Cryptocurency Payment Gateways: 3 Ways To Boost Bitcoin Adoption
Bitcoin was created almost ten years ago, but its expansion around the world did not just happen alone. Indeed, as it was open source, interested parties could modify and create their own networks.
But now we have thousands of other altcoins in the market, all of them with their own ecosystem and doing their part to sustain the crypto world. But they are doing a great job to sustain a vital role in expanding the use of virtual currencies.
Indeed, payment gateways will be a key part of Bitcoin’s adoption. This will help interested parties all over the world accept the famous virtual currency – and many other coins – without having to take the risk that they generally imply.
3 Cryptocurency Payment Gateways
This is the first company that we will be writing about. Indeed, this platforms is one of the most important and known in the market. Buying virtual currencies through Coinbase is a smooth and easy experience.
As it operates in the United States, it needs to follow strict rules that are mandatory in the country. This creates a very safe and trustworthy exchange and platform for investors and crypto enthusiasts.
But this is not everything you can do with Coinbase. It is possible to accept virtual currencies as a payment without effort. The merchant application allows sellers receive cryptocurrencies and convert them as soon as they receive them to fiat currencies.
It is possible to integrate a payment button to the website or blog, with shopping cart plugin, or custom integration APIs.
An important platform that works with Coinbase’s integration is Shopify. It already has thousands of users that accepting cryptos with this solution. Those merchant using Coinbase need to pay a 1% fee on each transaction, but compared with other services is much more attractive.
This is the second company that we will be writing about. If an enterprise does not have a bank account, GoURL offers a unique solution. The platform has the ability to integrate with a wide range of Bitcoin wallets. That means that users can receive virtual currencies in an anonymous way.
As it was founded in 2014, GoURL has more than 18,000 customers from different countries. The platform is compatible with BitPay, a popular Bitcoin debit card available. For cryptocurrency users that prefer other coins, the company offers altcoin debit cards such as ANX and WageCan.
Those users paying for a product or service using GoURL will see a payment box on the screen. In this way, they will have the possibility to transfer coins to merchants. In 5 seconds, the payment is made and the buyer will receive a confirmation on his website.
Online companies and businesses are able to accept virtual currencies as payments. The plug-in is very easy to manage and payments do not take more than 30 seconds to be completed. Payments made through the website have a fee of 1.5%.
Merchants without a website are able to accept digital currencies just through the GoURL website. But those who use the Monetiser Online system will be charged 3.5% of the transaction.
At the moment, GoURL is available to business owners that want to be away from centralized banking services. The GoURL platform does not support bank transfers, but instead, it is possible to use third-party cryptocurrency trading platforms and later exchanged for fiat currencies.
At the moment, MenaPay is working in a payment gateway that works with two different cryptocurrencies. MenaPay (MPAY) is the initial token available during the ICO.
It is important to mention that MenaPay is based on the Ethereum network (ERC20 token), and the transaction speeds and security are ensured using the blockchain technology developed by MenaCash – 100% backed by USD dollars and a ratio of 1:1.
The company works in North Africa and the Middle East, and it wants to reach 420 million individuals in 18 different countries.
The official website of the company reads as follows:
“Regular banking tools are largely not used in the Middle East and Africa Region due to the conservative practice of Islam and the poor banking system. The region also has a very fragmented structure with multiple currencies. MenaPay brings a 100% Islamic, non-bank digital solution, using blockchain to create a single currency to be used in every day and cross-border transactions.”
MenaCash Stable Coin
In order to expand in this market, it is necessary to have a stable coin that adapts to the Sharia Law. Islamic banking prohibits the implementation of interest on loans and encourages Mudarabah, something known as profit sharing.
MenaPay will be distributing 75% of the total revenue and profit to MenaPay holders collected from a variety of P2P, P2M and Merchant-to-Foundation fees.
The stable coin will be used for transactions on the platform as soon as it is operating. As we mentioned before, MenaCash will be pegged to the US dollars and 1 MenaCash will always be worth $1 dollar.
The company will also be offering desktop and mobile wallets, APIs and SDKs for other companies to integrate it and allow merchants to accept virtual currencies in the Islamic regions of MENA. The interface and language are in Arabic.
The main intention is to be listed in one of the top 10 exchanges by the end of 2018. By May 2019, the company wants to have 5 million users. Later in 2019, they want to reach $1 billion dollars market capitalization and offer discounts to merchants using the MenaPay currency. MenaPay public ICO will launch in November 2018.
Cryptocurency Payment Gateways Conclusion
Merchants find it easier than never before to accept virtual currencies as a means of payment using different platforms. For mass adoption, is very important for companies to work developing infrastructure and making it easier for users to spend their virtual coins.
In the future, there will be needed more platforms that work in a reliable way and that will allow investors and individuals to use their cryptos in a very easy way.