Along with the public’s growing interest in the crypto space, major businesses have integrated crypto into their systems, specifically crypto payments. With Visa announcing its partnership with over 50 crypto companies, here are other businesses who have not only accepted cryptocurrency but also worked it into their system.
Customers of the Swiss insurance company AXA Insurance will be able to pay their expenses using crypto. The company chose to accept cryptocurrencies aftermarket research conducted in 2019 indicated that over a third of respondents had either previously invested in them or were interested in doing so. Customers will be given a reference number on their invoices for non-life insurance plans to pay their premiums through the cryptocurrency exchange Bitcoin Suisse.
Amazon is the latest technology firm to reveal ambitions for its cryptocurrency. Although the e-commerce firm does not take cryptos directly, you may get coupons through a site that makes living on cryptocurrency easier. You may use Bitcoin to buy gift cards, recharge phones, and so on. Earlier this year, it was rumoured that Amazon was joining the ranks of other internet behemoths, like Facebook, in laying the framework for such a move.
Visa is collaborating with 50 cryptocurrency firms, including FTX and Coinbase, to enable customers to spend and exchange digital currencies via its card program. Clients will be able to convert and spend digital currencies at 70 million merchants globally, even those that do not accept digital assets, as a result of the cooperation. Cuy Sheffield, Visa’s Head of Crypto, believes there is much more to be discovered.
In January 2014, Overstock.com became the first big store to take Bitcoin, nine months before PayPal did so in September of the same year and nearly a year before Microsoft. Overstock is now one of the world’s most popular e-commerce platforms, but it was already a Bitcoin veteran when it went public.
The online electronics company Newegg has gone all-in on Bitcoin. If you’re ordering from a computer, all you have to do is select “Pay with Bitcoin” and go through the shipping process. Newegg will issue a QR code to people who make purchases with their phones. Anyone interested in harvesting Bitcoins on their own can also purchase a starting kit.
Home Depot is implementing the same technique that enabled Whole Foods to accept Bitcoin via its digital scanners. Flexa instantly converts Bitcoin to dollars, giving both parties what they desire. When the customer spends their Bitcoins on paint and Ryobi equipment, Home Depot receives the green dollars they require in exchange.
Rakuten Wallet allows users to charge their Rakuten Cash balance with cryptocurrency assets such as Bitcoin and Ether. In 2015, the Japanese cashback/shopping site began accepting Bitcoin as a payment method. It has subsequently created Rakuten Wallet, which now supports cryptocurrencies such as Bitcoin Cash and Ethereum.
There were over 2,000 vending machines in Australia and New Zealand that allow cryptocurrency to pay for drinks by last year. Through its cooperation with the Centrapay platform, Amatil, the beverages giant’s bottler and distributor in the Asia-Pacific area, has enabled crypto as a mode of payment.
Back in 2014, AirBaltic was the first airline in the world to accept Bitcoin as payment for fares. Since introducing Bitcoin as a payment option seven years ago, the firm has handled over 1,000 transactions. Following this decision, another eastern European carrier, LOT Polish Airlines, followed likewise the following year.
Basing off of the recent updates, Bitcoin and cryptocurrency as a whole is being accepted by the mainstream as a legitimate payment method after years of being doubted. By the rate that it’s going, more and more companies will embrace crypto, exposing more of the population to its existence.
This isn’t to say that acceptance has any effect on its key features, such as volatility. No matter how wary the companies and individual users are, the market’s volatility exists. Novice investors should be advised to avoid impulsively buying crypto.