The COVID-19 pandemic has accelerated the establishment of more mature digital ecosystems. Cryptocurrencies and contactless payments are offering even greater benefits to today’s corporate investors. More and more companies are moving a portion of their corporate reserves to cryptocurrency with bitcoin being the token of choice.
Why crypto? More seamless implementations make it easier for non-tech-savvy consumers to easily use crypto and contactless payments, and with companies establishing both cryptocurrency and contactless payment technologies, their customers only need to wave their smartphones or cards on a POS (Point of Sale) terminal to complete payments.
Here are ways the establishment of crypto payments and contactless interactions will rebuild trust in a post-COVID world:
Improved Security- because crypto payments are based on a digital, decentralised, and distributed ledger called blockchain, security can be implemented better. It’s not possible to delete or modify any entry in the blockchain without affecting the entire digital ledger structure. There are layers of security in contactless technology that protect both businesses and consumers against fraud.
Prevent Spread Of Microorganisms- bacteria and viruses easily spread through physical contacts. Coronaviruses may survive for hours or days on surfaces after being expelled from human body. In just one hour, coronaviruses could be transferred to dozens of people in high-traffic areas, including stores. Consumers trust contactless payments more because the risk of COVID-19 transmission is much reduced. The same benefit applies to store employees because they don’t need to accept cash or touch customers’ cards.
Better Privacy- when consumers use crypto payments, they can benefit from enhanced anonymity. The freedom of being anonymous is increasingly important in the digital world because people want to retain the relative anonymity in traditional retail environment. A lot more people bought products through online means during the height of the pandemic. They would continue to buy online if they can remain anonymous and maintain their privacy. With crypto payments, details of consumers are not included in the blockchain.
Streamlined Payments- crypto and touchless payments make it simpler and more streamlined to make a payment. People don’t need to use cash or type in PIN when paying for goods. Faster transaction times make things more convenient, and this increases trust among consumers. Merchants can also handle more consumers, which contributes to more sales and higher revenue.
Lower Transaction Fees- crypto payments incur very low transaction fees and this can be very appealing for consumers who want to do repeat purchases. For both customers and merchants, crypto payments will save them a lot of money over the years.
Start Accepting Crypto with KryptoX
We're here to normalise the regulated use of cryptocurrencies in everyday business, providing a simple, secure, and seamless experience for our users. Use the blockchain to your advantage and be light years ahead of the competition, start accepting crypto now!