. Further, cryptocurrencies are an excellent way to anonymously pay for a good or service. This is not always the case with traditional methods such as credit cards. Considering the fact that instances of online data theft are on the rise, it is perfectly logical that cryptocurrencies represent interesting alternatives. This is the very same reason why a handful of cutting-edge ecommerce platforms are already implementing changes so that they will be able to accept this form of payment.
However, there is another reason why encrypted electronic payments could very well overtake credit card purchases within the next five years.
The Advent of Secure Mobile Transaction Gateways
We have already witnessed the rise of countless challenger Banks across the United Kingdom. Lower transaction fees, instantaneous account access and secure payment gateways are a few of the reasons associated with such a meteoric rise in popularity. The fact that the majority of challenger banks can be accessed solely via a smartphone app is another key point to highlight. The same holds true in regards to cryptocurrency transactions. These mobile-friendly currencies are excellent for those who have been looking for a one-touch sense of efficiency without being forced to compromise the integrity of their personal data.
Of course, e-commerce providers such as Shopify currently offer systems which are fully compatible with smartphones. It is therefore a foregone conclusión that cryptocurrencies should soon be featured as an alternative form of payment. It will also be interesting to see what types of dedicated applications will be made available in order to accommodate for this growing desire. While a handful already exist, the chances are high that such options will become more mainstream in the coming months and years.
The cryptocurrency market is here to stay. Online retailers are now beginning to realise the importance of this type of transaction and astute business owners should seriously consider adopting these methods sooner as opposed to later. The digital future of these virtual coins looks very bright indeed. Not long from now, we will witness the entrant of cryptos in the online retail marketplace. We can do nothing now but to eagerly await that to happen.
