As the world goes digital, more and more companies are dipping their toes into the cryptocurrency world.
The cryptocurrency industry is growing rapidly, and with that growth comes increased interest from companies looking to accept crypto payments. While there are already a few major companies that accept cryptocurrency payments, like Microsoft and PayPal, many more are considering following suit.
For businesses, cryptocurrency offers several advantages. First, merchants experience lower transaction fees (less than 1%) than credit cards (2-3%) when accepting crypto payments from customers. This is achieved because no centralized bodies or middlemen are required to lead the transaction, given the decentralized nature of crypto. This can help businesses, especially those with low-profit margins, lower their expenses.
Second, cryptocurrencies are at less risk of fraud. All confirmed crypto transactions are recorded in a public ledger, which means they are visible to everyone. Hence, you can check the transaction history of a crypto wallet to identify fraudulent transactions.
Finally, cryptocurrency transactions are often faster and more efficient than traditional methods because no middleman is involved, saving businesses time and money. All things considered, it makes sense that more companies start accepting them as payment. Here are some of the most likely candidates to start accepting crypto payments in 2022:
Uber
In February 2022, it was revealed that the ride-sharing giant is considering accepting cryptocurrency as payment. This would be a huge move for the company and could spur widespread adoption of crypto payments. However, Uber is not taking the cryptocurrency plunge now due to a few concerns, like the environmental impact of cryptocurrency mining—which needs a lot of electricity—and exorbitant transaction fees carried by crypto exchanges to execute buy or sell orders. The firm intends to take time to comprehend the consequences of cryptocurrency adoption.
Khosrowshahi stated that the company would embrace cryptocurrency when the exchange mechanism gets less expensive and stops leaving an unnecessarily large carbon footprint. Given the hype around cryptocurrency these days, Uber may start accepting crypto payments earlier than we expect.
eBay
Online marketplace eBay may start accepting cryptocurrency payments in 2022 to entice more customers from the millennial and Gen-Z generations to its website. eBay’s CEO, Jamie Iannone, recently revealed that the company is already managing US$85 billion of sales on its platform directly, which allows them to expand into new forms of payment.
eBay saw a surge in NFT (non-fungible token) trading in May 2021, even though the company did not make an official announcement. This might have to do with the company changing its rules to allow users to buy and sell anything on the platform. If eBay does start accepting crypto payments, it would be a major boost for the adoption of cryptocurrency.
Apple
Apple is one of the most popular tech companies globally, and they are always on the cutting edge of new technology. It’s no surprise, then, that they might be accepting cryptocurrency payments. In February, Apple announced that it would begin testing a new “Tap to Pay” function for iPhones later this year. The new function will allow businesses, including solopreneurs and SMEs, to accept contactless payment, such as with Apple Pay, contactless credit and debit cards and digital wallets, with just a simple touch on their iOS devices. This also means that users of Coinbase Card, Crypto.com Visa Card, or similar crypto credit or debit cards will be able to pay in cryptocurrency with Tap to Pay. However, there is no official announcement from Apple that Tap and Pay will support direct crypto payment as of yet.
Currently, direct crypto payment is not enabled on Apply Pay. The only way to pay in crypto with Apple Pay is to connect the user’s MetaMask (a crypto wallet) wallet to the app, and they will be redirected to Wyre, a crypto exchange, to complete the payment.
Airbnb
The popular home-rental platform has been dabbling in cryptocurrency for a while now. In January 2022, Brian Chesky, the CEO of Airbnb, published a list of customer demands on Twitter, where enabling cryptocurrency payments was the most popular request.
Airbnb has been interested in cryptocurrency for quite some time now. When asked in November 2021 whether the company is considering cryptocurrency payments, Chesky answered, “We are definitely looking into it……there is clearly a revolution happening in crypto. Airbnb and crypto both have interesting relationships with trust.” Given Airbnb’s size and prominence, its move to accept cryptocurrency could encourage more people and businesses to start using cryptocurrency.
So there you have it! These are just a few of the many companies that might start accepting cryptocurrency payments in 2022. With the way things are going, it seems like crypto is here to stay. So, if you’ve been thinking about getting into the crypto game, now might be the time to do it. Who knows, maybe you’ll be able to pay for your next coffee with Bitcoin.
Also read:
- The Benefits of Cryptocurrency without the Risk: Stablecoins
- Is it possible to regulate cryptocurrency?
- Are Cryptocurrencies Becoming More and More Centralized?
Header image courtesy of Unsplash
