What Industry Will Mostly Use Crypto as a Form of Payment?

Have you ever imagined a world where we make everyday payments without the hassle of using cash or cards? While it may seem like a distant dream, cryptocurrency is making this vision possible.

With the advent of decentralized digital currency, new industries are emerging that use crypto as their primary form of payment. From buying your morning coffee to purchasing travel tickets and booking hotels, crypto payments are transforming how transactions take place.

But what industry will be the frontrunner in embracing crypto as a viable currency? Let’s explore what industry is most likely to adopt crypto as a common form of payment in the near future.

The hotel industry

Hotels and resorts need fast and secure methods of receiving payments for goods and services. With crypto payment processing, these companies can easily accept payments without the hassle of dealing with banks or credit card companies.

Payments made using these methods could be delayed for several days. These delays can hurt business operations, especially during peak seasons.

Crypto payment processing solves this issue by providing almost instant transfers without additional fees. Crypto transactions are faster and less complex because they occur on a single, secure network. Furthermore, crypto payments prevent issues like foreign transaction fees.

Various hotels have already set up crypto payments. An example is the Pavilion Hotels & Resorts, which has partnered with Coindirect and is already accepting payments using 42 virtual currencies in all its properties. In 2021, the Maldives S Hotels & Resorts partnered with FTX to enable customers to pay for their stays at SAii Lagoon Maldives and Hard Rock Hotel Maldives using crypto.

With these luxurious hotels leading the way, other businesses in the hospitality industry are likely to follow suit, and soon enough, crypto payments could become the norm. Crypto payments in the hotel sector will likely move beyond merely allowing guests to pay for their stay. Hotels can also use digital currencies to pay bonuses to their employees, similar to how corporations give their employees shares and stock options.

The retail industry

Retail businesses need to accept payments for goods and services promptly to keep up with their business operations. Cryptocurrency provides retailers an easier way out of dealing with lengthy bank transfers and the extra transaction fees associated with them. More importantly, crypto payments provide an extra layer of security as the transactions are immutable and cannot be tampered with.

Overstock, NewEgg, Etsy, Whole Foods Market, and Rakuten are some of the retailers already accepting crypto payments. Fast food retailers such as Subway, Starbucks, and Pizza Hut also allow customers to pay for their orders in crypto. Recently American fashion giant Ralph Lauren started allowing In-Store Crypto Payments.

Other retailers are paying attention to the emerging trend of crypto payments and are planning to follow suit. According to a Deloitte survey conducted in 2022, 75% of retailers are planning to accept either stablecoin or cryptocurrency payments within the next two years.

The survey included retailers from different subsectors, such as food and beverage, transportation, fashion, cosmetics, and electronics. The promise to embrace cryptopayments comes amid consumers’ increasing interest in cryptocurrencies. The acceptance of digital currencies as a form of payment among retailers means that consumers will buy almost every product with crypto.

The gaming industry

The gaming industry is one of the most profitable business sectors, worth approximately $300 billion. It’s no surprise that the sector is embracing crypto payments as well. The iGaming sector has already embraced cryptocurrency. In this case, gamers can participate in their preferred casino games on a platform that allows crypto payments using coins like Ethereum and Bitcoin.

As crypto payments continue penetrating the gaming sector there are more opportunities to use cryptocurrency. Players can make in-game purchases with different cryptos. They can buy spare lives and upgrade characters.

They can trade weapons and virtual currency for cryptocurrency coins that they can exchange for fiat currency. This trading opportunity incentivizes players to stay in the game and make more crypto purchases. Gaming developers are also likely to make more crypto-based games to add to existing ones, such as Gods Unchained and Axie Infinity.

Start accepting crypto payments with CurPay

The business world is turning to crypto payments to make quicker and more secure payments. The retail, gaming, and hotel business sectors will likely be at the forefront of this change. If your business is looking to accept crypto payments, look for a reliable solution that makes it easy to accept or make payments.

CurPay is an all-in-one solution that allows you to accept payments in over 60 cryptocurrencies with no crypto knowledge needed. No wallets to worry about, Seamless to Consumers, No Risk to Merchants, Accept and Manage Digital/Crypto payments with our all-in-one solution via POS, ECommerce and Web3 compatible APIs. Its real-time conversion feature makes it easy to convert crypto payments instantly so that you have funds in your account as quickly as possible. Request a demo to learn more about how CurPay works.