Payment gateways should start accepting cryptocurrencies

Every time I use payment gateways, this has always been my wish. In the last few years payment gateway has become a great experience for the users. People have also started using online services more compared to physical transactions. There have been many online stores as well that sell items with the help of a cart facility and payment gateway facility. The payments can be made internationally based on the coin we select.

I was wondering what if these payment gateways start accepting cryptocurrencies. There are a few already that are doing this but it is not a straightforward solution. We have to choose crypto as an option for payment and transfer the funds to the wallet and that crypto is then converted to FIAT internally. I have seen this option on the Namecheap website. They initially ask us to deposit the funds to a wallet which would be converted as credits and those credits can be used to purchase other items on the site. Currently, there is no facility available to directly accept cryptocurrencies.

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Seamless payment experience

There are many advantages to using crypto as payment. There are blockchains like Hive that have no transaction charges. If payment gateways start accepting crypto directly, we will be able to do seamless payments and it can be moved from one wallet to another wallet without a need for a middleman. One of the biggest advantages that crypto payments bring us is that the payment is always from one wallet to another which creates an opportunity for holding no middle man.

There is also no limit on the transactions that can be made. Within a few microseconds, the transfers are passed to the chain, and within a few seasons the amount is credited to the recipient's wallet. Even though we can say that every individual will need a limited knowledge of crypto concepts, I guess it will come into practice gradually. There are also many innovations around making this a feasible facility to use.

People who have online stores can also make use of Hive as their payment method because that will again increase usability. Along with the existing payment gateway, it would be great if someone could introduce crypto payments in parallel. This will become more like UPI payments available everywhere. The only problem here is that the people using crypto payments do transactions then and there and will not be dependent on the government or any regulatory bodies.

Fear for regulations

Paypal and popular service providers like Paypal should have this as an option. But the problem here is the regulation. It is not possible to impose a proper regulation on crypto payments. Some people might directly transact with cryptocurrencies and might never bother to pay taxes to the government. Maybe that is also one of the reasons why government and other services fear making use of a decentralized payment gateway.

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Posted Using LeoFinance Alpha