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Shopify Adds Another Option for Merchants to Accept Payments in Over 1,000 Cryptocurrencies

CoinPayments, Cayman Islands-based crypto payment solution provider, has announced a partnership with the Canadian e-commerce giant Shopify. The partnership aims to offer an alternative payment option for Shopify merchants as well as expanding the adoption of cryptocurrencies.

Shopify is a leading multinational commerce platform for online stores across multiple sales channels, including mobile, social media, web, marketplaces, pop-up shops, and brick-and-mortar locations. The Canadian e-commerce giant now will give its merchants the option to accept payments in more than 1,000 cryptos.

Keen to Make Their Brands Stand Out

The announcement of the collaboration follows a successful beta trial testing that began in 2019. Based on the terms of the partnership, CoinPayments payment processing will be made visible to all Shopify vendors as both firms seek to expand the adoption of payments in cryptocurrencies. The integration aims to enhance the e-commerce experience for customers globally.

CoinPayments now will be a visible payment option for merchants on the Shopify platform and will make crypto transactions more accessible and easier while reducing transaction fees. Shopify merchants will now get paid quicker in any of the 1,800 cryptos supported by CoinPayments and gain access to more untapped markets across the world.

Such a partnership further enables cross-border payments, thus reducing the need for Shopify merchants to interact with multiple payment processors across different countries.

CoinPayments’ partnership with Shopify is just one of many expected announcements. As part of CoinPayments’ aggressive growth and expansion strategy, the fintech company is planning to expand its merchants and partners in the near future.

CoinPayments CEO, Jason Butcher, said: “As leaders in e-commerce and crypto payments, our combined expertise reflects the future of business transactions.”

Headquartered in Cayman Islands, UK, and founded in 2013, CoinPayments is committed to providing customers with user-friendly, secure, and fast crypto payment APIs, digital wallets, shopping cart plugins, and several other solutions supporting crypto payment applications.

Shopify Becomes Member of The Libra Association

Shopify is not new to cryptocurrency. In the past, the firm had partnered with Bitpay crypto payment company, enabling its stores to accept over 300 cryptocurrencies. Shopify also works with Coinbase cryptocurrency exchange firm. Recently, Shopify joined the Libra Association. The Facebook-led Libra Association acknowledged that the Canadian multinational e-commerce company would be a vital partner in the realization of the significant economic participation essential for Libra to become a reality. Shopify joined Libra, just a few months after Vodafone, Mastercard, and eBay had drooped out. This suggests that Libra will be one of the 1,000s of cryptocurrencies accepted at Shopify enabled stores.

Image via Shutterstock

BigCommerce Partners with BitPay & Coinpayments to Enable Crypto Payments for Merchants

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BigCommerce on Thursday announced a strategic partnership with cryptocurrency providers BitPay and CoinPayments to deliver crypto payment solutions to BigCommerce merchants in select countries.

With BitPay and CoinPayments, a NASDAQ-listed e-commerce platform can accept a variety of cryptocurrencies, including Bitcoin, Ethereum, Dogecoin, Bitcoin Cash, Shiba Inu, Wrapped Bitcoin, Litecoin, XRP, and five US dollar-pegged stablecoins such as Binance USD (BUSD), Dai stablecoin (DAI), Gemini dollar (GUSD), USD Coin (USDC), and Pax Dollar (USDP).

By expanding its crypto ecosystem, BigCommerce opens up opportunities for its merchants to offer more payment options, widen its market share, tap into a new customer base, and accelerate international growth through innovation.

Marc Ostryniec, Chief Sales Officer at BigCommerce, talked about the development: “Expanding our crypto ecosystem to include trusted best-of-breed partners is just one step towards driving innovation and growth for our merchants. A new era of consumers are passionate about transacting using crypto, and we’re helping them do it.”

Helping Retailers Navigate a Changing Payment Landscape

E-commerce platforms accepting cryptocurrency are steadily increasing, a piece of evidence which shows that the crypto market is continuing to grow. The use of cryptos for online shopping has shown parallel expansion.

BigCommerce has joined a number of other e-commerce platforms that have been adding crypto payment capabilities over the past few years.

In May this year, Shopify expanded crypto payment options through a partnership with Crypto.com so its merchants can accept cryptocurrency payments from customers through Crypto.com Pay.

Last month, a Shopify Competitor called Launch Cart enabled its merchants to accept Bitcoin payments using OpenNode and the Lighting Network.

With the growth of global acceptance of cryptocurrency, many online merchants have adopted crypto payments to remain in the trend.

The Importance of Embedded Finance in Today's Fintech World

A recent research conducted by Decta brought to light the significance of integrated financial elements in the modern world of fintech. According to the findings of the survey, some significant drivers for a seamless customer experience are the increasing use of online purchasing and digital payment methods.

Embedded finance is a novel method of software distribution that collaborates with suppliers of financial infrastructure to include financial services into the ecosystems of goods that are already on the market. Banking, lending, insurance, payments, and branded credit cards are some of the most frequent types of integrated financial solutions.

According to the findings of the survey, the most important factors that contribute to a positive experience when making purchases online are the ease with which payments can be made and the number of different payment methods that are available. The primary cause of an unpleasant shopping experience is the absence of a chosen payment option or difficulty during the checkout process. Almost 49 percent of respondents said that they would probably quit shopping if they ran across these difficulties.

One of the most important aspects of embedded finance is the ability to provide personalized offers, which are highly appreciated and may be improved by concentrating on certain demographics. For instance, 54 percent of American consumers favored integrated add-ons such as finance and insurance. Members from Generation X were the most happy with personal offers, whilst participants from Generation Z and Baby Boomer rated the offers they received a lower grade.

Other favored integrated features that gained the approval of the respondents include loyalty benefits, seamless payments, and same-page checkouts.

The research gives insights into client targeting and acquisition as cryptocurrency firms are steadily seeking to incorporate embedded financial elements, such as crypto-based credit cards or loans. The use of blockchain technology has been investigated by crypto companies as a means of assisting traditional businesses in the implementation of loyalty incentives and integrated financial services.

During the most recent bull market, the bitcoin ecosystem was able to benefit from increased investment from institutional investors. As a result of conventional hedge funds and some of the largest firms in the Fortune 500 jumping on the cryptocurrency bandwagon, we are starting to see widespread acceptance of cryptocurrencies.

However, there is still a significant distance to go with the primary goal of making cryptocurrency usable on a daily basis by retail customers. The research conducted on embedded finance may be able to assist crypto firms in taking a hint from the mainstream and putting it into practice with crypto-linked goods in order to provide a superior experience for their customers.