Mobile payments are relatively safe and becoming safer. This explains why they’re becoming an alternative to cash. The next step is the expansion of currencies accepted by mobile phone payment apps. Is cryptocurrency safe for mobile phone payments? The short answer is generally yes.
Let’s address the reasons why businesses want to accept cryptocurrencies for mobile payments.
There are a number of benefits of accepting cryptocurrencies for mobile payments. One benefit for businesses is the near elimination of transaction fees. You won’t lose 3-5% of the payment to the payment processor, whether you’re working with credit cards or PayPal. Cryptocurrency payment apps have fees of between 0.5% and 1%. If you’re dealing with international customers or wire transfers, cryptocurrencies eliminate currency conversion fees. It also minimizes the delays you’d experience in sending money internationally and avoids capital controls.
Another point in favor of cryptocurrency payments is the far greater security and privacy it provides for all parties. People afraid to use a paid app for fear their payment account information will be stolen don’t have to worry about this when they pay with cryptocurrency. Conversely, you don’t have to dedicate as much time into protecting your payment processing from end to end because you’re relying on the already secure cryptocurrency payment process.
You don’t have to worry about protecting your customers’ credit card numbers, names, addresses, phone numbers, and email addresses because they don’t have to be stored to process their payments. The promise of total privacy could convert someone into a paying customer. For example, someone wants to buy something they don’t want listed on their credit card statement could choose to complete the purchase if they know it is anonymous.
Whether this is a medical product to treat an embarrassing problem, buying a gift they don’t want their partner to know about, or supporting a vice without being monitored depends on the person. A side benefit of cryptocurrency payments is that it lets people who may not be able to do something in their home country do so in complete safety when they pay via cryptocurrency apps. Their government can’t see where the money goes, so it can’t stop the purchase or punish the customer.
For many businesses, cryptocurrency payments may be the best way to stay in business. Google has actively discriminated against legal businesses that it doesn’t like. Gun manufacturers had to set up separate pages to sell self-defense products simply to have their websites still seen in online searches. If you sold diet drugs, offered herbal remedies or provided payday loans, Google decided one day these legitimate businesses weren’t “good”. After that, their websites were essentially invisible on the web. PayPal has followed Google’s lead and refuses to process payments for many of these businesses.
The solution for some businesses is switching to cryptocurrency payments. Then it doesn’t matter if Big Tech firms don’t like you personally or your professional endeavor – you can still get paid and pay your suppliers. A side benefit is the ability to convert the cryptocurrency into the currency of your choice. If you want to convert the cryptocurrency you were paid into a different cryptocurrency, the currency you use for day to day purchases or the currency your vendors prefer, it is your choice.
The only thing you need to decide is why cryptocurrency exchange to use. Crypto Head discusses the top exchanges here. Exchanges like this allow you to convert whatever cryptocurrencies you receive into the currency of your choice. This is a protective measure against inflation. It dramatically simplifies international business transactions, since you can convert cryptocurrency into the currency your suppliers prefer. And you can switch between cryptocurrencies as market valuations shift.
Yet another way cryptocurrencies protect businesses is by preventing fraudulent activities like chargebacks. They can’t order something from you, wait until you ship it, and then cancel the transaction. Cryptocurrencies offer other protections, as well. Cash could be stolen from your cash register, but not the cryptocurrency payments you received via a payment app. A bank account could be drained by someone with your ATM card and PIN.
Cryptocurrency cannot be stolen from you if you’re using a secure cryptocurrency wallet. Nor will the cryptocurrency be frozen or taken from you because someone at the bank thought all those cash deposits were suspicious. A side benefit is the relative stability of cryptocurrency compared to the possible devaluation of your currency. This explains why many in other countries are buying cryptocurrencies, especially if they’re planning on moving abroad.
Accepting cryptocurrencies for mobile payments can make app development much easier. You don’t have to decide between Apple, Samsung, Visa, MasterCard, Square, and PayPal mobile payments. Simply select a payment processing app that accepts your preferred cryptocurrency and one other major mobile payment provider, and you can serve a large segment of the population. Your app won’t have to be updated later to accept new mobile payment processors or keep up with that processor’s rules.
Cryptocurrency is safe enough to use for mobile payments. And there are many reasons for customers and businesses alike to start using it.