According to a study from PYMNTS, crypto ownership has been on the rise, up 63% year over year. The study also found that more than half of current or former crypto owners made at least one purchase with digital currency last year. Meanwhile, 59% of consumers who have never owned crypto are interested in making a purchase with it in the future.
To help merchants meet this demand, we, along with our parent company InComm Payments, have engaged with Flexa, the leading pure-digital payments network to integrate digital currency payments. With this integration, merchants have a seamless way to accept many digital currencies backed by Flexa’s zero-fraud guarantee. As an InComm Payments company, OLS Payments is proud to enable this partnership with our payments orchestration solution.
After closely evaluating the industry landcape, we decided to partner with Flexa due to the company’s knowledge and expertise in the space. Flexa also offers cutting-edge technology that’s innovative and future proof. With digital currency growing in popularity, merchants must take advantage of the many benefits that come with adopting this technology and providing more payments options, and we’re excited to help enable this innovation.
Meet Demand for Digital Currency
There’s been an explosion of demand for more acceptance of digital currencies. In fact, 57% of consumers would choose where to shop based in part on whether they have the right mix of digital payment options.
As Stefan Happ, president of InComm Payments, said in the Flexa partnership release, “As digital currencies grow in popularity and rapidly gain consumer adoption, it’s crucial for retailers to keep up with a broad range of payments options.”
This is especially true for reaching international shoppers. Offering digital currency acceptance allows businesses to become a global marketplace while avoiding the hefty transaction fees associated with accepting international payment. When merchants can easily and cost-effectively receive money from these shoppers, it opens the door to more customers and faster receipt of funds, which in turn increases revenue and improves the bottom line.
Get Ahead of the Digital Future
No matter the industry, it’s important to look towards the future and invest in what’s coming. And when it comes to payments, digital currency is the future. Deloitte’s blockchain survey shows that 76% of financial professionals believe that digital assets would be a strong alternative to fiat, government-issued currencies, within five to ten years. One day, we may even be paying for our movie tickets with cryptocurrency!
Because the digitization of currency is rapidly growing, merchants need to be prepared by accepting this payments type now to stay ahead. In a new age of digital assets, having the technology in place for new payments types will be vital to continually innovating and gaining a competitive advantage in this evolving landscape.
Take the Complexity Out of Digital Currency Payments
For merchants that want to accept digital currencies, it can be daunting to understand the regulations and infrastructure needed to move forward with these transactions.
With the Flexa partnership, merchants already integrated with InComm Payments can now add in-store and online acceptance of digital currencies to their payments portfolio using their existing point-of-sale hardware and software.
Together, we are helping merchants enable simple, fast and secure payments of digital currencies. By integrating with Flexa’s comprehensive solution for digital currency acceptance, we are unlocking powerful consumer spending opportunities for merhcants to further enrich the consumer experience. To learn more, contact us today.