Web shops build on WooCommerce software can now implement the Crypto.com Pay plugin that will allow them to accept cryptocurrencies. The plugin made by Crypto.com automatically converts crypto coins to dollars or euros, taking away any headaches web shops might have. Crypto.com announced their plugin on Thursday.
Crypto.com Pay uses a token called CRO. Customers using CRO to buy from merchants will receive up to ten percent cashback in CRO. After that the coins are send back to the consumer’s Crypto.com wallet. This system is similar to the loyalty program offered by Lolli. This company has partnerships with small and bigger webshops, including ASOS, Booking.com and Hilton. Consumers shopping at selected websites get bitcoin back into their Lolli wallet.
The impact of the plugin by Crypto.com can be quite significant. Approximately thirty percent of all web shops is build using WooCommerce software. Other web shop software providers like Shopify and Magento also allow consumers to pay in crypto. Merchants need to work with a payment processor like Coingate or Bitpay to get this done.
However, Crypto.com is not the first fintech company to launch a crypto payment portal for WooCommerce. Companies like Bitpay, Coinbase, Coingate, and Blockonomics have had their tools available for months, if not years.
Retail opening up to crypto payments
Even though the volatility of cryptocurrencies might scare commercial retailers, there are solutions that make them jump in. Payment processors can convert incoming crypto payments directly into a local currency. As a result merchants never have to deal with bitcoin or litecoin. They will just receive dollars or euros onto their bank account.
Next year over 25 thousand retailers in France will accept bitcoin as a payment option. Additionally in Japan the national railroad company wants to allow crypto payments. On top of that Starbucks is accepting cryptocurrency payments in the United States.
Also published on Medium.