7 Global Brands that have adopted Crypto Payments

Cryptocurrency is a new, alternate form of currency that is digitally exchanged without a third party. It can easily replace the current banking system with its revolutionary structure, catering especially to those people who don't have access to a traditional bank. Now you can transfer funds easily and legitimately through cryptography. The process does not involve a central issuing authority like a bank but a decentralized system to record transactions. In recent years, the crypto Bitcoin has been leading the way with many companies adopting it as a payment for goods and services. In a survey by Hartford Steam Boiler, it was estimated that at least 36% of small to medium sized businesses in the US now accept Bitcoin.?

Are you wondering about the potential risks for businesses? There could possibly be some security concerns aside from lowering transaction costs. Plus there are always price fluctuations going on so it is by nature, risky business. Even though it's not a common mode of payment yet, there are plenty of big companies that are going for it to push boundaries and experiment. Since cryptocurrency is actively being traded in the US, there could be good reasons to accept crypto payments. Who knows, it might even go mainstream in due time like cashless credit cards and smartphone payments. There’s no denying the convenience for customers to check out using crypto as seen by example of some of the biggest corporations in the world. It’s 2022 people, so why not try it! Beat the status quo.

Here’s a list of forward thinking companies that are early adopters of crypto payments.?

Microsoft

In 2014, Microsoft became one of the first companies to accept Bitcoin as payments for their games and apps on the Microsoft Store by partnering up with BitPay. Bill Gates went as far as saying that it is better than real currency. The company mainly used it for Xbox Live and Skype by redeeming credit in for credit and topping up user accounts. The company’s interest in crypto led them to launch ION on the Bitcoin network where their technology creates digital IDs that authenticate online identities. These were secured by a two-layered authentication platform and could be used instead of payments. When the market crashed, Microsoft stopped accepting payments in crypto due to the volatility but have since then adopted them again but strictly for Xbox store credits. Going further into developing blockchain tech, the software giant introduced its first blockchain product called Azure Blockchain Service in 2015. This service makes it easy to develop and grow blockchain apps on the cloud. This move was intended to make it easy for developers to create applications on the Bitcoin Network.?

PayPal

Paypal users can buy, sell or hold a selection of cryptos including Bitcoin, Ethereum, Bitcoin Cash and Litecoin as well as track cryptocurrencies through the PayPal app. There is one drawback however and that is that you can’t transfer money out of the company’s digital wallet. PayPal also allows users in the UK to trade in either Ether, Litecoin and Bitcoin Cash on their website and app but hasn’t made any announcements about whether they will expand this in other countries. PaYPal made this move to increase consumers to its platform, not businesses. The reason was because bitcoin’s transaction fees were far lower than the profit-killing 2%- 3% charge that businesses were paying for credit card transactions.? Only recently has PayPal allowed customers to check out with crypto using the PayPal wallet. Like their other payment methods, “Checkout with Crypto” automatically converts the crypto into fiat currency without any extra fees or integrations.

Starbucks

Using the new Bakkt app, customers can pay for drinks and goods at their store with converted Bitcoin. This comes after extensive trials where 500,000 people were invited to access the program to test the digital wallet as a mode of payment. With its success, Starbucks joined the bitcoin revolution in March of 2020.? The Bakkt app converts bitcoin to dollars instantly so payments are made swiftly and easily. You can buy, sell and use Bitcoin to pay at several Bakkt partners including Cantaloupe, Wyndham Hotels and Quiznos. You can guess how many people jumped at the chance to buy their morning coffee through the app. So just to be clear, you can’t pay for your frappuccinos with Bitcoin but rather add bitcoin along with your gift card balances and frequent-flyer miles to the Starbucks app and pay that way which is still pretty cool!

Tesla

Known for innovative technologies and pushing boundaries, Tesla has had an up and down relationship with Bitcoin.? Earlier, it had announced it would accept Bitcoin payments for vehicle purchases in the US after a billion dollar investment in the cryptocurrency by Elon Musk.? But now they are saying that Tesla will put Bitcoin transactions on hold until more than 50 percent of tokens are mined using renewable energy resources.?

Sotheby's

The famous auction house began accepting cryptocurrency this year, embracing NFTs and crypto payments for their business. It accepted payment for a whopping 101 carat diamond which sold in July for $12.3 million becoming the most valuable item to have ever been sold or bought with cryptocurrency at an auction. There is one catch however, Sotheby’s only accepts payments through their approved exchange wallets such as Coinbase. But it is definitely very future forward and they are heading in the right direction.

Coca Cola

Amatil is Coca cola’s bottler and distributor in the Asia-Pacific region that has enabled cryptocurrency with its partnership with the Centrapay platform. From 2020 onwards, there would have been over two thousand vending machines in Australia and New Zealand which allow acceptance of cryptos to pay for drinks.?

Expedia

The most prominent travel agency, Expedia accepts Bitcoin for crypto payments through its partnership with the travel booking platform Travala which is very crypto-friendly. There are more than 30 different cryptocurrencies to choose from to pay for any of the 700.000 hotel booking Expedia has to offer.?

Welcome to the future of payment systems. As of yet, it is uncertain what is upcoming for crypto payments, but more and more major companies are embracing crypto so its safe to say cryptocurrencies are poised to lead the new era of payments.With crypto being a game-changer for payment systems as we know it, more people are getting used to paying with cryptocurrencies. Keeping the risks in mind, like tax implications and regulations by the government in the future, one can easily weigh in whether this will be beneficial for their business or not. It’s true that there is a learning curve when it comes to understanding information dense cryptocurrencies and the volatility of the market can be a disincentive for companies and entrepreneurs to adopt this. However, it is a fast and effective way to transfer funds which is why big companies have already jumped on this bandwagon.?

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