The e-commerce market has been growing at a rapid pace in the past few years. The COVID pandemic gave it an even bigger boost as 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 in on the boom in interest for online sales. Of course, one of the great ways to do that is to explore all kinds of digital payments that are cropping up around the world.
In 2022, the percentage of sales through e-commerce has grown to almost 20% of all retail sales worldwide, which represents 5.71 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 6.9 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.
Importance of Crypto Payments
The use of cryptocurrency is increasing all over the world. The cumulative market capitalization of cryptocurrencies reached over 3000 billion US dollars in 2021.
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 934 billion within the start of 2021.
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 12,000 in 2022, more than doubling the number since the previous year.
According to an aggregated study, the number of active users of bitcoin alone in the market stood at around 100 million. The total number of cryptocurrency users is higher than this since there are widely used cryptos in the market other than bitcoin, such as Ethereum, Tether, 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 Coinbase
Our platform has an integration with Coinbase, one of the top cryptocurrency platforms with over 100 million users worldwide.
This allows our merchants to accept payments in a variety of crypto assets, adjust payments to the price oscilations and be charged low fees.
Learn how to configure it in your Jumpseller store.
Are there any other cryptocurrency platform you would like us to integrate with? Let us know.