The increasing demand for cryptocurrency as a payment method can be seen worldwide with many companies stepping up to showcase their interest in the adoption of cryptocurrency.

Gucci recently made headlines for adding ApeCoin to the 12 other cryptocurrencies that the company accepts. While the payment option opens the high-end fashion line to a new demographic of customers, it equally gives ApeCoin retail exposure and mainstream attention.

This is not the first time the Italian fashion house has dabbled with crypto. In February and March of this year the luxury label released two NFT collections, “SUPERGUCCI” and “Gucci Grail”. This move puts Gucci in a positive light among the crypto community, and open to receiving payments from anywhere in the world.

The COO of Deel came forward to highlight why crypto payments benefit both businesses and  employees, stating: “Economic uncertainty makes different coins appealing to various markets and digital banking helps workers get paid amidst political instability.”

We have come a long way since mailing money and cheques. The traditional banking industry began to embrace global payments and in doing so, online banking skyrocketed. International payments meant easier trading between nations, business expansions, and so much more.

Then came Bitcoin, a currency designed to eliminate the middleman, allowing people all around the world to send and receive payments directly. Unlike traditional banking, these payments were faster, more secure, and cheaper. From Bitcoin, came other cryptocurrencies, and with a wide range of cryptocurrencies, global payments began to evolve. Gucci highlights this leading step forward in the evolution of global payments.

Converting Cash To Cryptocurrency

A prominent issue tackled by cryptocurrency is the converting of currencies. Before cryptocurrency, you would have to go to your local bank and supply your Visa and passport information in order to obtain a different country's currency. Now, with crypto, you can convert your crypto to a currency of your choice, whether it be fiat or another altcoin.

Aside from converting your cash, cryptocurrency offers a truly global payment experience. Cryptocurrency is not limited to one country, like the Japanese Yen, but was instead designed in an effort for accessibility and usability from anywhere and for anyone.

Today, the use of digitized payments has increased dramatically over the last several years with mobile wallets more prevalent than ever. POS (point of sales) transactions from mobile wallets exceeded $13 trillion in value in 2021, accounting for 28.6% of the market share. Analysts predict this will increase to 38.6% in 2025.

Crypto Payment Processors

As a business or person accepting international payments, you no longer have to worry about converting currencies into your national currency. Crypto payment processors make global payments even easier. Cryptocurrency payment gateways allow you to accept digital payments and receive fiat currency immediately in exchange.

No more stressing about the crypto market fluctuation or having to manually exchange cryptocurrency. This evolution, on top of what cryptocurrency already offers, means more and more businesses can offer crypto to their buyers. This also allows for more people to use their cryptocurrency for purchases and payments, opening up everyone to greater accessibility.

Mainstream Interest In The Markets

Mario Leão, CEO of Santander, a leading banking institution, announced that it would start offering cryptocurrency services in Brazil. Brazil has been on the radar for many cryptocurrency enthusiastic companies, including Picpay, a popular fintech wallet. Picpay announced it would also be introducing crypto to its list of services, as well as planning to launch a stablecoin pegged to the Brazilian real in late 2022.

The USA has also seen a significant rise in interest surrounding cryptocurrency payments, as seen by a recent survey by Deloitte. The survey was conducted in regards to 2,000 senior executives within U.S. organizations, where multiple industries were approached. Research concluded that 75% of retailers plan to adopt crypto as a valid payment method over the next two years.

Innovating Digital Payments

The effort required to reach a global audience is no longer an issue as cryptocurrency continues to innovate payments. Even if cryptocurrency is too complex for you to work with, there are solutions in place allowing you to evolve your business without any complications or hassle, known as crypto payment gateways. As our digital presence evolves, we need to keep up, and crypto allows us to do that.

Money is an important part of society, and the way we make and receive payments will play a critical role in our expansion as a world, as an individual, and especially as a business.

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