This partnership allows Wix merchants to accept cryptocurrency payments via a plugin, without holding or converting digital currencies. Merchants will get the opportunity to increase their retail reach and sales revenues by attracting buyers who wish to pay in cryptocurrencies, as the press release suggests.
A recent survey from Cointelegraph revealed that most respondents believe accepting cryptocurrency payments would give companies a competitive edge. Another study showed that 60% of responding crypto owners indicated interest in using crypto as a payment method to make online purchases more private or secure.
With this integration, Wix merchants can accept payments across major cryptocurrencies used for commercial transactions, including Bitcoin, Bitcoin Lightning, Ethereum, USD Coin, Tether both ERC-20 & TRC-20 networks.
Wix is looking to expand their crypto footprint and to offer more payment options for their merchant’s clients. TripleA’s transaction fees are generally lower than traditional payment gateways. Without chargebacks, crypto payments can also protect businesses from potential fraud, helping merchants who accept cryptocurrency payments towards savings and reduced risk.
Earlier in August Wix has partnered Vyne, a specialist pay with bank account-to-account (A2A) payments platform, to help them launch their SME proposition. Vyne will be able to create, manage, and grow an online presence. The partnership will give Wix’s UK-based merchants access to Vyne’s Open Banking payments infrastructure, enabling them to offer their customers the ability to pay directly from their mobile banking app, according to the official press release.
Back in December 2021 Wix partnered UK-based e-wallet platform VibePay. The integration allows VibePay to use Account-to-Account (A2A) as a payment method at checkout, which means users can get paid on their websites directly into their bank account, without requiring a card.
Wix is not the only one partnering to offer merchants crypto payments. Hong Kong-based digital payments solution AsiaPay has teamed with TripleA, a MAS-licensed cryptocurrency payment gateway service provider in Singapore to help merchants to accept crypto payments. This collaboration will enable merchants in the Asia Pacific to an over 300 million global cryptocurrency user market.
Through the new solution merchants have access to reporting and reconciliation services through the same backend payment administration across host of payment methods and markets. Now, the fund settlement will be in fiat money to bank accounts but, according to company information, it will soon be in crypto currencies to crypto wallets.
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