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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.

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Credit Giant MasterCard Grants Wirex First Principal Membership License

Wirex has become the first native cryptocurrency platform to be granted a principal membership license from credit card giant Mastercard as part of its accelerated expansion into digital assets and its outreach to other crypto card providers seeking to enter the market.

According to a release shared with Blockchain.News, Mastercard today announced the expansion of its cryptocurrency ‘Accelerate’ program, which extends an invitation to cryptocurrency and crypto card partners from emerging brands and fintechs.

The move comes as Wirex becomes the first native cryptocurrency platform to be granted a Mastercard principal membership, allowing it to directly issue payment cards.

Mastercard’s Crypto Mission

Mastercard has committed to applying its innovation, experience and scale to emerging cryptocurrency and digital currency partners, building global ecosystems to modernize payments and transform the way people and businesses transact.

According to recent research from Statista, consumer interest and investment in digital currencies are growing, with data showing that up to 20 percent of the population of some countries are holding cryptocurrencies, and an increasing number of merchants, digital players, and financial institutions are exploring crypto payments.

“The cryptocurrency market continues to mature, and Mastercard is driving it forward, creating safe and secure experiences from consumers and businesses in today’s digital economy,” said Raj Dhamodharan, Executive Vice President, Digital Assets and Blockchain Partnerships, Mastercard. “Our work with Wirex and the wider crypto ecosystem is accelerating innovation and empowering consumers with more choice in the way they pay.”

What Does Principal Membership Mean for Wirex

Being granted Mastercard principal membership enables Wirex to issue payment cards directly to consumers, which will make it easier for mainstream consumers to buy, hold and exchange multiple traditional and cryptocurrencies. Consumers can instantly convert their cryptocurrencies into traditional fiat currency, which can be spent everywhere Mastercard is accepted around the world.

Although currency may only enter Mastercard’s network as traditional fiat currency, users will be able to benefit from Wirex’s Cryptoback rewards program, which automatically gives customers up to 1.5% in Bitcoin for every purchase made on the card.

Pavel Matveev, CEO and co-founder of Wirex said, “We are very excited for Wirex to be the first crypto-native company granted principal membership from Mastercard.” Matveev stated that the license granted to Wirex represents a growing interest and recognition in the acceptance of cryptocurrency by leading bodies and regulators and believes that it will help create a world where all currencies, “traditional and crypto, are equal.”

Regulated by the UK’s Financial Conduct Authority with a license to issue cards in Europe, Wirex has been growing rapidly over the past 18 months, with a successful expansion into the Asia Pacific region and the release of its native Wirex Token (WXT).

UK Consumers Need Better Education on BNPL & Crypto Payments: Research

A recent research study published by ECOMMPAY, an international payment service provider and direct acquirer of bank cards, on Sunday, July 31, shows that although 75% of U.K. consumers consider themselves financially savvy regarding their understanding of the impacts of using Buy Now, Pay Later (BNPL) payments, 24% still require a better understanding of such methods.

Besides that, the study highlighted that more than half of business leaders (54%) still experience several challenges in supporting online financial education for their customers and partners.

ECOMMPAY research also disclosed that 64% of consumers feel financially literate concerning opening up banking and understanding the impacts of payment options. Only 14% of consumers fully understood open banking compared to the previous year.

In terms of cryptocurrencies, the research showed that more than half of the respondents felt they were financially savvy about using crypto assets for payment. However, 46% said they do not understand cryptocurrency or know what it is.

Almost 50% of business leaders surveyed felt it was the responsibility of banks to educate consumers about online financial education, followed by governments (41%) and payment providers (40%).

Paul Marcantonio, ECOMMPAY UK & Western Europe CEO, commented about the development: “Our research has shown that consumers rely heavily on their financial education and are generally smarter when it comes to using the latest financial tools.”

“However, further education and support is still required to ensure that all new payment options can be used responsibly and that consumers are not left in the dark about the implications of trading cryptocurrencies or accepting BNPL schemes. As businesses work to recover and consumers navigate the cost of living crisis, financial education must be a constant to harness the potential of these innovative payment options,” the executive elaborated.

Leadership Taking Charge

While the benefits of crypto lending are clear, consumers must be aware of risks and ways to protect themselves as they navigate the growing new industry.

The recent market crash that has seriously hit several crypto lending firms and their customers warrants importance to consumer education.

With the recent growth of cryptocurrency lending, more consumers are realizing a new way of financial freedom. Thanks to the benefits of decentralized financial protocols and blockchain technology.

Customers who cannot get a traditional loan because of a bank’s minimum deposit requirement, fees, or a low credit score now have options available to them through crypto lending.

In the U.S., a new non-profit organization, the Digital Asset Advocacy Group (DAAG), was launched in April to educate consumers on the opportunities and risks associated with cryptocurrency lending.

In March, the Treasury Department ordered the Financial Literacy and Education Commission (FLEC) to form a new digital asset financial education subgroup to create consumer-friendly, trustworthy and consistent educational materials, tools and outreach to help consumers make informed choices about digital assets.

During that time, the U.S. Under Secretary of the Treasury for Domestic Finance, Nellie Liang, said that history has shown that, without sufficient safeguards, forms of private money have the potential to pose risks to the financial system and consumers.