Ever since Bitcoin (BTC) was introduced as a digital asset, the debate over transforming the payment landscape with cryptocurrencies has been hot. With decentralized, borderless and cost-efficient transactions, crypto payments have a lot to offer. However, that massive potential has yet to translate to broader acceptance as an everyday payment method.
Adoption challenges for crypto payments
One of the primary challenges is the complexity and unfamiliarity of crypto to the average consumer and business. For most people, dealing with digital assets still feels daunting due to the complexity and technical knowledge needed to navigate crypto transactions.
Additionally, the volatility of cryptocurrencies like Bitcoin presents a major concern for both users and businesses. Price fluctuations can create uncertainty in the value of payments received, discouraging wider adoption.
Another significant obstacle is the skepticism toward digital assets, largely driven by regulatory concerns and security risks. For businesses, accepting crypto payments often entails navigating complex technical setups and accounting processes, which can seem like a hassle compared to conventional payment methods.
Many companies are hesitant to adopt these new systems because of these complications and the lack of robust tools to seamlessly integrate crypto payments with existing financial infrastructures.
Innovation brings accessibility
Despite these challenges, there has been a steady increase in businesses adopting crypto payments, driven by the development of advanced applications that simplify technical solutions and streamline accounting processes.
Source: Wexo
Hotels, restaurants, electronics stores and even small service providers in some regions are starting to accept crypto payments. These businesses often rely on innovative platforms that provide user-friendly solutions for managing digital asset transactions, helping to overcome technical and security hurdles. The emergence of such platforms is paving the way for broader adoption by simplifying crypto transactions for both businesses and consumers.
Simplifying crypto transactions
One such platform contributing to the evolution of crypto payments is Wexo, a global payment infrastructure platform with a focus on cryptocurrencies. Developed by the Slovak team Crypton Digital, Wexo aims to build a global payment infrastructure that bridges the gap between traditional and digital finance.
Recently, Wexo launched an app that includes a virtual terminal called Wexo Point of Sale (wPOS), allowing businesses to accept payments in Bitcoin through the Lightning Network without the need for any additional hardware.
Source: Wexo
The wPOS terminal operates as a smartphone app, providing entrepreneurs with comprehensive tools for managing cryptocurrency transactions. These include transaction overviews and exports to PDF or Excel for seamless accounting. The terminal also offers automated or manual closing options, catering to businesses’ varying needs.
A key advantage is the ability to create an unlimited number of virtual terminals for different locations or employees, with customizable access rights to ensure security. This structure prevents unauthorized access to sensitive financial information, giving business owners peace of mind.
Bitcoin-powered incentive program
To further enhance the adoption of cryptocurrencies, WEXO has launched a Bitcoin Cashback program that incentivizes customers to use Bitcoin by rewarding them with Bitcoin Cashback for payments made with fiat or standard payment cards at crypto-friendly businesses.
Source: Wexo
“We will also allow small and medium-sized entrepreneurs to build their own loyalty system, which is familiar to many large chains, with a sophisticated system of coupons, discounts and other marketing tools that customers like to use,” announced Milan Božik, co-founder of Wexo.
Wexo is helping businesses become more visible and accessible to crypto enthusiasts by offering a global map feature on its platform. This feature helps users locate businesses that accept Bitcoin, making it easier for crypto users to spend their digital assets.
Additionally, Wexo provides businesses with tools like customer relationship management (CRM) systems, which allow for tailored promotions, gift vouchers and loyalty programs.
Source: Wexo
“Businesses can increase their sales and attract new customers for whom cryptocurrency payment is attractive. They can get the comprehensive Wexo Crypto Partner package after creating an account directly in the app and, thanks to the business partners, the so-called Wexo Resellers, it’s completely free of charge,” explained Martin Kuchár, chief product officer at Wexo.
Looking ahead
Wexo’s future plans include launching innovative features like customizable discount coupons and gift vouchers purchasable with cryptocurrencies. Such initiatives are crucial in helping small and medium-sized enterprises (SMEs) develop their own loyalty systems, akin to those used by large retail chains, to attract and retain customers.
By focusing on user-friendly applications, loyalty rewards and global visibility, WEXO addresses several pain points in the crypto payments landscape. As the world moves closer to a digital financial future, platforms like WEXO are instrumental in simplifying crypto payments and making them a viable option for everyday transactions.
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