The world of crypto has a reputation of being volatile, with the markets fluctuating so rapidly it has become a thing of worry for those who are thinking about venturing into the digital currency trade. However, we are seeing that more and more organizations are accepting cryptocurrency as a legitimate form of payment.
We already know that ecommerce has been gaining momentum rapidly over the past few years, with shoppers turning to digital platforms that are both local and international. Consumers are looking for means of payment that streamline the process. What this means is that cryptocurrency is placed directly in the radar of sellers across the globe. This is why we are now witnessing web designers and online retailers are looking for ways to integrate crypto payments into their content marketing systems. Merchants who use large, internationally recognized platforms such as Shopify, Magento, WooCommerce, OpenCart and Zen Cart are all looking to find means of integrating their ecommerce business with crypto currency payments. Coinpayments is an example of a global crypto payment gateway that is allowing businesses to accept payments in Centric Swap. Centric, the company behind the CNS and CRS tokens are also currently developing their own payment gateway, CENPAY, which will provide a complete crypto payment solution for merchants. Centric which is governed by the Centric Foundation, a non-profit entity whose task is to widen the adoption by developing partnerships that facilitate the utility of CNS and CRS.
Crypto in Ecommerce
CEO of SpaceX, Elon Musk, had publicized that Tesla, leaders in the electric car market, had already invested USD1.5 billion in the cryptocurrency, bitcoin. He also announced that Tesla has begun accepting bitcoin as a form of payment. The announcement piqued the interest of investors and potential traders and the currency saw a surge in its price and refuelled curiosity in the crypto trading industry.
Luxury gifting company, Goldgenie, have also started accepting cryptocurrency, the company teamed up with Centric to afford their clients the option to purchase goods and services with Centric Swap. founder of Goldgenie is reported as saying “I’ve been an avid student and investor in the crypto and blockchain space for some years now…I believe in Centric’s vision to create a stable and trusted global currency, and I look forward to playing a part in bringing that vision to fruition through this partnership.” Centric’s COO, Tommy Butcher has stated that the “long-term plan is to work with Goldgenie to integrate CenPay on their website and at their flagship retail store in Dubai”. Asia’s Absolute World, is another Centric partner that accepts both CNS and CNR. The company commemorated the union with an exclusive holiday package, an offer that was reserved specifically for Centric members.
PayPal, which provides an online payments system across the globe, also utilises crypto payments. Customers are able to buy and sell cryptocurrency as well as use them as a form of payment. Provided there is sufficient currency in your wallet, users are able to select “Checkout with Crypto” where they can pay with Bitcoin, Ethereum, Litecoin (LTC), or Bitcoin Cash (BCH). Meaning that if a site does not accept crypto but allows a PayPal payment option, they will be able to pay with cryptocurrency via the online payment system.
A look into CenPay
Centric currently utilizes Coinpayments as a means of facilitating ecommerce payments using Centric Swap. Coinpayment is free for merchants to set up and provides users with “low transaction fees and no monthly or annual fees”. Shopify, Magento, WooCommerce, OpenCart and Zen Cart amongst some of those who are integrated with Coinpayments. Butcher says that Centric will continue to use Coinpayments to “provide a bridge that helps merchants accept Centric today”, whilst the company works on creating their own payment solution, CenPay.
CenPay will provide online and in person solutions, the development team are also planning on releasing CenPay Lite and CenPay Plus that will cater to businesses that are anticipating or experiencing occasional payments or frequent payments, respectively. The company has placed emphasis on the incorporation of Shopify, WooCommerce, BigCommerce amongst other ecommerce platforms. The release of CenPay will tie up with Centric’s focus of “solving price stability to realize the economic capabilities that the blockchain enables”.
