Cryptocurrency has been hailed as a revolutionary payment solution, offering faster transactions, lower fees, and enhanced security compared to traditional payment methods, as we’ve analyzed in previous series of articles (here and here).
However, despite its potential benefits, crypto still faces significant challenges in gaining widespread acceptance and achieving mainstream adoption. This happens mostly from lack of proper information, local regulations regardless of the global nature of the currency, myth spreading, and…pure human nature – resistance to change and preference for the comfort zone.
Integrating a crypto and fiat payment solution together under one platform opens up new possibilities for cryptocurrency adoption, as it allows users to choose from both options and embrace the new technology at their own pace.
In this article, we will explore the benefits of this integration and explain why the coexistence of fiat and crypto payment solutions is key to achieving mainstream adoption of cryptocurrency.
Why do we need Crypto Payments?
Traditional finance, true ownership of money, inflation, banking system, security, and the metaverse. Not everything is fair nor equally available to everyone.
Technology is the ultimate way to guarantee a more inclusive financial system — the reason Why We Build.
i. To make true ownership possible
Cryptocurrencies offer users the ability to control their own assets, without the need for intermediaries such as banks. This provides greater financial autonomy and privacy, as users can transact directly with each other without the need for a middleman.
for instance, Bitcoin transactions can be processed within minutes, regardless of the size of the transaction, and without the need for a third-party intermediary. This eliminates the need for lengthy bank transfers or high fees associated with traditional payment methods.
To own your own money isn’t just a metaphor. It’s a technologically guaranteed fact.
ii. To overcome inflation
The traditional banking system is inflationary by design, and that created a need for alternatives.
Bitcoin was created by Satoshi Nakamoto in the wake of a massive financial crisis. The people who framed crypto and this new fully digital, technology-backed, form of money understood the problems with debt and continuously devaluing money.
When the system was built to prevent saving, and to make it almost impossible for everyday people to actually own their funds, crypto works in the opposite way: no middleman, full transparency, and different tokenomics that are available for informed choices.
iii. To make security an absolute
Another significant advantage of using cryptocurrency for payments is enhanced security.
Since transactions are verified and stored on a decentralized ledger known as the blockchain, there is no central point of failure. Transactions are encrypted and cannot be altered once they are added to the blockchain, making it virtually impossible for hackers or fraudsters to compromise the integrity of the system.
The current system has been built over decades of trial and error, of trying very hard to get things right with the technology and the resources available at any given moment.
What we are saying is that we can do better now. We now have the technology to revolutionize these systems.
iv. To end unbanking and underbanking
The world bank estimates one third of the entire population of the planet is not getting access to the system. There are many reasons why people are kept away from it: lack of access to financial institutions; trust issues; fees; credit…
Crypto can do what banks can’t: trust in the financial system; access to financial services; lower fees; affordable credit; financial literacy.
If you have a smartphone with Internet access, you can own crypto. It really is that simple.
v. To bridge all universes
The blockchain must be the backbone of the metaverse. It’s the technology that makes sure everything runs smoothly and securely. Just like in the real world, the metaverse will have a lot of transactions and interactions happening all the time.
As our digital lives become more mature and significant, so too must our dealings with the Internet, and crypto payments born on the Internet, not adapted to it.
The speed, reliability, and security of such a payment method allow you to embrace the true ownership of your financial future, especially if you consider xPortal superapp, the only bridge you need between universes.
Breaking Down Crypto Dilemmas
Despite its potential benefits, crypto still faces significant challenges in gaining widespread acceptance and achieving mainstream adoption.
Isn’t it too complicated?
One major obstacle is the difficulty new users face in onboarding onto the platform, as the “technicalities” of cryptocurrency transactions can be intimidating and unfamiliar (even when they are not that complex).
If you need any support to get you started or an experienced peer with whom you can discuss all crypto-related topics – join the xMoney community on Telegram.
Is it reliable?
Another limitation of cryptocurrency as a payment method is its volatility. The value of cryptocurrencies can fluctuate in a short period of time, making it difficult for users to rely on them for day-to-day transactions.
Does anyone accept it?
Yes, the number of businesses embracing the advantages of crypto is growing every day. But not at a pace that surpasses the use of the traditional fiat.
There are still many merchants who don’t accept cryptocurrency as a form of payment, which limits the usefulness of the currency in daily life. But, we see a positive trend throughout the years, and the number of businesses accepting crypto using xMoney is growing every month. We are already beyond 15 thousand users.
Overall, while cryptocurrency offers many benefits as a payment solution, its limitations create resistance for new users to onboard and for widespread adoption to take hold. A problem that xMoney aims to solve.
The Power of Integrating Crypto and Fiat Together
The integration of crypto and fiat payment solutions holds immense potential in bridging the gap between traditional financial systems and the world of cryptocurrency. Because it offers a smoother path for new users to embrace the new technology, it also represents an important step towards mainstream adoption.
As an example, if you already have an established e-commerce business, offering seamless fiat payments to your customers, you can now extend that offering by integrating crypto payments – and vice versa, all with one partner.
Nevertheless, accepting both crypto and fiat has even more benefits:
1. Enhanced Convenience for Seamless Transactions
Such solutions provide users with greater convenience in swiftly transitioning between payment methods. Unlike complicated conversion processes, this integration enables users to switch seamlessly, enhancing their payment experience.
2. Reducing Transaction Fees for Cost Efficiency
One of the significant advantages lies in the ability for users to choose the most cost-effective payment option. By having both crypto and fiat methods integrated, users can make informed choices that reduce transaction fees, contributing to considerable financial efficiency.
3. More Security with Combined Features
Integrated payment solutions combine the security features of both cryptocurrency and traditional payment methods. This comprehensive security approach ensures that users can capitalize on the strengths of both worlds, fostering confidence in their transactions.
4. User Preferences and a Soft Transition
By providing users with both options under one platform, the integration makes it easier for new users to get started with crypto payments while also catering to users who prefer to stick with fiat. This approach offers the best of both worlds and allows for a soft and gradual transition to crypto payments.
5. Selecting the Optimal Payment Method
By integrating both payment solutions, users gain access to the distinctive advantages each method offers. Cryptocurrency payments, with their speed and lower fees, can complement fiat’s wider acceptance. Empowered with both options, users can tailor their payment method to their specific needs.
6. Trust Through Integration
Volatility has often posed a challenge for cryptocurrencies. However, the integration of crypto and fiat payment solutions provides a viable solution. Users can store value in fiat, and seamlessly transition to crypto payments when required. This approach delivers a more predictable experience, enhancing user trust in the technology.
7. Extended audience
The integration of both fiat and crypto payment solutions widens your reach, connecting you with a diverse audience that spans both traditional and digital financial landscapes. This extended audience not only enhances your customer base but also fosters a sense of inclusivity in your business interactions.
8. Peace of mind with All-in-one partner
Simplify your financial operations and find tranquility in the seamless integration of fiat and crypto solutions under one reliable partner. Managing both payment methods through a single platform streamlines your financial processes and offers peace of mind, knowing that you have a comprehensive solution at your fingertips.
9. Rewards for transactions: Cashback
In the world of modern transactions, rewards play a significant role. With this new chapter, xMoney prepared cashback options and various incentives not only encourage frequent transactions but also foster a sense of appreciation among your clients.
10. Mainstream Adoption is Next
In the grand scheme, the integration of crypto and fiat payment solutions plays a significant role in crypto mainstream acceptance. It offers not only flexibility and user-friendly options but also addresses the crypto payment obstacles. It also creates a favorable environment for acceptance by merchants and businesses, presenting users with a comprehensive range of benefits throughout their buyer’s journey.
Why should Businesses care?
The top association with cryptocurrencies globally is that it represents the “future of money”.
This conclusion is drawn from a multi-country study by Consensys spanning all continents, offering a comprehensive global and regional perspective on public perceptions surrounding cryptocurrencies, NFTs, Web3, blockchain, and the metaverse.
More people are using crypto and/or considering using it, which also means more potential clients. The estimated number of crypto users is already over 300M, and this is definitely something that shouldn’t be overlooked.
Depending on the niche and how quickly a company embraces integrated payment methods, some businesses will stay ahead in the race and take many benefits from this adoption.
And xMoney is not only making it easier for individuals to achieve financial freedom but also enabling companies to reach a broader global client base.
If you’re a merchant, check the advantages of our xMoney Merchants Community Network here.
The Future of Payment Processing
The integration of crypto and fiat payment solutions is just the beginning of a new era of payment processing.
xMoney has already given the first steps
With a deep understanding of individuals and businesses’ diverse needs, we have developed proven solutions widely embraced by millions of people around the world.
The best part is that you can start by using whichever product makes the most sense for you and your current business needs (crypto, fiat, or both), and add other options whenever you feel it’s time – all from the same partner, with no hassle, no trouble, and no obstacles.
- xMoney Crypto Pay – Accept crypto payments for your business. Seamlessly.
- xMoney Fiat Pay – Accept fiat payments at the most competitive rates.
- xMoney Pay Request – Issue or collect invoices, with no limitations.
- xMoney Pay Links – Share a payment link. Get paid in crypto or fiat.
And what’s next for payments?
xMoney is already hard at work on its upcoming (and anticipated) product launches.
As the use of cryptocurrency becomes mainstream, we can expect to see more innovation in payment processing, including the use of blockchain technology and the development of new payment methods.
We’re committed to leading the way in this rapidly evolving landscape, powered by MultiversX‘s advanced technology, which offers a highly scalable, secure, and decentralized blockchain network that enables new applications for users, businesses, society, and the metaverse frontier.
It’s also important to keep in mind that xMoney’s goal is not only to bridge the gap between traditional and digital payments but also to continue fueling growth.
Regardless of the traditional fiat solutions’ flaws, the fact is that the majority of people still use it. On another hand, crypto barriers also exist and need to be tackled.
That’s why the integration of crypto and fiat payments is key to achieving mainstream adoption of cryptocurrency.
By providing users with a more familiar and accessible payment option, we can help overcome the limitations of cryptocurrencies and increase their acceptance, since they offer greater convenience, reduced transaction fees, and enhanced security.
xMoney has emerged as a beacon of this insight, and we’re paving the way for a new era of payment processing.