Stripe to restart crypto payments processing
Introduction
Global payments processor Stripe is ready to re-enter the crypto market and thereby expand its services. After leaving the crypto space for more than 5 years now, the fintech recently announced they are ready to support customer transactions in stablecoins. This adds to the growing new and existing payment processors that are not allowing customers to pay and merchants to accept crypto while checking out. Lets review what Stripe has in store.
Kicking off with Stablecoins after ditching Bitcoin
More than 5 years ago, Stripe was accepting and processing crypto transactions in BTC. The platform eventually stopped accepting BTC payments because of price volatility. Ever since then, customers and merchants must choose other payment methods since crypto payments were discontinued. Many years later today, Stripe has taken a bold step to give crypto another try.
This time around, Stripe decided to go for stablecoins. In particular, they have chosen USDC. Probably, other cryptos like BTC or L2 tokens might come along the way if things work out fine. The way it was designed makes it easy for customers to pay in crypto without having any difficulties. For merchants, they also instantly get the money paid by customers. Lets take a look at some of the features of Stripe crypto Payment.
Features of Stripe Crypto Payments
Everyone using the Stripe platform could see the value of crypto payments and use them with ease. Take a look
- For Customers:
A number of features of Stripe crypto payments have been designed to streamline the checkout experience for customers. They include:
1. Instant crypto Top-up: Customers that wish to pay with crypto would be able to transfer crypto from any external wallet to their Stripe crypto wallet instantly. While the service is kicking off with USDC (Ethereum, Solana, Stellar, Polygon), other coins will also be featured like BTC.
Apart from moving their tokens to the wallet, users are also allowed to buy crypto on demand using their debit or mastercards. This way, they are able to use their preferred payment method which is crypto at the point of checkout.
2. Multi-chain support: Another nice feature of the payment platform is that users can choose to pay in any crypto of choice. The service is kicking off with USDC payments. But other methods will still come along. BTC particularly and Polygon will be implemented among several others.
3. Streamlined KYC for antifraud: Customers would be expected to go through a quick, one-time KYC procedure. Its easy and fast. Stripe implemented this as a security feature for crypto payments. Only verified users would be allowed to use the crypto feature. Unverified users would not be allowed in order to prevent fraudulent persons and scammers from attempting to steal customer funds on the platform.
These are some of the features designed to let customers
- For Merchants
Shop owners that have integrated Stripe for checkout could also accept crypto payments from their customers. Here are features that will help them do it:
Store customization: Merchants could set up their crypto payment page to have the same branding elements of their business. This makes for easy identification and consistency when customers checkout. Users will be able to get real-time price of crypto and the KYC feature could be done in an automated way. This makes everything easy for your customers.
Check out with Link: When customers finish a particular payment with crypto, the system generates a link that saves their transaction details such as the wallet they paid from. Now when such users return again and wish to check out with crypto, they could just click the link that has their details. In this way, it is very easy as they will not be required to supply the data again each time they make a transaction.
Payment API: Stripe provides a payment API which makes it easy for existing stores to implement stripe crypto payment without extensive programming. The API works on many interfaces and websites. Once implemented, customers are able to complete their purchase and pay in crypto without leaving the merchant website.
The API is also customizable with features and cools that would reflect the business brand. This way, users wont even feel that they are leaving the merchant website to checkout.
- Instant crypto-to-fiat conversion: Merchants are not receiving the payments from customers in crypto. They will get fiat. Stripe is making it easy for merchants to access payments in the format that will be easy for them to use. So at the moment the customer is paying with crypto, it is instantly changed to fiat and deposited with the merchant. This would be done by Stripe to ensure a smooth transaction both for merchant and customer.
Finally
Stripe has come up with another innovative product which crypto users would be happy to explore. You might want to learn more about this project through the links below:
Note: Thumbnail is mine.
Posted Using InLeo Alpha
Posted Using InLeo Alpha