According to a Statista analysis, the use of credit cards as a payment method is growing in popularity, particularly for online purchases. The number of credit cards in use in the US was expected to rise steadily by a total of 25 million between 2024 and 2029. It is predicted that the number would reach 1.1 billion cards in 2029, marking a new peak after fifteen years of growth. Interestingly, during the past few years, the number of credit cards in use has been steadily rising. However, we won’t deny the convenience of crypto payment gateway bringing to all users nowadays. Hence, let’s check out some information regarding acceptance payment methods from credit card to crypto payment gateway.
On the other hand, with the development of Blockchain technology, it is clear that more and more users are in need of using cryptocurrencies in transactions. It is undeniable that cryptocurrencies are hot today, but the implementation of transactions using cryptocurrencies is still very limited in many countries. Virtually cryptocurrencies such as bitcoin are not widely accepted as payment methods like other common payment methods such as credit cards and debit cards.
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Accepting payments by credit card
This payment method is considered a traditional payment method. It is accepted in almost all countries in the world. Thanks to big players like Visa, Master, JCB, American Express, and commercial banks, cross-border payments seem easier than ever.
Depending on your business, you can accept credit card payments in person or online in a variety of ways. If you are a merchant, you need a merchant account to collect the money and a payment processor to manage the transactions, regardless of the method you choose. Choose a payment service processor with unified commerce if you wish to provide your clients with a variety of payment choices. These can link your online, mobile, and in-person transactions.
Payments Made in Person
You must have a point-of-sale (POS) terminal with payment software and a card reader in order to take payments in person using a physical card. A countertop card reader can be used for a checkout counter or fixed till. A portable card reader is an alternative that may be used anywhere in the store.
The payment processor receives the transaction details from the POS terminal. After confirming the information, the processor completes the payment.
Online Payments
You can use a fully integrated merchant account solution to take online payments. As an alternative, you can combine various service providers to customize a system.
Customers must be able to choose from your products or services on your online marketplace. This may appear on a hosted page, your website, or a third-party marketplace.
Accept payment from Credit Card to Crypto Payment Gateway
Thanks to Blockchain technology and the growing demand of the majority of users who own a certain amount of cryptocurrency in their wallets, Crypto Payment Gateway is becoming more and more popular.
The expansion of payment providers and crypto-friendly legal changes are expected to propel the 82.1% increase in bitcoin payment adoption over the next two years, according to Statista. However, usage will continue to be specialized, reaching only 2.6% of people.
In the three years after the end of 2021, the number of cryptocurrency owners has almost doubled. By 2025, over 65 million Americans, or 28% of the adult population, will be cryptocurrency owners.
Of those who currently hold cryptocurrency, 67% intend to purchase even more this year, while 14% of those who do not aim to do so in 2025.
The top three most sought-after currencies among individuals who intend to purchase cryptocurrency in 2025 are Dogecoin, Ethereum, and Bitcoin.
46% of persons who are familiar with cryptocurrencies think that Donald Trump will encourage the widespread adoption of cryptocurrencies in the United States, and 60% of them think that the value of cryptocurrencies will rise during his second term as president.
Despite the recent surge in public interest in cryptocurrencies, 40% of cryptocurrency owners remain unconfident in the technology’s safety and security. Almost one in five bitcoin owners have experienced problems getting access to or taking money out of custodial services.
Conclusion
Today, almost ⅔ of the US population says they are familiar with cryptocurrencies. Even big players like banks and financial institutions acknowledge the convenience and development that cryptocurrencies bring. Perhaps, in the not too distant future, accepting cryptocurrency payments will be used more widely in many different fields.
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