Cryptocurrency has started to appear beyond the speculative domains of crypto exchanges. Crypto usage has shown a sharp increase, this trend only appears to be getting stronger. Using cryptocurrency to pay for products and services is becoming more common. While the number of cryptocurrencies, being accepted is limited at this time – this is something that is poised to widen in the near future. So will small businesses be in a position to benefit from this trend. This is an important issue as, the number of shoppers choosing to use crypto to pay for their purchases is likely to keep increasing. Every business big or small would prefer not to be exempted from this trend.
So how exactly could a small business, a medium sized ecommerce portal for example – gain from crypto payments. A straightforward option would be for the portal to develop interfaces that, could accept cryptocurrency. Unfortunately this would not be as straightforward as it might seem. Complex algorithms would calculate the price of the amount due and convert, this to a specific crypto amount. The system would need to access the current price of the crypto, from a reputed and widely accepted crypto portal. The entire process of developing and maintaining, such a system would involve considerable resources. This is likely to put the option beyond the reach of many smaller businesses. Fortunately more feasible options are on the horizon, some of these have already started functioning – many more would follow.
The first major shift to cryptocurrency has been seen from VISA, the leading card issuer. Card members could soon fund their cards using cryptocurrency. While this might seem like a simple feature, it has significant implications for businesses (of all sizes) that accept VISA cards to pay for their products or service. The payment would appear to have been made with, conventional money to the seller but the card debt or funds could be settled (by the customer), using money or crypto.
Paypal is another excellent example of how, online payments could be channeled using cryptocurrency or cash. As one of the leading online payment providers, Paypal today boasts of more than 20 million users. The basic concept involves, the user (customer) opening an account and funding it. Paypal accounts until now, could be funded with a credit or debit card, a bank account or through another Paypal account. Paypal is all set to launch the cryptocurrency option - funding to a Paypal account could then be made through crypto. A few million businesses and online shopping portals of all sizes, accept Paypal as a mode of payment. The option given to customers to fund their accounts with cryptocurrency, would be transparent to the seller in most cases.
VISA and Paypal are just two examples of payment providers that, have become pro crypto. We should be seeing many more providers following this route. These are options that, will be accessible even to the smallest businesses as long as, they have an online presence that supports sales transactions.
A growing number of service providers, will continue to bring crypto usage closer to both businesses and consumers. This is something that, Glitzkoin has always supported. The move to designate GTN as the mode of payment on the DiaEx diamond trading platform, would result in increased demand (usage) for the GTN token. The partnership with leading online ticketing giant Myticket, makes GTN an optional mode of payment for customers shopping on the portal. The configuration of the Glitzkoin project, has built in features to increase usage of the GTN token. This besides regular trading activity that is conducted on reputed crypto exchanges.
GLITZKOIN: A quick recap of the Glitzkoin project and the GTN crypto token. The project was launched to improve the demand for natural diamonds and to enhance, the efficiency and productivity of the multibillion dollar industry.
The DiaEx diamond trading platform was developed using Stellar blockchain resources. The GTN token was launched as part of the project and is designated, as the mode of payment on DiaEx. Promoted by second generation diamond veteran Navneet Goenka, Glitzkoin assigned a multifaceted role to the GTN token.
The trading platform was completed in 2019 and was put through rigorous testing in early 2020. A team of diamond dealers subsequently did a pilot run on DiaEx with, actual transactions made on the platform. This process was largely successful and revealed a few areas for improvement. The Glitzkoin tech team was handling the minor adjustment when, the pandemic and subsequent lockdowns slowed down the process. The management will reschedule the full launch of DiaEx once the health crisis eases.
Talking about the multifaceted nature of the GTN token, the project is also focused on further increasing usage for the crypto – this aside from crypto exchange trade and the payment usage on the DiaEx platform. The concept is to have operators of various businesses, accept the GTN token as a mode of payment in their operations. Moving this idea forward Glitzkoin has confirmed a partnership with online ticketing giant Myticket.asia, wherein clients of the ticketing portal could use the GTN token as a mode of payment. Technical requirements for the integration of systems on both sides is at an advanced stage, nearing completion. Reviewing the challenges that the entertainment industry has been going through during the COVID pandemic, both managements have decided to set a launch schedule when the situation starts to normalize. The arrangement setup between Glitzkoin and Myticket.asia will form the blueprint, for similar deals to be negotiated with other business operators.
Related Resources: [Project Updates]