Australia has one of the biggest retail sectors in the world, and simultaneously, it is also the home of a populace 13% of which are owners of cryptocurrency. The merging of these two facts on common ground was, therefore, natural progression. Australians are increasingly opting to make purchases using cryptocurrencies such as Bitcoin, leading to a rise in demand for payment processors that accept cryptocurrency. Not surprisingly, California-based blockchain company, HashCash Consultants, which has operations in Australia as well, has reported increased interest in the broadly recognized Bitcoin and cryptocurrency payment processors it manufactures.
Raj Chowdhury, MD of HashCash Consultants, comments on the prevalence of cryptocurrency owners in Australia, “A survey of two thousand Australian residents by a leading brokerage firm in 2018 found that although 50% of the general population held cryptocurrencies as an investment, a major part of the rest attested to have entered the market out of fear of missing out (FOMO). Another percentage was keeping cryptos as a retirement plan. Given a chance, most of those surveyed would opt to pay for daily purchases with cryptocurrencies over Australian dollars since digital currencies are easier to use.”
Benefits of the Bitcoin and Cryptocurrency Payment Processor by HashCash:
The payment processor can be used by merchants to accept payments from their customers in Bitcoin and other popular cryptocurrencies as well, such as Bitcoin Cash, Litecoin Ethereum and HCX. Conventional payment processing companies who already have a network of merchants in a revenue share model is another set of users who stand to benefit from the adoption of process processor.
The end-to-end product makes shopping online a hassle-free, secure, and speedy experience. It offers ‘pay now’ buttons, as well as APIs to integrate to top shopping carts. Features such as bitcoin invoicing, merchant account management interface, payment dispute management, ticketing are among the central features that make this payment processor a medium that can upgrade user experience on shopping sites.
Why are more people choosing to pay with cryptocurrency over fiat currency?
The reason cryptocurrencies have soared in popularity in such a short time is its ease of use which stands in stark contrast to the traditional methods of carrying out trade with fiat currency. The following points give a quick idea of the issues which mar transactions using government-issued paper money and how cryptocurrency is solving them:
1. Cryptocurrency payments do away with unnecessary fees levied by bank processes – credit and debit cards – ATM fees, checking account fees, merchant fees, overdraft fees, check fees, paper fees, transfer fees, foreign transaction fees, change fees, charge-back fees are just some of the pitstops in the entire transaction process that charge additional payments. Popular cryptocurrency payment gateways, on the contrary, charge between 0.5% – 1% per transaction. Moreover, a cryptocurrency account or a digital wallet comes free of cost, unless a user opts to invest in cryptocurrency hardware wallets or prepaid cards.
2. Obliterates the scope of compromising users’ sensitive data – Customers are under obligation to share their personal and financial details with retailers and service providers, and banks and credit institutions to make a transaction. These details include their name, address, social security number, assets, investments, credit score, credit line, account balances, and transaction history. Now, handing over the information of this nature, especially over the internal, significantly escalates the chances of it being misappropriated, leading to tremendous personal and financial loss.
Besides a customer’s name and shipping address, rarely do cryptocurrency payment processors acting as a third party, require any additional details. Transactions using cryptocurrency authenticate a user’s identity by taking into consideration the unique encrypted cryptocurrency wallet address.