Were you aware that the term “e-commerce” was first employed by IBM as far back as 1997? While novel at the time, this very same phrase has now become ubiquitous throughout countless retail circles. As a growing number of businesses continue to migrate into the digital community, they are understandably keen to leverage the latest opportunities.
Cryptocurrencies represent the ideal solutions for those hoping to bridge the gap between traditional payments and recent technological advancements. What are some current trends, and why could DeFi transactions completely transform the e-commerce sector?
Credit Card or Crypto? Yes!
Wouldn’t it be great if crypto-savvy consumers were provided with a means to complete purchases in a similar manner to standard credit cards? Thanks to the innovative platform developed by payment provider Mountain Wolf, this vision has become a reality.
Their team has engineered a bespoke prepaid Web3 crypto card that can be used to manage everyday tokens such as BTC, LTC, and ETH. Furthermore, this very same interface functions as a standard credit card, while also supporting fiat holdings. The best of both worlds is indeed here to stay, and yet, this is only the beginning. With that, you can spend your crypto assets at the point-of-sale, in internet shops, or even withdraw cash at the ATM.
From University to the Real World
It is no surprise that universities have begun teaching their students and faculty members about the basics of cryptocurrencies. They understand that these types of transactions could very well represent the nest quantum leap in terms of e-commerce.
This partially results from the transparent nature of crypto payments. Consumers will not often be forced to pay commissions, third-party fees, and other charges. Furthermore, transactions can be executed within a matter of seconds. This helps to avoid the frustrating delays that have represented the bane of alternative methods such as credit cards, and bank transfers.
Powerful Incentives for New Ventures
Startup businesses represent one of the core pillars of a well-rounded economy. Although brick-and-mortar stores are still present, it is impossible to downplay how many e-commerce portals come into existence on a regular basis. The issue here is that competition is rife. One way to provide an authoritative edge is to offer a variety of payment options; cryptocurrencies represent the latest cutting-edge example. This will allow budding enterprises to resonate with a larger audience, and to build brand loyalty.
Customer Protection
Customers are more demanding than ever before when referring to the businesses they choose to work with. One key factor involves threats such as online retail fraud, identity theft, phishing and similar nefarious activities. Cryptocurrencies provide an excellent buffer thanks to the decentralised nature of blockchain transactions. When combined with second-to-none security protocols such as SSL encryption, e-commerce portals can offer a level of virtual transparency that clients have been searching for.
While cryptocurrencies have enjoyed a fair amount of attention, fiat transactions will not simply disappear. The main point is that consumers need to be presented with an array of options so that they can make an informed decision. Providing cryptocurrency payments within an existing point-of-sale system simply adds variations to the thread; strengthening the weave.