Stripe confirmed that in the first 24 hours after allowing merchants to accept stablecoin payments for online transactions on its platform, customers in more than 70 countries made purchases with that form of payment. It is reported that.
Stripe has allowed merchants in the U.S. to accept Circle-issued USDC through its online checkout page starting Wednesday (October 9), Bloomberg reported on Thursday (October 10).
According to the report, Jay Shah, head of product at Stripe, said the stablecoin option will allow merchants to accept payments from all over the world.
The ability to accept stablecoin payments from customers around the world is one of several product updates added to Stripe’s Optimized Checkout Suite, said Will Gaebrick, Stripe’s president of products and business. he said in a blog post on Wednesday.
According to Stripe’s webpage dedicated to the topic, the Pay with Crypto feature allows merchants to accept payments in stablecoins that are settled as fiat in their Stripe balances.
“You can now accept USDC payments in Ethereum, Solana, and Polygon without the complexity of holding or converting cryptocurrencies yourself,” the page states. “You will be charged 1.5% (USD) of the transaction amount.”
Stripe announced in April that it would reinstate cryptocurrency payments after suspending them in 2018.
At the time, when the company was enabling Bitcoin payments, the experience was “pretty awful” and found there was a lack of demand.
Stripe co-founder John Collison said in April that there have been many technological improvements to cryptocurrencies, increasing transaction speeds, lowering fees, and making stablecoins “more stable.” He said cryptocurrencies are more stable. I discovered “true usefulness”.
In the company’s keynote, titled “The Future of Payments,” Collison said, “Cryptocurrencies are finally starting to make sense as a medium of exchange due to increased transaction speeds and lower costs.”
PYMNTS Intelligence found in June 2022 that 77% of merchants who accept cryptocurrency payments said they do so because of lower transaction processing fees compared to other payment methods.
Additionally, 32% of merchants who are expanding their use of cryptocurrencies believe that cryptocurrencies will help them acquire new customers, according to a joint study by PYMNTS Intelligence and BitPay, “Paying With Cryptocurrency: What Consumers and Merchants Expect From Cryptocurrency.” They say they are doing this because they believe in it. digital currency. ”
See more: Circles, Crypto Payments, Cryptocurrency, John Collison, News, Optimized Checkout Suite, PYMNTS News, Stablecoins, Stripe, USDC, Latest News, Will Gaebrick
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