Although cryptocurrencies aren’t widely used for payments yet, major companies are gradually adopting digital assets. To get a competitive edge, an increasing number of businesses have included Bitcoin or other cryptocurrencies as an additional payment method in recent years. The number of online retailers accepting cryptocurrency payments has increased, which is indicative of the rising impact of cryptocurrencies in everyday life.
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Thousands of businesses worldwide are attempting to take cryptocurrency payments on par with conventional currency. As a result, they broaden the pool of possible customers and the selection of payment methods. Let us explore the most well-known brands.
1) Xiaomi
Xiaomi gadgets may now be purchased using cryptocurrency. Mi Store Portugal, the official Xiaomi retailer, has begun to accept cryptocurrencies as payment. Dash, Tether, Ethereum, and Bitcoin are on the list. Remarkably, Tether is a stablecoin, whose value is determined by the value of the US dollar. The exchange rate for Tether and dollars are always the same. Xiaomi is working with the Swiss business Utrust to facilitate cryptocurrency transactions. Additionally, payments made using their native Utrust cryptocurrency (UTK) are accepted.
2) Shopify
A popular e-commerce platform called Shopify has made it possible for several online retailers to accept Bitcoin as payment. This is noteworthy because it allows Bitcoin owners to spend their funds and promotes more Bitcoin acceptance among Shopify platform retailers. Shopify is encouraging the use of digital currencies by accepting Bitcoin as a payment option. This might ultimately result in a more significant shift in how online transactions are carried out.
3) Рhilipp Рlein
In August 2021, Philipp Plein became the first fashion company to accept digital currency for its products. The brand’s creator, Philipp Plein, said that he had not anticipated crypto transactions to become so popular. Fifteen different digital currencies protected by encryption will be accepted as forms of payment at retail boutiques or online stores. The service will be accessible via the cryptocurrency payment site Coinify.
4) Subway
Cryptocurrency is accepted by Subway, a prominent player in the fast food sector. In some regions, Subway not only takes cash but also gives customers who use cryptocurrencies some discounts. Media outlets were informed in 2017 that Subway will start taking Tether and ETC. However, the corporation did not confirm its plans, thus this remained a rumor.
5) PayPal
PayPal, the well-known online payment system, has enabled its users to accept cryptocurrencies for their transactions. US PayPal customers can purchase, sell, and retain a limited number of cryptocurrencies straight through PayPal. Given PayPal’s enormous user base and global influence, their foray into the cryptocurrency industry represents a significant advancement. This may hasten the adoption of cryptocurrencies in regular trade.
6) Gucci
Luxury apparel company Gucci, in collaboration with BitPay, now takes crypto payments. Twelve cryptocurrencies and five US dollar-denominated stablecoins are accepted by Gucci. Customers may pay at Gucci boutiques by scanning a QR code with the cryptocurrency wallet that Gucci emails them. The customer will receive an email with a link that will enable them to pay with cryptocurrency in the store. The link will have a QR code that will allow the buyer to pay using their cryptocurrency wallet.
7) Twitch
The popular gaming broadcasting site Twitch, owned by Amazon, takes Bitcoin and Bitcoin Cash as payment. Twitch is aiming to attract a sizable user base in the gaming and technology sectors by accepting cryptocurrencies. This is a step in the direction of the digital entertainment sector using bitcoin payments more widely.
8) Tesla
Tesla started using digital currency as payment for electric cars and associated services in 2021. Since Elon Musk, the company’s owner, has a particular fondness for Dogecoin, this cryptocurrency can be used for payments. Customers can find instructions on how to accomplish this in the FAQ. For a brief while, Bitcoin could be used to make payments; after that, it was eliminated, leaving just Dogecoin. Musk promised to reinstate the acceptance of Bitcoin as payment if 50% of the coin’s mining is done using renewable energy sources.
The number of countries supporting cryptocurrency is continuously rising. Large international organizations also joined the fight to protect cryptocurrencies. As a result, it is reasonable to predict that soon, the number of businesses that take cryptocurrencies will rise sharply. Additionally, using digital cash to purchase actual goods will be considerably simpler.
