19 December 2017 Christine

Cryptocurrency & cashless payment

Paying for products has never been easier, as Business Insider writes on a recent study; “Contactless payments have become a significant part of the UK payments landscape”, making up one third of all payments in June 2017 alone. The study also suggested that again it’s millennials who are leading this trend. Mobile methods of payment also allow integration with devices; Apple Pay, Samsung Pay, and Android Pay together were predicted to sign more than 150 million users by the end of 2017.

Cryptocurrencies (such as Bitcoin and Ethereum) offer users a quick, low-fee, decentralised method of storing and transferring assets (coins). Often associated with criminal activities in formative years, crypto has both increased in value and legitimacy of late. According to a study conducted earlier this year, “the current number of unique active users of cryptocurrency wallets is estimated to be between 2.9 million and 5.8 million.” Current values are at all time highs and only time will tell if the increase in value is here to stay or whether a dramatic drop is coming next year.

What can you learn from cashless and crypto payments?

The rise of these convenient payment methods indicates that point-of-sale simplicity helps sales and keeps consumers happy. Knowing this, consider how many membership applications, event bookings and shop sales your organisation could be missing out on due to a poor or inconvenient payment process on your website.

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