Contributed article in our business series. Enjoy! – Kimberly
If you’re in business, you might be considering your options vis-a-vis payment systems. Modern-day businesses are required to keep pace with the pulse of the market. In recent months, a veritable explosion in cryptocurrency adoption has taken place. Institutional traders have poured into the crypto market en masse, bolstering substantial interest among retail traders. At one point, the market capitalization was well above $2 trillion+.
This begs the question: Should SMEs implement changes to their payment systems to accommodate cryptocurrency usage?
Modern-day payment processing solutions encompass a wide range of options, notably: Google Wallet, Apple Pay, Venmo, Square, Amazon Payments, Stripe, PayPal, NeoSurf, Visa, MasterCard, Diners Club, American Express, Bank Wire, et al. The popularity of these payment solutions is growing by the day for a range of activities. For instance, NeoSurf cash voucher pre-paid cards have become popular for casino transactions online. According to Statista, the most popular payment methods by the percentage of total e-commerce transactions volumes worldwide in 2020 included the following:
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- Digital Payments Mobile Wallets – 44.5% of global transactions
- Credit cards – 22.8% of global transactions
- Debit cards – 12.8% of global transactions
- Bank transfers – 7.7% of global transactions
- Cash on delivery – 3.3% of global transactions
- Charge cards and deferred debit cards – 3.3% of global transactions
- Pre-paid cards – 1.1% of global transactions