Consumer spending habits are changing with industry experts noticing a preference for bitcoin payments.
Changing Spending Habits
As businesses worldwide begin coming out of lockdown into uncharted territory, adapting and surviving the economic and social impacts of COVID-19 is imperative. Consumer spending habits are rapidly changing with a large-scale switch to digital services. Alongside a 200% rise in “first-time” online purchases in April, Econsultancy recently reported a 33% increase in “online banking or use of mobile apps and payment methods”.
UK Bitcoin exchange, CoinCorner, is just one of the companies adjusting to accommodate these new consumer habits. Subsequently, they have noticed increased demand for businesses introducing cryptocurrency payments as a way of staying ahead in the market. Through its Bitcoin payment gateway ‘CoinCorner Checkout’, the exchange helps businesses to accept cryptocurrency.
The benefits of Bitcoin payments include opening up new markets, no chargebacks and cheaper fees.
Sam Tipper, Business Development Manager at CoinCorner, said: “Since I joined CoinCorner in 2019, we’ve been making huge strides in assisting businesses across multiple industries to accept Bitcoin.
Companies Adopting Bitcoin
Many companies are looking to adopt bitcoin as they adjust to a more digitally savvy clientele. CEO of Rivalry, an Isle-of-Man based eSports company, Steven Salz, commented on the new trends. The CEO said, “given the growth that our industry has seen this year, it’s critical that we adapt and respond to the changing behaviours and preferences of our players. Offering Bitcoin as a deposit option is just one of the many ways we’re evolving the betting experience”.
Additionally, cryptocurrency is gaining the interest of service-based industries across Europe. Sam Tipper stated that “Affinity Group, an Isle of Man and Maltese Corporate Service Provider began accepting Bitcoin in June. Cryptocurrency’s borderless and global features make it the ideal alternative currency to offer as a payment option for any business, whether online or in physical shops.”
The Expansion of Cryptocurrency
Marketwatch reported over 30 million users of the Cash App in June 2020. This is an increase of 6 million users in 5 months. Recently, in the US, bitcoin hit its highest figure of the year for trading crossing the $11,000 threshold. Cryptocurrency experts argue that this may be the future. They are certain that digital tokens, including bitcoin currency, may one day replace the dollar and combat inflation.