At the height of the coronavirus outbreak, national boundaries were shut, movement restrictions were implemented, and in-store shopping became inaccessible. eCommerce stores witnessed an unprecedented level of demand and the no-contact rule became the way to go.
Even as restrictions have largely eased, consumers now prefer to place orders and make payments online, a move that corresponds with the growth in consumer demands and adoption of crypto and digital currencies as a means of exchange.
- A considerable number of consumers now prefer to make online payments using cryptocurrencies
- eCommerce platforms that wish to scale must now integrate crypto payment gateways as a payment option for customers
- Ivorypay offers online businesses in emerging markets the tools necessary to meet user demands for viable crypto payment solution
A Growing Trend of Crypto Adoption
No contact was the reigning slag at the peak of the global lockdown that followed the spread of covid-19 to all corners of the globe. This also implied the restriction of all forms of contact including cash exchanges. With banks becoming slower in processing international transactions, cryptocurrencies became the preferred means of exchange.
Today, with covid largely behind us, a considerable number of people now use cryptocurrencies and prefer to complete online transactions using them as a means of payment. Estimates show that there are about 300 million people around the world using/holding cryptocurrencies as of 2021. Most of these users are found in emerging markets in Africa, Asia, and South America.
Due to the growing adoption rate, businesses are also catching up on the trend with about 18,000 businesses estimated to now accept crypto payments globally.
An Opportunity for eCommerce Businesses
As the adoption rate of cryptocurrencies continues to grow, it opens a unique opportunity for businesses, especially eCommerce platforms to further evolve with time and become more responsive to the needs of consumers.
This means that online digital storefronts must find a way to integrate crypto payment gateway solutions to further expand their user base (by attracting crypto users) and retain existing customers (who are crypto holders).
IvoryPay is the Payment Infrastructure for Emerging Markets
The IvoryPay payment infrastructure has been specifically developed to aid the growth of eCommerce platforms in Africa.
Ecommerce platforms can easily deploy any of IvoryPay’s payment solutions and start receiving payments in no time. They could deploy payment solutions such as payment buttons, checkout, payment links, and QR codes.
The solutions work just as simply as regular interfaces that consumers are familiar with and also enable eCommerce businesses to customize their checkout to meet their unique business needs.
Ecommerce platforms can also conduct customer loyalty offerings such as promo codes, discounts, and referral bonuses using the IvoryPay payment infrastructure. IvoryPay creates an all-encompassing architecture that helps eCommerce platforms manage the end-to-end process for their online business.
To learn more about the IvoryPay payment solutions, you can the platform to check its product suite.
Ecommerce businesses all around the world need to evolve with the times and stay competitive by deploying the latest technology for consumer payments on their platforms. IvoryPay is the go-to solution for businesses in emerging markets that wish to stay ahead of the competition.
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