To many, cryptocurrency is the future of finance. These digital assets can improve upon the time and cost associated with traditional fiat payments and provide instant and cheap cross-border payments by offering a secure, trustless system for all. This new system can also provide services to those around the world who are currently unbanked. However, even with these potential benefits, cryptocurrency is still struggling to replace fiat in some key ways, particularly in terms of everyday payments like, for example, grocery shopping.
At this stage, cryptocurrencies are volatile. Bitcoin can rise and fall by thousands of dollars in a single day, making it somewhat impractical to use it as a means of exchange for many people. While such volatility might be acceptable for investors, it is problematic for businesses.
For this reason, it’s understandable that small businesses such as grocery stores shy away from cryptocurrency, even though large corporations like Tesla are again considering accepting them. However, for crypto enthusiasts wanting to spend digital assets at their local stores Alchemy Pay provides a solution.
How Alchemy Pay Can Drive Crypto Adoption
Alchemy Pay is a crypto-to-fiat conversion solution for companies of all shapes and sizes. It instantly converts cryptocurrencies to fiat with lower fees and faster settlement than traditional digital payments via its unique payment gateways. This means even the most crypto-wary businesses can accept multiple cryptocurrencies without issue.
By using Alchemy Pay’s merchant payment app or integrating with its online payment gateway, a business can accept crypto payments from any crypto wallet at the point of sale. After a transaction, the inbound crypto is automatically converted into the merchants’ local fiat currency in real-time for settlement. Once the merchant has joined the network there is no need for dedicated or complex hardware. By using the network, merchants can begin accepting crypto with transaction fees at around 70% less than credit cards and get paid within 1–2 days. That is compared to credit card payments settlement periods that can mean 7 days or more until the seller receives funds. The Alchemy Pay network already supports over 65 countries and offers more than 300 payment gateways, meaning crypto payment accessibility is much easier than one might think.
With such a simplified process, Alchemy Pay could spark a crypto revolution for the mainstream. After all, it works in favour of both businesses and customers. Both parties can work with the payment methods they prefer, without experiencing many of the current downsides of crypto or traditional payment processes.
Broad Adoption of Crypto Payments Is Coming
While there’s no set date on when the world will start buying groceries with crypto, networks like Alchemy Pay do make it possible. With this streamlined crypto-to-fiat solution, users and merchants across different industries will be able to adopt decentralized digital assets. Solutions like this will ensure cryptocurrency as the next step in finance.