Ripple is working to make cryptocurrency payments a common and widely accepted method in online commerce, according to a payment insights resource.
Ripple has a big goal: to turn every eCommerce business into one that accepts cryptocurrency payments. This insight comes from PYMNTS, a prominent source for payment-related data.
They arrived at this conclusion after talking to Brad Chase, who leads Ripple’s Liquidity Products division.
.@Ripple wants to turn every eCommerce company into a crypto company. Click here to get all the inside details from our conversation Brad Chase: https://t.co/fEE93inCpH #Ripple #XRP pic.twitter.com/aLjgXZhKuZ
— PYMNTS (@pymnts) September 12, 2023
The Attraction of Cryptocurrency in eCommerce
A recent report from PYMNTS emphasized that the digital era is firmly established, making it crucial for online merchants to embrace innovation to expand their reach and profits.
The report also highlighted Ripple’s vision to empower eCommerce businesses to benefit from cryptocurrencies. During an interview with PYMNTS, Brad Chase, a Ripple representative, underlined the increasing interest in cryptocurrencies among online consumers.
He noted, “…if you think about this new digitally native, tech-savvy customer segment that is emerging, they hold crypto, and they want to use it for payments.”
Chase also made the point that eCommerce businesses that welcome cryptocurrencies set themselves apart from competitors by demonstrating their commitment to innovation, meeting customer desires.
Furthermore, PYMNTS pointed out that integrating cryptocurrency payments into eCommerce offers more than just customer retention benefits.
According to Chase, crypto offers eCommerce companies significant advantages due to its availability 24/7/365 and global accessibility.
“This represents a significant change compared to how traditional financial systems and networks operate,” noted Chase.
The Advantages of Cryptocurrency
Chase also emphasized the wealth of data that crypto payments offer. He explained that data from crypto transactions can be used for compliance, preventing fraud, and gaining valuable insights into customer behavior.
Additionally, Chase pointed out the rise of tokenized assets and stablecoins, which represent cryptocurrencies not native to blockchain technology. He highlighted the need for these emerging payment technologies to work together seamlessly to reach their full potential.
To address this challenge, Chase mentioned that Ripple is developing products like Liquidity Hub, which aims to simplify the adoption of crypto payments for businesses.
Chase compared the adoption of cryptocurrencies to the ubiquity of internet companies, saying, “The same way that no one asks if you are an internet company now because everyone is, that’s what we see happening with crypto.”
Important: Please note that this article is only meant to provide information and should not be taken as legal, tax, investment, financial, or any other type of advice.
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