Bitcoin BTC/USD, Ethereum ETH/USD and other cryptocurrencies seem to be continuing to assimilate into traditional business transactions as an acceptable form of currency.
An increasing global catalog of companies now accepts cryptocurrency because of its security, privacy, speed and lower transaction fees.
Depending on the payment gateways and the type of cryptocurrency used in transactions, some companies are reporting seeing considerable savings compared to conventional banks and credit cards.
At least one-third of U.S. small and medium-sized businesses (36%) are now accepting cryptocurrency as payment for goods and services, with newer companies twice as likely to trade in digital credits, according to a study by HSB, a risk-assessment business owned by Muenchener Rungs Ghft MURGY. The survey, conducted by Zogby Analytics, showed that 59% of companies accepting crypto also purchased digital currency for their own use.
Among the companies now promoting their acceptance of Bitcoin and other crypto transactions include AT&T Inc. T, Microsoft Corp. MSFT, Shopify Inc. SHOP, Starbucks Corp. SBUX, Restaurant Brands International Inc.’s QSR Burger King and Whole Foods Market Inc. WFM.
Crypto payment options can also be a game-changer for cross-border payments and peer-to-peer transactions, thanks to the security of blockchain technology. These financial technology options are possible because of the elimination of intermediaries and the need to trust a third party.
After delving deep into the business of tokenizing gold, Asia Broadband Inc. AABB says it is now ready to launch PayAABB, which can be used as a payment gateway for merchants accepting crypto payments in-store and on their websites. The new offering is expected to launch this summer.
The tool is designed to make the customer experience more accessible by selecting a specific cryptocurrency as the payment option at checkout and then paying the amount needed in the chosen token. The PayAABB gateway deposits the payment directly to a connected crypto wallet.
U.S.-based Asia Broadband is a resource company focused on producing, supplying and selling precious and base metals to Asian markets. The company’s separate digital assets department released its own mine-to-token gold-backed cryptocurrency — the AABB Gold token AABBG/USD.
The company reports that consumers and merchants using Pay AABB can also make payments through any social messenger app as well as email and SMS with a QR Code. Businesses are given the option of participating in loyalty programs to reduce customer turnover.
Last year, Asia Broadband launched AABB Wallet, which is used to send and receive crypto “instantly and anonymously with no deposit fees and low transaction fees”.
For more information on the upcoming Pay AABB crypto gateway, visit www.payaabb.com.
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