© Stocksak. Crypto Users Search For Workarounds to Make Payments
As the adoption of crypto advances, businesses have increasingly opted to make crypto available as a payment method for their clients—either by accepting crypto payments directly, or by integrating third-party payment processors.
In 2019, AT&T became the first mobile operator to accept cryptocurrency payments, and ever since, big names in the business world have been following suit one after another, with PayPal (NASDAQ:), Starbucks (NASDAQ:), United Airlines, Amazon-owned retail chain Whole Foods, and America’s largest hardware chain Home Depot (NYSE:) Furthermore, Spanish air carrier Vueling will reportedly begin accepting crypto as a payment method in 2023.
While many businesses are now testing the viability cryptocurrency as a possible payment method, some remain hesitant to fully embrace crypto adoption. In an interview with CNBC, Amazon (NASDAQ:) CEO Andy Jassy remarked that the e-commerce giant has no plans to make a cryptocurrency payment option for its retail business.
MetaMask has announced its integration to the Apple (NASDAQ) Pay wallet. Although the deal enables Apple users to buy crypto directly from their Apple Pay wallets, crypto payment options remain conspicuously absent for the tech giant’s products, services and app stores. However, some users have reported that the company is moving to further crypto adoption.
The crypto market has seen an increase in transaction volumes since 2020. Chainalysis reports that the volume of crypto transactions has increased 567% since 2020, reaching $15.8 trillion by 2021. The soaring numbers show that crypto users are beginning to place bets on cryptocurrency use in their day-to-day lives.
The demand for crypto payments options is increasing, so the crypto industry is looking for workarounds to allow users to make these payments. Gift cards are one of many options to facilitate crypto payments.
The gift cards workaround operates in the same way as the regular digital gift cards that many are already familiar with—the only difference is that cryptocurrencies are used to purchase them. Coinsbee and Coingate developed systems that allow you to purchase gift cards using cryptocurrencies such as and.
To pay with cryptocurrencies in countries where they are not available, users can use the gift card platform to select the product or the service they wish to buy. After the transaction has been completed using the ewallet and cryptocurrency of your choice, the user will receive a service voucher which can be instantly redeemed.
These gift cards providers are compatible with a large number of well-known brands that do not accept crypto directly. Crypto gift cards can be used to pay for products at Amazon, Google, Walmart (NYSE)), Netflix (NASDAQ), Amazon (NASDAQ), eBay (NASDAQ), iTunes, Kroger, Burger King, Spotify (NYSE). Nike (NYSE:), Uber(NYSE:), Decathlon.
On the Flipside
- Scammers are also interested in the rise of these gift cards. Scammers are more likely to force victims into purchasing iTunes or Google Play gift certificates in order to gain access to the voucher code.
Why You Should Care
The popularity of crypto gift cards is on the rise. E-commerce platforms are being developed to provide customers with additional value. Cryptocurrency holders can use their gift cards to pay for a wider variety of products and services using cryptocurrencies, even if they have not yet adopted the asset type as a payment method.
Learn more about crypto-adopting brands:
Mexican Food Chain Chipotle (NYSE 🙂 to Accept Crypto Payments in the U.S. Restaurants
Even cities are becoming more crypto-friendly. Find out more:
Top 10 Cities That Are Hotspots For Crypto Payments