Cryptocurrency has taken the world by storm with its new and innovative way of managing domestic and international transactions. Although there are ongoing efforts to improve and regulate the crypto landscape, there’s no denying that more people are getting into crypto. As crypto rises in popularity, various institutions and industries are starting to recognize cryptocurrencies’ potential in revolutionizing commercial payments.
Many industries have already taken steps to adopt crypto and other digital currencies. From tech to retail, various sectors are already embracing the new frontier by allowing their customers to pay in crypto as they would with any fiat currency. In this article, we’ll talk about some of the biggest industries that are making major strides in crypto and blockchain-based payment integration.
Travel and Tourism
Prior research has shown that travel companies make up a large portion of businesses that welcome crypto payments. Currently, there are several travel agencies and airline companies that accept crypto payments for bookings and ticket reservations. Some of these companies include travel booking site Expedia and airlines such as Norwegian Air and AirBaltic.
Still, crypto has yet to see widespread adoption among travel companies around the world. As such, some travel companies may not be able to accept other forms of crypto such as Monero. If this is your cryptocurrency of choice, you may want to check out specific booking companies that accept Monero. Alternatively, you can hold your funds in a secure Monero wallet and easily convert your coins into other currencies.
E-Commerce
E-commerce is another major adopter of crypto, which isn’t shocking since this sector is largely driven by online payments. Industry giants like eBay have already started recognizing crypto as a form of payment in line with company efforts to attract millennial and Gen Z consumers. Moreover, eBay is also adopting non-fungible tokens (NFTs) as another form of blockchain-based payment.
On a related note, crypto users may use their assets to buy gift cards for e-commerce sites. Some entities are accepting a wide range of cryptocurrencies as payment for gift cards to be used on eBay, Amazon, and other online marketplaces.
Banking and Finance
Rather than think of crypto as a competition, both traditional and digital banks are exploring ways to integrate this new market into their services. With crypto’s reputation for fast and straightforward transactions, it’s clear that banks can significantly benefit from adding crypto to their service portfolios. Credit card companies like Visa are already allowing customers to settle their dues with crypto, while PayPal has recently introduced crypto checkouts. Moreover, some digital wallets are including crypto exchanges in their investment services, allowing users to participate in cryptocurrency trading.
Food and Beverages (F&B)
Many F&B companies, particularly manufacturing-heavy brands like Walmart and Nestle, are currently utilizing blockchain to upgrade supply chain procedures. But other than that, this sector is continually experimenting with crypto payments at the point of sale (POS) level. Establishments known for adopting crypto include major chain stores such as McDonald’s, Burger King, KFC, Domino’s Pizza, and Starbucks.
Entertainment
In the wake of the pandemic, many entertainment companies that manage movie theaters and live event venues are looking to leverage cashless payment options like crypto. Recently, theater companies like AMC Entertainment are allowing moviegoers to pay for their tickets with cryptocurrencies like Bitcoin and Dogecoin. That said, having digital payment options allows customers to safely and conveniently buy their tickets without the need to make skin-to-skin contact for transactions.
Online Gaming
Many online games nowadays involve online transactions, with several games also catering to NFT exchanges. Crypto payments are most prevalent in online casino games, primarily due to heightened data security and privacy as well as the decentralized nature of crypto transactions. Apart from that, avid gamers can use their crypto funds to buy gift cards that can be used to purchase video games on notable platforms such as Xbox Live and the PlayStation Network.
Software and Cloud/Hosting Services
Hosting services, especially virtual private network (VPN) services, are known for being open to crypto payments. This may be because VPN services, just like blockchain technology, prioritize utmost security and privacy. That said, users who want to stream entertainment that’s not available in their countries can use crypto to acquire efficient VPN services for their viewing needs. Notable examples of companies that accept crypto include NordVPN and ExpressVPN.
In addition, software giants like Microsoft have also started accepting crypto payments for their products. You can use crypto to add funds for billing and payment should you wish to procure a few software upgrades.
Nonprofits and Charity
Aside from buying commodities and trading assets to make a quick buck, you can also use crypto to donate to charity. On top of quick and fuss-free transactions, nonprofits can also take advantage of the blockchain’s transparency to give donors visibility on how donations are being spent. Because of these benefits, it’s not surprising that nonprofits comprise around 9 percent of entities that cater to crypto transactions.
Organizations like Save the Children, The Water Project, and The Red Cross have already included crypto in their donation channels. It’s also interesting to note that UNICEF was the first organization under the UN to handle cryptocurrencies for funding and redistribution.
From the Blockchain to the World
As crypto dives deeper into the mainstream, more people are making attempts to understand cryptocurrencies and maximize their use. From long-term investments to everyday transactions, there’s a myriad of ways that the crypto community can make the most of their assets. And with more establishments jumping on the blockchain bandwagon, it’s exciting to see more industries join the crypto hype. But even though we have yet to see the full-blown adoption of crypto, we can always explore what we can already do with a few digital coins.
