Shopify Adds Cryptocurrency Payments Option for Merchants
Major Canadian e-commerce platform Shopify has inked a deal with leading cryptocurrency payments processor CoinPayments to bring the option of paying with cryptocurrencies to Shopify users. This, according to a press release issued on May 20, 2020.
Shopify Goes the Crypto Route
Cryptocurrency adoption the world over continues to grow as Ottawa-based e-commerce platform Shopify introduces support for digital currency payments. For the uninitiated, Shopify is a major global commerce company powering more the one million businesses in more than 175 countries across the world.
Specifically, the partnership between Shopify and CoinPayments enables the former’s merchants to get paid in cryptocurrencies. Per sources close to the matter, the partnership is the result of encouraging results from a successful beta trial run at Shopify that started last year.
The terms of the partnership state that CoinPayments will now be a visible payment option for merchants on the Shopify platform. Shopify merchants can now get paid quickly in any of the 1,800 cryptocurrencies supported by CoinPayments. Further, the press release notes that the integration will focus on minimizing the transaction fees associated with digital currency payments.
Notably, the alliance between the two entities will aid Shopify merchants by not only enabling quick cross-border payments but also by eliminating the hassle of working with multiple payment processors across different jurisdictions across the globe.
Commenting on the partnership, Jason Butcher, CEO, CoinPayments, said:
“The combination of Shopify and CoinPayments is unstoppable in the payments industry.”
“By bringing our easy-to-use global crypto payments platform together with Shopify’s extensive merchant base, we look forward to delivering a seamless process for anyone looking to do business using cryptocurrencies. As leaders in e-commerce and crypto payments, our combined expertise reflects the future of business transactions.“
It’s worth highlighting that Shopify’s decision to introduce support for cryptocurrencies comes shortly after it joined Facebook’s controversial Libra Association earlier this year.
Crypto Adoption on a Slow but Steady Ascent
As digital payments continue to be the talk of the town, crypto adoption has witnessed a steady surge in terms of adoption.
Earlier this year, a survey by HSB indicated that close to 36% of small businesses in the U.S. accept digital currency payments.