Worldline payment specialist Sasha Munger explains how crypto acceptance works both at point-of-sale and in e-commerce, and the benefits this new payment method can bring to merchants and consumers
How Popular Are Crypto Payments Among Merchants?
According to our surveys, merchants of all stripes (from micro-merchants to large accounts) see their customers interested in paying with cryptocurrencies and are ready to accept them as a means of payment, as long as there is no disadvantages in terms of risk, costs, or complicated processes. So, from our perspective, crypto payments are enjoying increasing popularity from the consumer and merchant side.
Who are the early adopters?
Crypto payments are increasingly popular at point-of-sale (POS) in the luxury, hospitality, and restaurant industry. We are also seeing positive developments in e-commerce as well as tech merchants and charities.
What about slow adopters? What might be challenging for merchants when trying to tap into these new payment methods?
The retail sector (groceries and supermarkets) is probably the slowest to accept this new payment method on a large scale. Key barriers to acceptance include volatility risk, transaction processing speed, and integration of blockchain processes into existing payment infrastructure. With our Worldline Crypto Payments solution, jointly developed with Bitcoin Suisse, we enable merchants to accept crypto payments like any other payment method (such as credit cards or mobile payments) with the same checkout processes and of reconciliation. This simplifies acceptance and merchants can integrate crypto payments in a simple and easy way.
Presentation of Worldline Crypto Payments:
How to overcome them, to take advantage of them?
It is important for payment service providers to seamlessly integrate crypto payments into existing payment processes in a simple and user-friendly way for merchants and their customers. Various factors, such as the time it takes for the transaction to be confirmed on the blockchain, must be resolved by the payment processor. With Worldline Crypto Payments, merchants can accept payments in cryptocurrency (Bitcoin, Ethereum and the Bitcoin Lightning Layer 2 Protocol) risk-free, both at the point of sale and in e-commerce and can thus attract new potential customers with this innovative means of payment.
Benefits for merchants:
What is a Cryptocurrency Point of Sale System?
A cryptocurrency PoS system is a solution for deploying a cryptocurrency payment gateway. The PoS system allows merchants to accept cryptocurrencies. It is important that merchants are not exposed to any barriers to acceptance and that they can accept crypto payments like any other means of payment. For this reason, Worldline opted for a simple ‘Bring Your Own Device’ app for point-of-sale cryptocurrency integration. This app can easily be downloaded from Google Play or Apple App Store on any merchant device. The merchant can accept crypto payments immediately after a brief onboarding process. Worldline also plans to integrate this application on Android-based POS terminals in the future. Additionally, there is already an innovative solution for live micro-merchants, which enables crypto payments for merchants like agricultural stores or craft markets through a QR code sticker.
Worldline Crypto Point of Sale Payments:
What other solutions exist to enable crypto payments?
In e-commerce, Worldline offers the Worldline Crypto Payments payment solution as “yet another means of payment” integrated with the Saferpay e-commerce solution. This means that Worldline merchants can easily integrate crypto payments into their online store directly or via an online store plugin and enjoy all the benefits mentioned above. At Worldline, we believe that we are very well positioned with our POS and e-commerce solution and that we can react flexibly to the future development of the crypto market. For example, we will be able to integrate new cryptocurrencies into Worldline Crypto Payments in a very short time or support new payment channels such as the Metaverse. Here, Worldline is already represented with its own showroom in Decentraland and is gaining experience with its customers.
Worldline Crypto Payments e-commerce solution:
Besides processing point-of-sale payments, what other activities can crypto payment solutions enable?
We believe that the current form of crypto payments (e.g. Bitcoin or Ethereum) is just the beginning and that cryptocurrency payments will be a critical part of cryptocurrency adoption because they can not only be held but also used for the purchase of goods and services in the same way as traditional fiat currencies. This will also help, for example, when central banks issue central bank digital currencies, as Worldline Crypto Payments is already deployed within Worldline’s merchant base, and new coins can be easily added to our payment solution. It will also help to quickly and efficiently establish new use cases (e.g. paying bills with cryptocurrencies) around crypto payments, while gaining wide adoption among Worldline merchants.
What are the next steps needed for merchants to embrace point-of-sale and e-commerce crypto payments? How do Worldline’s products and services support this evolution?
The Worldline Crypto Payments payment solution is a first step towards making cryptocurrencies available as a means of payment at point of sale and in e-commerce. Currently, this new payment method is available for Swiss merchants and will be rolled out to other Worldline markets in 2023. Additionally, educating merchants and consumers about cryptocurrencies is another important element that Worldline will facilitate. , as payments with cryptocurrencies are still in their infancy. adoption phase and the benefits must be demonstrated to all actors in real conditions. As the largest payment service provider in Europe, Worldline believes in the potential of crypto payments and is actively working on solutions to make cryptocurrency payments accessible to the general public.
More information about Worldline Crypto Payments can be found here:
This editorial originally appeared in our Crypto Payments and Web 3.0 Report for Banks, Merchants and PSPs. The first edition of our report aims to provide a go-to payment resource on crypto terms and concepts for those who wish to understand the basics of crypto payments and their long-term impact. Additionally, it shares practical examples of cryptocurrency-enabled e-commerce and banking services and presents the latest developments in the regulatory landscape. Also, it reveals which are the most innovative companies in this space, which are building the crypto rails.
About Sasha Munger
Sascha Münger currently works as Head Competence Center Crypto Related Products & Metaverse within the Global Business Division Commercial Acquiring at Worldline Global. In this role, he is responsible for products related to point-of-sale and e-commerce crypto payments as well as future commerce scenarios in the metaverse. Previously, he was responsible for the implementation of the payment processing module within the TWINT system at SIX Payments Services (predecessor organization Worldline). Sascha holds a Federal Higher Education Diploma in Business Organization and he started his career in 2007 in Zurich at Telekurs Group (later SIX) in various positions within the finance department. In 2010 he joined Würth Finance International BV to work within the Treasury Services division. He then returned to SIX Management as Cash Manager, before taking up management positions within accounting and invoicing at SIX Payment Services.
Worldline [Euronext: WLN] is a global leader in the payments industry and the technology partner of choice for merchants, banks and acquirers. With 18,000 employees in 40 countries, Worldline provides its customers with sustainable, reliable and innovative solutions that promote their growth. The services offered by Worldline include in-store and online commercial acquiring, highly secure processing of payment transactions and numerous digital services. In 2021, Worldline generated proforma revenue of nearly €4 billion. worldline.com