The concept of increasing revenue and finding new business lines is a must for any company hence why we think the adoption of cryptocurrencies is a must in the payments industry. Today, thousands of Payment Solution Providers (PSPs) are confused about whether to fully adopt crypto as payment. From the PSP’s perspective, it is still not meant to switch to crypto as a payment solution solely, nor does it make any sense to stick to the conventional system. It should be a combination of both.
It’s important to point out that while shoppers pay with Bitcoin and other crypto while merchants receive dollars or any other local currency (fiat).
The Current Potential
According to Business Insider, online purchases in the United States were shy of $800 billion in 2020, with credit card usage predicted to reach $1.82 trillion by 2024. A payment processor, such as Visa, MasterCard, or PayPal, was engaged in each transaction.
According to the FED reports for 2021, 2% of Americans have used crypto as a payment method. It’s worth noting that cryptocurrency adopters tended to be lower-income. Sixty percent of cryptocurrency users earned less than $50,000 per year. There are 46 million people in the U.S. already using cryptocurrencies.
Furthermore, there are many people who are currently using crypto for transactions were unbanked. Besides the market potential, the low transaction fee quality, elimination of intermediaries, no chargebacks, no declines, and fast speed are good reasons for PSPs to integrate crypto for their clients. There are already solution providers who have integrated cryptos. For example, Vendo is a PSP that has already integrated Crypto via Rocketfuel, providing handy payment solutions to merchants and customers.
People and businesses worldwide use cryptocurrencies for purchases, but many lack the appropriate payment processor to do so. This is the reason why RocketFuel is working with several PSPs so they can share with their merchants the crypto payment option.
If you are a PSP and want to see a RocketFuel demo, contact us here: [email protected]