The crypto industry may have taken a backseat to its blockchain technology in terms of application and media coverage, but the use of cryptocurrencies continues unabated. Businesses and individuals are turning to cryptocurrencies to make daily transactions and the use of Peer-to-Peer trading venues is taking center stage for such operations. True to the original ideals of the blockchain industry, P2P cryptocurrency transfers are fully decentralized, transparent and, most importantly, without intermediaries.
With the volume of cryptocurrency transactions growing in developing countries, Bitpapa – a leading P2P platform – is offering a unique and convenient instrument to quickly track the integration of accepting cryptocurrency payments.
All in Widget
As one of the leading P2P service providers in Africa and a fast growing company, Bitpapa provides its customers with a simple and holistic solution, ideal for companies looking to break into the crypto domain. Bitpapa offers a widget integration software package for any type of website that accepts payment from customers using various methods.
The workflow and customer journey in a merchant feature using the Bitpapa solution adds to existing payment methods the option to pay via P2P transfer using one of the popular local banks in the host country. This approach offers customers the convenience of resorting to classic card payment and processing along with cryptocurrencies when purchasing goods and services on merchant websites. From the seller’s point of view, the integration of the Bitpapa software suite allows them to reach the crypto user audience and thereby expand their customer bases.
If the customer opts for P2P transfer to make the payment, he will be provided with a bank card number for transferring the value of his order. In essence, the procedure boils down to a simple card-to-card internal bank transfer, freeing customers from paying commission fees and merchants from incurring acquisition charges. These P2P transfers usually take less than 30 seconds and customers receive payment confirmations that allow their orders to be processed.
Traders using the Bitpapa software suite gain access to a personal account containing their wallet with a display of cryptocurrency balances. The latter are reflected in the currency that the merchant uses, allowing the instant conversion of customers’ cryptocurrencies into fiat currency. The app currently supports Bitcoin, USDT stablecoin and Monero as a means of payment. Merchants are free to withdraw funds from their balances at will to any external digital wallet or bank account.
The commercial benefits
In addition to expanding the audience from customers to crypto users, companies receive a number of other advantages when applying the Bitpapa service for their crypto acquisition needs.
The first and foremost benefit is the service’s competitive pricing and commission policy, which makes it considerably cheaper than traditional payment processing systems. Bitpapa charges a flat fee for withdrawing payments, as opposed to a percentage withheld by traditional processing gateways.
Another notable advantage of using Bitpapa is the complete independence from the traditional financial and banking system – a true feature of the main qualities and principles of the blockchain industry. Merchants often have difficulty negotiating terms with banks regarding commissions and have to deal with often lengthy processing times. Transactions processed on Bitpapa are almost instantaneous and, as a result, save traders considerable time and effort.
However, the most important advantage of the Bitpapa suite is its versatility, which includes over a hundred different payment methods. The integration of such a wide variety of payment gateways opens up immense opportunities for merchants and gives their customers almost complete freedom to choose how they want to pay, ranging from bank cards to e-wallet services.
Peer-to-peer trading as a must
The proliferation of blockchain technologies and the adoption of cryptocurrencies is increasing worldwide, especially in developing countries. Wise merchants will realize that reaching such a tech-savvy audience of potential buyers, courting them with the ability to pay using cryptocurrencies, is a sound and profitable business move.