Accepting crypto payments is the new cool for businesses

In the last couple of years, cryptocurrencies have become a means of value exchange in different sectors of the economy. As the number of cryptocurrency users continues to skyrocket, we have seen more and more businesses adding crypto to their payment options to attract customers. According to Triple-A, more than 300 million people from across the globe own cryptocurrencies.

Konzum, the largest supermarket chain in Croatia, recently announced that it has started accepting crypto payments on its online store to keep up with the times. The retail giant will allow its customers to buy household supplies, groceries, and hygiene products using cryptocurrencies.

The company supports a total of 11 cryptocurrencies including Bitcoin (BTC), Ether (ETH), Bitcoin Cash (BCH), EOS, DAI, Ripple (XRP), Stellar Lumen (XLM), Tether (USDT), USDC, Solana and BUSD.

The supermarket chain has joined hands with Electrocoin, a local crypto payment processor which is regulated by the Croatian Financial Services Supervisory Agency. Electrocoin has implemented PayCek, which guarantees buyers a fixed exchange rate at the beginning of a transaction despite the volatility in crypto prices.

Konzum itself doesn’t hold any crypto. Electrocoin converts the crypto received from customers into fiat before depositing it in the supermarket chain’s bank accounts.

The company is also planning to start accepting crypto payments at its physical supermarkets. Konzum operates more than 700 stores across Croatia, employing more than 10,000 people. It also has a strong presence in Bosnia and Herzegovina and Serbia. The chain serves more than 650,000 customers a day. If it starts accepting crypto payments at all physical locations, it could give a major boost to crypto adoption.

Many already there

While Konzum accepting crypto payments is a big deal, it’s not the first or only one to do so. Dutch peer-to-peer food ecosystem Bistroo enables restaurants to accept crypto payments without any hassle. The platform facilitates restaurant takeaway and delivery, as well as direct-to consumer delivery of fresh and specialty products straight from the source.

Bistroo lets customers pay restaurants in its native BIST token or a number of other cryptocurrencies such as Bitcoin, Ethereum and Binance Coin. Since the platform encourages a direct connection between restaurants and their customers, it opens up many more possibilities. For example, if restaurants need funding for renovation or operations, they could tap directly into the community using smart contracts. The investors earn interest as well as a fixed percentage of the revenue over a predetermined period of time.

In Croatia, Greyp Bikes recently started allowing its customers to purchase cycling products using crypto. Meanwhile, California-based tech retailer Newegg has begun accepting Shiba Inu (SHIB) tokens as payment during the Christmas holidays.

Nothing, a London-based consumer technology company founded by former OnePlus co-founder Carl Pei, is allowing crypto settlements for its newest product. It will accept Bitcoin (BTC), Ether (ETH), USD Coin (USDC), and Dogecoin (DOGE).

Croatian Post: The original gangster

The Croatian government has neither banned crypto nor recognized it as legal tender. However, back in December 2019, the Croatian Post introduced a service allowing people to purchase crypto at a few locations. Now it offers crypto buying and selling at more than 50 locations across the country.

You can buy and sell 11 cryptocurrencies including Bitcoin, Ether, Bitcoin Cash, DAI, USDT, USDC, Stellar Lumen, Ripple , EOS, Polkadot, and Kusama. Most postal services are ridiculously slow in embracing novel technologies. But the Croatian Post has even launched a Crypto Center website to educate citizens about the asset class and provide other useful information.

Closing thoughts

Cryptocurrencies are getting more and more popular worldwide, despite the massive volatility and regulatory restrictions in many parts of the world. A growing number of businesses are accepting crypto payments from their customers. Now that more than 300 million people worldwide own cryptocurrencies, it has become more difficult than ever before for businesses to watch from the sidelines instead of getting onboard the crypto ship.