Cryptocurrencies have revolutionized the payment system since their introduction a decade ago. In simple terms, a cryptocurrency is a form of digital money combined with a payment system.
Cryptocurrencies as a payment system constitute an innovation. For the first time, we can exchange money digitally, securely, and anonymously.
Cryptocurrencies allow payments between a buyer and a seller to occur without an intermediary like a bank or payment processing firm. What makes cryptocurrency unique is that it enables anonymous transactions between the buyer and the seller so transactions can occur without compromising the buyer’s identity.
Since cryptocurrency transactions are peer-to-peer (P2P), they offer low transaction fees, making them popular among those looking for cheaper means to transfer money.
There are tons of cryptocurrencies in the market. These cryptocurrencies typically have global reach and dedicated communities willing to see their favorite coins in use while ensuring privacy and security.
The growing popularity of cryptocurrency has led to a spike in value in recent years. Popular cryptocurrencies like Bitcoin and Ethereum have gained over 300% in value in the past 12 months. This means that unlike fiat currency, where the value remains the same, receiving payments in cryptocurrencies could provide massive revenues for a merchant.
Merchants Have Begun Integrating Crypto Payments on Shopify
In recent years cryptocurrency adoption has increased, and crypto payments have been integrated into many platforms, including Shopify. Shopify is the leading e-commerce solution used by millions of merchants globally.
Since its initial launch in 2006, Shopify has expanded to over 800,000 online stores registered on it and processes over $60 billion worth of sales yearly. This has made it the biggest e-commerce solution globally and a significant feature in the e-finance sector,
Shopify is easy to use and offers beginner-friendly plans for anyone looking to begin an e-commerce store. A major reason for its popularity with merchants is the ease of use and the ability to add custom payment plugins. Shopify supports the popular fiat payment platforms, including MasterCard, Visa, and PayPal.
Recently Shopify allowed the integration of cryptocurrency payment plugins in its bid to expand the options of merchants to receive payments. Since then, merchants have been able to receive payments in cryptocurrencies by using crypto plugins.
Since its launch, several merchants are already using the NOWPayments Shopify plugin to enable crypto payments. Some of the merchants include German electric scooter store Flow electric, merchandise company Shortthebanks, and crypto socks company Kryptoez.com.
Integrating the NOWPayments crypto plugin on your platform is very easy. All that is required is to go to your Shopify store and install the plugin.
Cryptocurrency is the future of finance, and integrating the NOWPayments crypto plugin on your store is a great way to be ahead of the trend.