The E-commerce market is growing at a rapid pace today. In the face of the COVID pandemic, online sales are growing even faster than projected all across the globe.
In emerging economies, many physical stores and businesses are launching online stores to cash on the boom in online sales. Of course, one of the great ways to do that is to explore all kinds of digital payments there are in this world.
In 2019, the size of the retail e-commerce sales worldwide amounted to a total of 3.53 trillion US dollars. To better comprehend how big this market is: the nominal GDP of India, as per October 2019 data, was 2.94 trillion US dollars.
What’s even more amazing is that this current market size of retail e-commerce is going to reach an estimated size of 6.54 trillion US dollars within the next two years.
To keep up with the times full of innovation and new tech, enterprises turn to a variety of platforms such as Jumpseller to launch their online stores.
In 2021, NOWPayments is looking to add a crypto payment option to the Jumpseller platform with 60 coins to choose from and fiat conversion.
Importance of Crypto Payments
The use of cryptocurrency is increasing all over the world. The cumulative market capitalization of cryptocurrencies was 237.1 billion US dollars in 2019.
What was more astounding than the size of the market was the rate at which it had been growing. While in 2016, the total market capitalization of cryptocurrencies was a mere 18 billion US dollars, it became 128.78 billion within 2018.
The growth in the market capitalization was matched by the growth in the number of cryptocurrencies. As per the latest available data, the total number of cryptocurrencies in the world has exceeded 5,390 varieties.
According to an aggregated study, the number of active users of bitcoin alone in the market stood at around 25 million. The total number of cryptocurrency users must be higher than this since there are widely used cryptos in the market other than bitcoin, such as Ethereum, Ripple, and more.
One can reasonably assume that the growing use of cryptocurrency would imply a growing use of cryptocurrency as a medium of payment.
Each cryptocurrency has their own benefits, some of them are aimed at making the transaction as fast as possible, or as private as possible, some come with the cheapest fees, some are made specially for payments or donations, some are eco-friendly - so anyone can choose a crypto to their liking. Better yet, people can accept all of them.
Crypto payments have lots of advantages, the main ones being:
Lower Fees (when compared to traditional methods of payment) - no hidden or additional fees, everything is transparent
Privacy and Security - this is achieved by the benefits of blockchain technology
Multiple Currencies to choose from - including stablecoins which are pegged to USD value, and fiat-2crypto and crypto2fiat options
Global reach - easy and cheap cross-border transactions
Crypto Payments With NOWPayments
Keeping up with the trend, a lot of E-commerce companies accept cryptocurrency payments on their websites these days. Some platforms offer APIs and CMS plugins for E-commerce platforms.
At a transaction fee starting from as low as 0.4%, NOWPayments makes E-commerce available in more than 60 currencies. For the sellers, it offers instant payouts directly to wallets and 24/7 assistance for any doubt or difficulty the customer may face.
What do you think about the crypto area?