Will Crypto Payments Ever Compete with Platforms Like Venmo and Paypal?
The payment landscape continues to undergo drastic changes every year. Numerous providers compete for traction, and P2P payments have become of keen interest to consumers and businesses. While Venmo and other PayPals are very popular, crypto payments may one-up these platforms in the future.
The Rise Of Digital Payments
Digital wallets like Venmo, PayPal, and Square Cash are becoming more popular, but they’re not without drawbacks. The most apparent advantage of a payment app like Venmo is that it lets you send money to friends and family quickly and cheaply.
But there are also some drawbacks: For one thing, those apps’ terms of service say that the company can see your transactions. For some, that may not be a big deal depending on how much you trust them with your personal information.
The more considerable drawback is that if anything happens to the app — say, it gets hacked — all of your money would be gone instantly. That is not something users can do too much about. So even if a customer takes all the necessary security precautions, they remain at the mercy of the payment provider.
Venmo vs. PayPal vs. Square Cash
How are these companies doing?
- Venmo, which allows users to make peer-to-peer payments through their smartphones, is the most popular.
- PayPal has also seen a significant increase in its volume of transactions over the past few years.
- Square Cash has been around since 2013 and claims to have sent more than $1 billion in monthly transactions as of last year.
But all these platforms have in common that they’re limited by what they can do. They’re all confined within their apps on your smartphone or computer. For example, you can’t pay someone overseas using an app; you need international money transfer services.
Why Crypto Has More Potential
For people who want to send money to friends or family quickly and cheaply, crypto payments are an attractive option. Several service providers facilitate such transactions to ensure money arrives quickly. One such market player is Zonda Pay, a way to accept cryptocurrency payments and convert them to EUR on the fly.
With Zonda Pay, any business can start accepting crypto payments. More importantly, they can do so alongside P2P payment solutions like Square Cash, PayPal, and Venmo. These options are not mutually exclusive. Instead, giving customers many different payment options whenever possible is essential. The payment solution is compatible with online checkout and POS Terminal apps in-store.
The lower fees to pay or send money make Zonda Pay stand out from traditional digital payments. Moreover, cryptocurrencies have one significant advantage: they are borderless, whereas other payment methods are not. Moreover, there are no concerns over weekends, holidays, or domestic or international payments. Everything can be processed very quickly and without friction.
A Worthwhile Option To Explore
Any business or company dealing with large payment volumes should take notice of peer-to-peer payments. Moreover, it is essential to look beyond the traditional options and see what is out there.
Cryptocurrencies have tremendous utility in the payments space, and platforms like Zonda Pay help every individual supercharge the benefits of P2P payments. Faster, cheaper, and more frictionless transactions 24 hours a day, seven days a week, 365 days a year – or 366 days every four years – are already here.