Online shopping catches the cryptocurrency trend
The most convenient way for people to buy anything is through online shopping.
According to the statistics, in 2017, 1.66 billion people in the world purchased goods on the Internet, while global e-retail sales amounted to 2.3 trillion U.S. dollars. They predict it to grow up to 4.48 trillion U.S. dollars by 2021. Digital technologies in the form of payment gateways provide us with the perfect solution on how to buy things and services fast, safe and easy. As retail companies try to keep up with the latest trends and meet the needs of consumers, they start accepting bitcoins and other cryptocurrencies as a way of payment.
Both merchants and customers get notable advantages of using cryptocurrencies while shopping, which are the following:
- ease of cross-border transactions. Everyday people and businesses make international transfers and have to pay high fees for that. With blockchain technology transaction fees are lower since there is no third party (like banks) involved. Also, the whole process takes just minutes or even seconds and not days like it can be with traditional money transfers.
- anonymity of customers (unless they want a physical delivery). Anybody can create a crypto wallet with a unique address, and there is no way to connect this address to a person without information from another source.
- access to a broader market. Payments in cryptocurrency open new possibilities for consumers who don’t have bank accounts, as now they can get an access to necessary services and goods with the help of digital wallets and virtual money.
- elimination of chargeback risks for merchants thanks to blockchain. Unlike traditional payment methods via banks customers cannot cancel an order, call the bank and get their money back immediately. With blockchain they have to make an enquiry for a chargeback to the merchant. Only when the seller confirms the enquiry, the money transaction can be cancelled.
Taking into consideration all these advantages, there is no surprise that innovative crypto-shopping gains more and more traction. Some large retailers have already recognized its perspectives and integrated crypto payments. What do they offer us for cryptocurrency?
- gift cards for a variety of retailers via Gyft or eGifter
- flight tickets and hotels through Expedia, CheapAir and Surf Air
- space travel through Virgin Galactic
- movies, games and app-based services from Microsoft
- singles of some musicians like Bjork or Imogen Heep
- charities or crowdfunding sites, such as BitHope, BitGive or Fidelity Charitable
- food from Subway or PizzaForCoins.
Is it possible for people from developing countries to make a purchase with crypto?
At the Noah Project, we are hoping to make it feasible thanks to collaboration with PayRemit, a unique payment gateway that does not need credit card for payments to the Philippines. The aim of the Noah Project is to make new digital technologies like blockchain closer to people (Filipino citizens, overseas workers, tourists and businessmen) and help them get an advantage of the innovations in real life. By partnering with PayRemit, we are able to offer new ways for people from Japan, the Philippines or any other country to join and easily use e-commerce regardless of the payment methods.
To make a purchase the customer simply chooses a necessary item at the online store, selects PayRemit as a way of payment, receives his unique PayRemit Reference Number and uses it to make payments with Noah Coins.
Noah Coin holders can buy things online on a variety of platforms and partner outlets of PayRemit, such as Sendah — a gift remittance & payment platform; Goldilocks — a bakeshop chain, BeamAndGo — a service selling groceries, medicine and other life’s essentials online; Sarisari — an e-gift platform with flowers, toys, gifts and food package delivery. Moreover, it will be possible to pay with Noah Coin for telecommunications services (PLDT, Globe), electricity bills (Meralco) and buy flight tickets from the Philippines’ leading airline — Cebu Pacific Air.
PayRemit primarily focuses on the Filipino market and enables people working overseas to pay for goods and services via the Internet and support their families at home. For the Philippines, with more than 70% of the population being unbanked, but mobile phone penetration beyond 100%, online payments become a very attractive alternative to traditional methods. PayRemit gives Filipinos a chance to pay with their online wallets or with the help of PayRemit agents through over-the-counter transactions. Here is the place for Noah Coins. While the Noah Project provides Noah Coin holders with different ways to utilize it, PayRemit expands payment channels giving them an access to a wide range of online shops and services. The Noah Project will definitely benefit from this alliance by erasing geographical borders and encouraging holders’ loyalty.
