Monday, January 20th, 2020
GoCrypto, operated by Eligma Ltd out of Ljubljana, Slovenia, is an infrastructure that accepts instant payments from different crypto wallets. The GoCrypto platform is essentially a “custodian” of a merchant’s crypto wallet and it delivers the transaction amounts to the merchant’s business account exchanged into the local currency.
Although GoCrypto is used in over 530 stores across Slovenia and Croatia, GoCrypto is looking to spread the good news of using crypto payments to other European countries such as Switzerland, the U.K., Turkey, Serbia, and Bulgaria.
GoCrypto offers a wealth of benefits to both merchants and consumers. For merchants, just giving them the possibility of accepting crypto payments allows them to tap into a very lucrative and ever-growing market of consumers who prefer to pay with digital currencies. However, it doesn’t end there. Payments are processed instantly and merchants enjoy low transaction fees that are a rare find.
Another great selling point is that GoCrypto endeavors to make the process of making or accepting crypto payments as clear-cut as possible. Luckily for time-strapped business owners, no prior knowledge of cryptocurrencies or blockchains are needed. Staff do not need to be trained and consumers don’t need to be educated about this type of payment method.
For consumers, the big wins come in the form of a “frictionless” ability to make payments, something formerly reserved for “mobile-based fiat offerings”.
Elly Wallet, also developed by Eligma, offers simplicity by eliminating complications that arise about exchange rates. Transactions are as painless as scanning a QR code.
Eligma boasts that this process is quicker than counting change or searching endlessly for a misplaced credit card.
Another sticking point that Elly Wallet hopes to address for consumers is the disappointing loyalty schemes, where retailers offer competing schemes, but with low rewards. Elly Wallet wants to turn that around by, through the use of this crypto wallet, offering consumers cashback of up to 2% on all payments. They have also facilitated the way to purchase digital currencies, by using a bank account or a credit card. This is a great gateway to introduce novices to the use of digital currencies.
GoCrypto is certainly not oblivious to the volatile nature of cryptocurrencies. In fact, they have eliminated the problem of price movements by the very nature of how crypto payments are made using Bitcoin Cash, Ether, Bitcoin, and ELI (soon to become GoC on the Bitcoin Cash blockchain). All these can be immediately converted into the local currency of the merchant’s choosing. In some countries, the Euro Token voucher can also be used.
GoCrypto says the statistics reveal that brick and mortar businesses want to dive into the “digital age” to stay relevant. Independent e-commerce platforms want another point of differentiation. More than 11% of consumers located in a certain geographical area have also shown interest in paying with digital currencies. This clearly shows that the market is ready for cryptocurrencies to become mainstream and will be seeking a crypto payment solution.
Topics discussed in this article:
- Crypto Payment Solution