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world line payment expert Sasha Munger Learn how cryptocurrency acceptance works for both POS and e-commerce, and the benefits this new payment method brings to merchants and consumers
How Popular Are Crypto Payments Among Merchants?
Our research shows that merchants across the board (from micro-merchants to key accounts) are aware that their customers are interested in paying in cryptocurrencies, and they are We gladly accept it as a means of payment. , or a complex process. Hence, from our point of view, cryptocurrency payments are becoming more popular on the consumer and merchant side.
Who are Rapid Adopters?
Crypto payments are becoming increasingly popular in the luxury sector, hotel industry, and restaurant point of sale (POS). We are also seeing positive developments not only in e-commerce, but also among merchants and charities in the tech sector.
What about throw adapters? What challenges can merchants face when trying to take advantage of these new payment methods?
The retail sector (grocery stores and supermarkets) will probably be the slowest to accept this new payment method at scale. The biggest hurdles to acceptance include volatility risk, speed of transaction processing, and integration of blockchain processes within existing payment infrastructure. Worldline Crypto Payments, a solution co-developed with Bitcoin Suisse, allows merchants to accept crypto payments just like any other payment method (such as credit cards or mobile payments) with the same payment and reconciliation process. This simplifies acceptance and allows merchants to integrate crypto payments in an easy and simple way.
Worldline Crypto Payments Overview:
How can I overcome these and reap the benefits?
For payment service providers, it is important to seamlessly integrate crypto payments into existing payment processes in a way that is easy and user-friendly for both merchants and their customers. Various factors must be resolved by payment processors, such as how long it takes to confirm a transaction on the blockchain. With Worldline Crypto Payments, merchants can accept cryptocurrency payments (Bitcoin, Ethereum, and the second layer protocol Bitcoin Lightning) at both his POS and e-commerce without risk. Attract potential new customers with innovative payment methods.
Merchant Benefits:
What is a virtual currency POS system?
A cryptocurrency PoS system is a solution for deploying cryptocurrency payment gateways. The PoS system allows merchants to accept cryptocurrencies. It is important that merchants are not exposed to acceptance hurdles and that they are able to accept crypto payments just like any other payment method. For this reason, Worldline chose a simple “Bring your own device” app for cryptocurrency integration in PoS. The app can be easily downloaded from his Google Play or Apple App Store on merchant devices. Merchants can accept crypto payments right after a simple onboarding process. Worldline also plans to integrate the app into his Android-based POS terminals in the future. Additionally, innovative solutions for micro-merchants already exist, enabling crypto payments to merchants such as farm shops and craft markets via QR code stickers.
Worldline Crypto Payments at POS:
What other solutions allow crypto payments?
In e-commerce, Worldline offers the payment solution Worldline Crypto Payments as an ‘additional payment instrument’ integrated into the e-commerce solution Saferpay. This means that Worldline merchants can easily integrate crypto payments into their webshop directly or via webshop plugins and enjoy all the benefits mentioned above. Worldline believes it is very well positioned for POS and e-commerce solutions and is flexible enough to respond to further developments in the cryptocurrency market. For example, you can quickly integrate new cryptocurrencies into Worldline Crypto Payments or support new payment channels such as Metaverse. Here, Worldline already has its own showroom in his Decentraland and is gaining experience with its customers.
Worldline Crypto Payments eCommerce Solutions:
What other activities are possible with a cryptocurrency payment solution besides POS payment processing?
We believe that cryptocurrency payments in their current form (e.g. Bitcoin and Ethereum) are just the beginning and that cryptocurrency payments can be used not only to hold, but also to purchase and purchase goods. We believe it will become an integral part of recruitment. It provides services in the same manner as traditional fiat currencies. This can also be useful, for example, if a central bank issues a central bank digital currency. This is because Worldline Crypto Payments are already deployed within Worldline’s merchant base, making it easy to add new coins to your payment solution. It will also help establish new use cases for cryptocurrency payments (such as bill payments in cryptocurrency) quickly and efficiently, while also leading to widespread adoption among Worldline merchants.
What are the next steps merchants need to take to adopt crypto payments in their POS and e-commerce? How do Worldline’s products and services support this evolution?
Worldline Crypto Payments, a payment solution, is the first step towards making cryptocurrencies available as a payment method for point-of-sale and e-commerce. This new payment method is currently available in Swiss merchants and will be rolled out to other Worldline markets in 2023. In addition, educating merchants and consumers about cryptocurrencies is another key factor Worldline facilitates, as payments in cryptocurrencies are still in their infancy. The stage of adoption and its benefits should be demonstrated to all players under real conditions. Worldline, Europe’s largest payment service provider, believes in the potential of cryptocurrency payments and is actively working on solutions to make cryptocurrency payments more accessible.
Find out more about Worldline Crypto Payments here.
This editorial originally appeared in the Crypto Payments and Web 3.0 Report for Banks, Merchants and PSPs. The first edition of our report aims to provide a go-to payment resource of crypto terms and concepts for those interested in understanding the basics of crypto payments and their long-term implications. In addition, we will share practical examples of crypto-enabled e-commerce and banking services and showcase the latest developments in the regulatory environment. It also reveals which of the most innovative companies in the space are building crypto rails.
About Sascha Munger
Sascha Münger currently works as Head Competence Center for Crypto Related Products & Metaverse within Worldline Global’s Global Business Division Commercial Acquiring. In this role, he is responsible for products related to crypto payments in point of sale and e-commerce as well as future commerce scenarios in the metaverse. Previously at SIX Payments Services (Worldline’s predecessor organization) he was responsible for implementing payment processing modules within the TWINT system. Sascha holds a Federal Diploma in Higher Education in Business Organization and started his career in 2007 at his Telekurs Group (later his SIX) in Zurich in various positions in the finance department. In 2010 he moved to Würth Finance International BV to work in the financial services department. He then returned to SIX Management as cash manager before taking a leadership position in the accounting and billing department of SIX Payment Services.
About Worldline
world line [Euronext: WLN] A global leader in the payments industry and the technology partner of choice for merchants, banks and acquirers. With her 18,000 employees in 40 countries, Worldline provides clients with sustainable, reliable and innovative solutions to drive their growth. Worldline’s services include in-store and online commercial acquisition, highly secure payment transaction processing, and a host of digital services. In 2021, Worldline generated her nearly €4 billion pro forma revenue. worldline.com
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