More than 220 million people have used cryptocurrencies since the launch of bitcoin in 2008. Organizations are embracing that customers are utilizing it to pay for a wide range of products and services by offering virtual currency as a practical transaction alternative for more individuals.
Theoretically, virtual currency might have always been a specialized transaction. It takes time, money, and in this case, the readiness to implement a new payment mechanism to take on new problems in relatively uncharted territory.
According to a study of 2,000 senior executives at US consumer businesses, merchants accept payments in virtual currency to obtain a competitive advantage in the market because they think the use of virtual currency will keep growing.
The Cryptocurrency Dynamics in Its Adoption
According to the survey, 85% of corporate executives think it’s worthwhile to face the problems associated with cryptocurrencies since they think its use will continue to grow. A respondent was more inclined to invest in the necessary infrastructure if they felt strongly that their company had foreseen the widespread adoption of digital currency.
Similarly, executives were more inclined to make significant investments in its integration if they anticipated increased client interest in digital currency over the following 12 months.
Additionally, businesses think respecting client preferences is achieved by accepting digital currencies. Sixty-four percent of businesses reported that their clients were interested in making payments using virtual currency.
By adopting digital currencies, they expect to attract more customers, especially younger ones, enhance customer service, and position their company as cutting-edge, relevant, and current.
The Reason Why So Many Companies Have Adopted Crypto
According to a study of 2,000 senior executives at US consumer businesses, merchants accept payments in virtual currency to obtain a competitive advantage in the market because they think that the use of virtual currency will keep growing.
Pick n Pay Goes All In, in Crypto Integration
A couple of enterprises have already adopted cryptocurrency, which is very lucrative. A good example is Pick n Pay. After the first part of a trial program that lets clients use cryptocurrencies to pay for things via their smartphone was completed, Pick n Pay announced that it would now accept cryptocurrency transactions.
Several stores are currently testing this feature. The action comes in response to the FSCA’s (Financial Sector Conduct Authority) decision to accept cryptocurrency as a widely accepted payment method.
Pick n Pay claims that people who are disadvantaged by conventional banking systems or want to pay and exchange money in a more affordable and practical method are increasingly using cryptocurrencies. As a result, many businesses now accept Bitcoin.
The New Venture’s Test-Run
The company deployed a payment system solution in its most recent pilot that let consumers pay for groceries at checkout with any Bitcoin Lightning-enabled app, such BlueWallet or Muun.
Consumers must scan a QR code from the application and agree to the rand exchange rate when they transact the transaction. Each transactional operation carries a small service fee that costs the consumer, in general, 70 cents and takes less than 30 seconds.
The initial five-month test period was implemented in ten stores in the Western Cape. With plans to roll it out to all stores in the upcoming months, the company has expanded the project to 29 additional stores for customer assessment.