The use of cryptocurrencies for payments and transactions has gained increasing momentum over the past few years, with 2023 poised to be an exciting year for developments in the blockchain space. As the adoption of digital currencies continues to grow, businesses must keep up with the latest trends to stay ahead of the curve and meet their customers’ needs.
One trend that businesses should keep an eye on is the growing interest in non-custodial wallets. Custodial wallets are those controlled by external exchanges, while non-custodial wallets give users full control over their cryptocurrency holdings. With increasing concerns about security and privacy, more people are opting for non-custodial wallets for their crypto transactions.
Decentralised finance (DeFi) is also experiencing mainstream adoption, with lending, borrowing, liquidity pools, and yield farming opportunities being utilised by investors. In the future, we can expect more people to use crypto payments in DeFi, and it is likely that we will see the trend expanding to mainstream audiences.
Another trend that businesses can expect to see in 2023 is the increased adoption of Bitcoin (BTC) as a payment option. Many countries have already made Bitcoin legal tender or are offering educational courses to their citizens on blockchain technology, which has helped to increase its popularity. Companies and services will likely begin implementing BTC as a payment option, providing more opportunities for users to use cryptocurrency for everyday transactions.
As the economy recovers, companies are beginning to make larger cross-border payments. This trend is driving the need for better cross-border payment infrastructures and more cost-effective payment gateways that can handle these transactions efficiently and securely.
Stablecoins, which are cryptocurrencies pegged to the value of fiat currencies such as USD, are becoming more popular due to their underlying stability. As cryptocurrencies become more volatile, stablecoins offer a way for investors to use all of the advantages of DeFi without much of the risk associated with their volatility.
Businesses can also expect to see more loyalty programmes and cashback programmes that incentivise their customer base to remain shopping with them. For example, companies can offer exclusive rewards for those who use cryptocurrencies instead of fiat payment options, lower fees, or other benefits. By introducing these programmes, businesses can encourage a broader usage of cryptocurrencies as a payment option and help to further penetrate the mainstream markets.
From non-custodial wallets to e-commerce integration, Paywong offers businesses the tools they need to start accepting crypto payments and manage their crypto earnings. Paywong is a crypto payment gateway that offers cryptocurrency payment solutions and can help businesses navigate the crypto payment landscape with ease.
With Paywong, anyone can accept crypto payments, including stablecoins, from anywhere in the world with low transaction fees, with or without a website. The startup is also working with a third-party off-ramp solution to allow its users to convert crypto to fiat in real time. Paywong is a non-custodial crypto payment gateway which provides merchant services for businesses that cater to all kinds of customers. In addition, Paywong is also useful for individuals who are working as freelancers and want to get paid for their services in crypto via Paywong’s crypto invoicing service.
Paywong has launched a payment gateway that comes with an intuitive dashboard for managing funds, e-commerce integrations, and an invoicing system that generates a payment link that anyone can share. Book a demo to learn more, and you’ll be accepting cryptocurrency as payment from your customers in no time.
For more details and updates, check out the official website as well as Twitter, Linkedin, Facebook, Instagram, and Telegram portals.
About The Company
Paywong is a product of Walawong Solutions Pte Ltd — a Web3 startup based in Singapore. We are on a mission to simplify crypto payments for businesses by leveraging the power of blockchain technology.