S’pore: Growing number of businesses are accepting crypto payment

By bfnadmin  | Date: 2022-05-20

S’pore: Growing number of businesses are accepting crypto payment

Retail businesses in Singapore are increasingly adopting cryptocurrency as a payment method, so customers can pay via bitcoin, Ethereum, and Litecoin, amongst others.

Homeware online retailer &glazed was allowing customers to pay with cryptocurrency even before cashless payment options were introduced on the platform.

Lionel Lim, co-founder of &glazed, stated that the decision was taken partly due to his interest in the crypto space but added that being an online store, it would be for the best to offer as many payment options as possible in order to offer a seamless experience.

However, Lim added that only a few were willing to pay via digital currencies, making up only 1% of total orders placed on the website, and were mostly done via Bitcoin.

Lim has been keeping the earnings in the firm’s digital wallet on the payment platform Coinbase Commerce, which is also what it uses for accepting digital currencies. The platform also ensures that transactions are completed immediately, so there is no delay in receiving payment.

He stated that while big businesses will be concerned with cashflow issues, with as little as 1% of sales in Bitcoin, &glazed is a small business that is not currently having large volumes of crypto transactions. Hence why he will treat these earnings as investments, otherwise will transfer them to fiat or stablecoins.

Recently, more and more businesses have also started accepting digital currencies, including online pet food and supplies retailer Kibbles, high-end car retailer EuroSports, and fashion brand Charles & Keith,

Charles & Keith introduced cryptocurrency as a payment method on its website in March to provide benefits to those who own crypto and are looking for additional channels to buy services and goods with their investments.

Since its launch, 70% of customers who made purchases on its e-commerce site through cryptocurrency are Singapore-based. The firm also noted that half of such transactions were done via Ethereum.

Andrew Lim, founder of Kibbles, stated that by allowing crypto payment, the firm gets the advantage of easing cross-border transactions with lower foreign exchange fees on international orders.

Both Kibbles and Charles & Keith accept payments via cryptocurrency payment gateways.

Source credit: https://www.channelnewsasia.com/business/cryptocurrency-payment-business-bitcoin-ethereum-2680091

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