The integration of crypto payment processors with leading technology firms has been an integral aspect of the cryptocurrency space. The growing prevalence of the use of cryptocurrencies as a form of payment by merchants is an indication that this trend is likely to continue. One of the key players in this space is CoinGate, a leading European crypto payment gateway that has recently announced an integration with Wix.com, a popular website building platform.
Simplifying Transactions and Expanding Markets for Businesses
On January 10, CoinGate announced that it had partnered with Wix to accept crypto payments from customers in Germany, Lithuania, Spain, and the Netherlands. This means that German, Lithuanian, Dutch, and Spanish Wix shop owners now have access to the CoinGate e-commerce payment gateway. Wix retailers that choose to integrate CoinGate as a payment processor will be able to accept Bitcoin (including Lightning Network payments) and over 70 other cryptocurrencies from their clients.
One of the most significant aspects of this integration is that businesses will now be able to convert all cryptocurrencies received into a single fiat currency, such as EUR, USD, or GBP, and withdraw them accordingly. This is particularly beneficial for businesses that operate in different countries, as it simplifies the process of managing and withdrawing funds.
CoinGate CEO Justas Paulius believes that this partnership will inspire more businesses to take advantage of cryptocurrency markets. By allowing them to serve a larger number of customers who either only use cryptocurrencies or do not have access to traditional payment methods like banks and credit cards, Paulius believes that this partnership will help businesses to grow and reach new markets.
The Power of Crypto Payment in eCommerce
In his statement, Paulius said, “Cryptocurrencies are becoming inseparable from the realities of people’s daily lives globally. Our goal is to give all people a way to participate in global economies, regardless of whether they own a bank account or use credit cards, while providing merchants with a convenient way to serve them. I believe our partnership with Wix brings us one step closer to our goal.” He added, “With more than 300 million cryptocurrency users around the world, having a cryptocurrency payment method in your store as an additional way to make sales might be the defining action that gives certain businesses a competitive advantage.”
It is worth noting that despite the crypto market suffering a severe correction in 2022, CoinGate also reported on January 4 that the volume of crypto payments in eCommerce climbed over 60% in 2022. This is a strong indication that the integration of crypto payment processors with leading technology firms is not only viable but also desirable for businesses in today’s world. With the increasing number of people using cryptocurrencies as a form of payment, it is clear that this trend is not going away anytime soon. Therefore, businesses should consider the integration of crypto payment processors as a way to stay competitive and serve the needs of their customers in the digital economy.
Final Thoughts
The integration of crypto payment processors with leading technology firms, such as the partnership between CoinGate and Wix, provides businesses with a convenient way to serve a larger customer base and reach new markets by accepting payments in various cryptocurrencies and converting them into a single fiat currency. Despite a crypto market correction in 2022, crypto payments in e-commerce continues to grow, indicating that crypto payment processors will be an important aspect for businesses to stay competitive in the digital economy.
