The one thing we can guarantee that will change over the next 5 years is how people start paying for items online and in store. Payment via Crypto is going to happen as it takes a slice of this payment space. I would guess more than a slice as this is where Crypto will make a big difference.
Over the next two months we shall see some changes start to take place as 3 Enterprises/Corporations launch their own Crypto tokens. How and what affect they will have on the payment space is unknown. The current payment gateways have been so dominant dictating the fees they charge it is forcing companies to look for alternative payment methods.
When you think about how much revenue these card services scoop the people that end up paying the price are the retailers and consumers. If everyone averages a spend of $100 when they swipe that is now only $98 for the retailer and $2 for the payment provider. This doesn't sound like much but how much would a company like Amazon or Walmart lose over the course of 1 year. This is 2% of revenue and is a serious amount of money.
2021 Amazon had revenue of $470 Billion which equates to $9.4 billion in card payment fees.**
Businesses issuing their own payment systems using their own tokens will bypass this and this is a trend that is going to happen very shortly. We know this as COTI have 1 already signed up and the other 2 companies lined up. Due to having a Non Disclosure Agreement we have no clue who they are, but they are big global giants.
2% was being kind as the fees vary between 2 and 3.5%.
Crypto as a payment option is going to open so many new avenues and I am not talking about the Binance Card or the equivalents as they are no different as they are still Visa controlled. Companies like Amazon will have their own tokens which will be processed for payments using their own controlled payment systems cutting out the middle men like Visa, Master Card and American Express.
Crypto is a disruptive technology and hasn't even got warmed up yet as it will make our lives far easier and far harder for the institutions who have been fighting to prevent this from happening. Going to the bank trying to get your hands on FOREX for when you travel is all going to disappear as there will be no need for this shortly. The world is changing at a rapid rate which is actually very good news for all of us holding Crypto
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I have quite a different perspective on what will actually earn the most attention.
I mean, the best route for businesses looking to gain majority of cryptocurrency users will have to basically create a channel to accept more cryptocurrencies already existing than attempt limiting users to the company version.
Users will appreciate being able to pay with what they have most likely.
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Companies are about to release their own and most likely you could swap your crypto for theirs with ease. They want you to be able to earn them as well like loyalty points except this is now crypto.
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I totally understand, sometimes these things actually make an impact, especially if you're one that spends a lot, you would be surprised to realize you have a shit ton to spend on items for free, but on a basic level, it's just a business strategy and there's a strong conviction that it comes out of our own pockets from day one.
That said, I guess generally it makes an impact in the overall crypto economy, looking and judging it from the perspective of how much people will be exposed to cryptocurrency and blockchain technology.
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Still remains its biggest utility. It certainly can and will Only get better
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I can't wait too see stalls in the market accepting crypto as payment. I usually use cash for most of my transactions and the common scene where the seller running out of change is kindna annoying.
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STOPCheck out the last post from @hivebuzz:
I will rejoice and look back on fondly the days when criminals like western Union get replaced by crypto and their business model of robbing people with their fees is finally gone. That’s not to say that these companies won’t try to get in their fees, that’s guaranteed to still occur but hopefully won’t be the days where they can charge a fee of 50$ to send 100$ to family in another country.
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