Traki, one of the largest retail chains in Venezuala has recently adopted cryptobuyer payout as their default option on all stores. Presently, the cryptocurrencies being supported are Bitcoin, Dash and Litecoin. Traki operates across all 49 stores and sells a varied range of items. The firm first started accepting crypto payments last October.
Ernesto Contreras, Dash’s business development manager LatAm, says,
“We find partners who want to BUIDL with us. The recent blackout proved that crypto is a potential solution, as long as people have a charged phone and signal, transactions can be completed. So despite the difficulties, Dash is seen as an opportunity to solve some of the problems.”
Bitcoin, Ethereum, Bitcoin Cash, Litecoin are also being adopted by CheapAir. It became the first US travel agency to start accepting Bitcoin payments in November 2013. In past 5 years, the company has made more than $5 million in BTC payments.
Per a Forbes report,
“Klee attributes their current success with crypto payments to a devoted crypto community. During the interview, Klee mentioned that he likes ‘customers who pay in crypto because they are loyal. As customer loyalty is hard to come by in the travel industry, Klee appreciated that the crypto community is not only loyal but also inclined to ‘buy higher ticket items.'”
In another news reported by CoinMarketFeed, Global payment network, WinstantPay recently integrated Dash. The network will tap Dash’s InstantSend feature to carry out transactions in just 2 seconds. Further, the amount will then be exchanged and deposited into merchants linked bank acount, at a nominal fee for 1% transaction and conversion fee. This integration will help several merchants ovecome crypto investment barrier, due to high exchange rate risk.
While more and more people are opting for cryptocurrencies, it does not become an exchange medium till merchants accept cryptocurrency for payments. Per the present case, merchants are still wary of accepting crypto due to associated exchange rate risks. Furthermore, while intra-day volatility has been decreasing, cryptocurrencies are more volatile when compared to fiat currencies. Merchants can also face losses when converting crypto to fiat. However, with the new integration, this uncertainty can be curbed by instant conversion.
The long term goal is to instill confidence in merchants, so that they have accept cryptocurrency and pay their bills and overhead in cryptocurrency. This in turn will circulate cryptos in the ecosystem and giving velocity to cryptocurrency adoption.