A major societal paradigm shift is taking place in today’s world due to a number of economic issues, such as rising inflation. These issues have led to individuals and corporations looking for alternatives, which is why we see a rapid increase in the global adoption of crypto.
Because of this reality, more and more retailers are considering adopting crypto payments, while also contemplating re-investing or holding onto the tokens they receive as the commodities can grow in value over time. This can create optics around these businesses as forward-thinkers and, ultimately, has the potential to have a positive impact on their bottom lines over time.
Is cryptocurrency a growing trend for retail in 2022?
Several major corporations are already offering the option of cryptocurrency as payment. Starbucks recently partnered with Bakkt to allow coffee drinkers to pay for their morning brew in crypto. The NBA’s Dallas Mavericks has started accepting crypto for season tickets and other payments. Everywhere you look, new corporations are innovating and adapting to this cultural shift to protect their future bottom lines.
The trend is growing at an incredibly fast rate. Considering inflation in the U.S. jumped a staggering 6.2% in October, it’s not hard to understand why crypto is becoming increasingly mainstream. Every day consumers are seeing the benefit of a hyper-deflationary currency and starting to switch over to crypto. They’re looking for forward-thinking retailers that are of the same mindset.
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Despite the growing trend, many of the current offerings in the market are clunky and require consumers to interact with multiple vendors just for the right to spend their crypto. Participants should align with a company that allows them to seamlessly spend their crypto anywhere in the real world. This pioneering offering bridges the worlds of traditional finance and crypto in a way that hasn’t been done before.
What do retailers need to know about crypto trends in 2022?
Crypto is becoming increasingly mainstream as consumers look for a hedge against inflation and other disadvantages baked into the current financial system. Cryptocurrency saw an enormous increase in adoption in 2021. Retailers can put themselves in a strong position by educating themselves on the crypto industry and what it could mean for their business.
Taking simple steps like accepting crypto as payment is something that still isn’t overly common among retailers. Making the option available to consumers early in the game could be a strong market differentiator for certain businesses.
What are the benefits of accepting cryptocurrency for retailers?
Accepting a cryptocurrency that is hyper-deflationary by nature, incredibly safe, secure, and speedy, makes sense for retailers. When accepting crypto, retailers will be able to take advantage of reduced transaction fees, faster transaction settlements, and greater security than they experience with credit cards.
Receiving payments in a hyper-deflationary cryptocurrency is advantageous for retailers. It can be to their benefit to keep at least a portion of those holdings over the long term. The transition toward accepting payment through crypto will prove convenient for retailers. Everything needed to make the transactions should be accessible online.
Retailers may also discover that cryptocurrency opens a new market. A percentage of the population doesn’t have access to bank accounts or credit cards. These consumers are now able to make electronic transactions with cryptocurrency.
More retailers will be offering the option of cryptocurrency to their customers in the coming year due to better payment security, lower transaction fees, and faster transactions. Retailers can research independently or with the help of a consultant to learn more about the benefits of accepting crypto for their business and customer base.
—Nick Agar, Founder, AXIA
AXIA is the organization building a digital ecosystem around AXIA Coin (AXC), the first-ever hyper-deflationary asset-supported digital currency with global usability. AXIA offers an innovative loyalty program that creates revenue streams for retailers with no associated costs. To find out more about AXIA Coin and cryptocurrency, retailers can visit AXIAGlobal.org.