The e-commerce landscape has been going through major change in a relatively short period of time – it was forecast that by 2022 the global e-commerce market could be valued at nearly $6 trillion as mobile payments shape the way e-commerce is growing. Crypto has been standing somewhat alone in this sense, however, its largest representation is primarily through online sites in games of chance as non uk casinos and betting sites have become the biggest options to accommodate the change to crypto but other platforms have been less flexible as it still remains very much niche – but can it find its way into e-commerce?
There will certainly be some roadblocks along the way with the value and volatility often being cited as a reason why it isn’t the most approachable option – just looking at a 5-day history for the biggest in Bitcoin shows a $1,000 swing up and down, and even working with only fractions of a coin there’s still quite a substantial change in value for the day to day. There are more stable options out there too, but they may not have the market to be a value to e-commerce, particularly when the value from traditional FIAT currencies are so much more stable too.
For the services that do currently accept crypto payments, there are a large number of benefits that come with it though which may help it shift to e-commerce in the future – speed is certainly part of it, transactions can be handled instantly and has been a benefit particularly for refunds in other sectors, an area that these other online business have been able to shine in. Anonymity in payments is another reason why a large number of users prefer these payment methods too, but this may be something that changes in the future with European regulation looking to make differences.
Waters are currently a bit muddied after names like Tesla had become involved in the crypto game and then stepped back which sent a signal that perhaps many markets weren’t yet ready for this change to crypto, and it may need another equally big name getting involved in the e-commerce space in order to inspire more confidence to signal further change, it may only need one big company to take the leap to change appearances for many others. For now, with environmental concerns and other factors leading to questions, it may take some time for this change to come into place, but there could be a bright future for crypto and e-commerce together and signal major change for mobile payments too.
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