Cryptocurrency is fast becoming a mainstream payment option offered by merchants and businesses around the world, and perhaps soon, by major government institutions. I certainly believe there is potential for the global, mass adoption of crypto payments, which is a philosophy that drives our business at ForumPay.
At ForumPay, we’ve created a crypto-to-FIAT payment gateway that allows merchants and businesses to accept crypto payments and receive the equivalent value in dollars, euros, yen, or any other traditional currency. We believe that ForumPay is both the present and future of crypto payments. We are constantly onboarding forward-thinking companies that want to tap into new streams of revenue and the numerous advantages offered by crypto payments for both consumers and merchants. But, there is also so much room for growth.
The present
According to a recent CoinGate report on the state of crypto payments in the first quarter of 2024, it is evident that the popularity and adoption of crypto payments continues to grow. In Q1, they found that it was in fact stablecoin USDT that topped the list of the most common currencies for crypto payments. This data can also be corroborated proprietary data gathered by ForumPay, which states that in terms of overall spending volume through ForumPay, USDT (Tether) was the most popular coin in 2023 for the second consecutive year, followed again by Bitcoin.
Nasdaq News has also highlighted how the business world is undergoing a paradigm shift marked by the adoption of crypto payments. Crypto offers multiple advantages for businesses, such as robust security through blockchain technology, significantly reducing the risk of fraud and eliminating the risk of chargebacks altogether. They are also completely unhindered by geographical borders, and offer businesses the opportunity to reach a global audience, without entering into the complexities of traditional currency conversion, saving time and money. Every transaction, while transparent, is also encrypted, which enhances customer’s privacy, a particularly important factor for sectors involved in sensitive or high-value areas of commerce.
The future
As indicated by many analysts in the crypto sector, crypto payments are becoming an increasingly familiar feature of mainstream payments infrastructure. Some of the largest payment gateways in the world, such as PayPal, allow their customers to make payments in crypto, which demonstrates undeniable proof of their staying power and growing acceptance. In a surprising announcement from the US government on Tuesday 25th of June, Representative Matt Gaetz presented a bill that proposes to amend the Internal Revenue Code of 1986, thus enabling US citizens to pay their federal income taxes using cryptocurrency, specifically Bitcoin. This legislative move signifies a significant step toward the broader adoption of crypto payments for everyday transactions. As I mentioned in a recent post, the definition of a currency suggests it is something you should be able to pay your taxes with. As it turns out, although if accepted, the bill will take a year to become effective, we might not be as far away from this reality as we once thought.
ForumPay
We have designed ForumPay to be easily integrated free-of-charge into any online or PoS payment system, in order to facilitate the onboarding process as far as possible. Many merchants and businesses are hesitant to onboard crypto payments due to the volatility of the crypto market. But ForumPay removes that concern completely by guaranteeing the original retail or purchase price in the traditional currency used by the merchant, while consumers see exactly how much crypto they need to pay before initiating the transaction, ensuring complete transparency.
We also own our own exchange, which allows us to instantly determine and fix the crypto price offered to consumers, and ensure it is equivalent to the FIAT amount charged by the merchant. ForumPay also ensures that all incoming funds are settled into the merchant’s desired bank account on the next business day, allowing almost immediate access to revenue. What’s more, refunds, withdrawals and payouts can either be handled in cash, or made in any supported crypto, including popular stablecoins such as USDC or USDT.
To find out more about our ForumPay crypto-to-FIAT payment gateway, and to stay up to date on all things crypto, visit forumpay.com.
