Why every fintech company should accept crypto payments
There has been a great deal of discussion regarding the benefits of merchants accepting crypto payments of late and, as a result, more and more businesses have begun taking crypto. The most common cryptocurrencies accepted by businesses are Bitcoin and Ethereum, but this stands to reason because they are the top two performers as well as the oldest cryptos out there.
However, it’s rather funny to think about a fintech company not taking crypto since crypto is a niche within financial technology. To think about a fintech company not taking crypto would be akin to Barclays not accepting pounds for deposit. Cryptocurrency is, without a doubt, one of the latest innovations in financial technology so if you are a business in any end of the fintech industry, you might want to reconsider your decision not to take crypto at this time.
The amazing growth rate of crypto
One thing to look at when deciding which crypto to accept would be its track record evidenced in a daily price index. Ethereum, for example, has seen a major amount of growth throughout the second half of November 2022 and just two days before month’s end saw a daily rise of 2.15%. All it takes is referring to the Ethereum live price charts at OKX to see just how quickly this crypto is gaining in value. Bear in mind that if a customer pays in crypto at today’s rate, that same crypto could hold value many points higher within the coming weeks, to your benefit.
Actually, not only should fintech companies accept crypto but they should be influencers as well. Consumers already tend to have a distrust of the financial world, so by embracing one of the newer technologies that seeks to keep their assets safe, you might be doing something important for your business as well. It’s all about trust and this is one way to instill higher levels of trust within today’s consumers.
Leveraging the security in the blockchain
No matter which niche within the fintech industry your business happens to be in, you understand just how secure the blockchain is. This is the technology through which crypto is created, and as such, crypto holds the kind of security financial institutions have been lacking over the years. In fact, some of the biggest breaches in the financial sector have been levelled at banks. The inherent security in crypto would have made it all but impossible to access those breached customer accounts because hackers would need both the public and private keys.
A bold step into the future
Even the Bank of England is creating their own cryptocurrency because they understand where crypto is heading in the world’s economy. It is the one true global currency so unlike each nation’s fiat. If you have crypto in your hot wallet, you can spend it in South Africa as easily as you can spend it in Newfoundland. The only roadblock would be if a merchant didn’t accept crypto and this is where you come in as a fintech company. You can be the much-needed example, encouraging a greater number of businesses to accept these digital coins. You are fintech, after all, so isn’t this something you should be doing?