Australia has one of the biggest retail sectors in the world, and simultaneously, it is also the home of a populace 13% of which are owners of cryptocurrency. Australians are increasingly opting to make purchases using cryptocurrencies such as Bitcoin, leading to a rise in demand for payment processors that accept cryptocurrency.
Not surprisingly, California-based blockchain company, HashCash Consultants, which has operations in Australia as well, has reported increased interest in the broadly recognized Bitcoin and cryptocurrency payment processors it manufactures.
“A survey of two thousand Australian residents by a leading brokerage firm in 2018 found that although 50% of the general population held cryptocurrencies as an investment, a major part of the rest attested to have entered the market out of fear of missing out (FOMO). Another percentage was keeping cryptos as a retirement plan. Given a chance, most of those surveyed would opt to pay for daily purchases with cryptocurrencies over Australian dollars since digital currencies are easier to use.”
– Raj Chowdhury, MD of HashCash Consultants
Benefits of the Bitcoin and Cryptocurrency Payment Processor by HashCash:
The payment processor can be used by merchants to accept payments from their customers in Bitcoin and other popular cryptocurrencies as well, such as Bitcoin Cash, Litecoin Ethereum and HCX. Conventional payment processing companies who already have a network of merchants in a revenue share model is another set of users who stand to benefit from the adoption of process processor.
The end-to-end product makes shopping online a hassle-free, secure, and speedy experience. It offers ‘pay now’ buttons, as well as APIs to integrate to top shopping carts. Features such as bitcoin invoicing, merchant account management interface, payment dispute management, ticketing are among the central features that make this payment processor a medium that can upgrade user experience on shopping sites.
Why are more people choosing to pay with cryptocurrency over fiat currency?
The reason cryptocurrencies have soared in popularity in such a short time is its ease of use which stands in stark contrast to the traditional methods of carrying out trade with fiat currency. The following points give a quick idea of the issues which mar transactions using government-issued paper money and how cryptocurrency is solving them:
1. Cryptocurrency payments do away with unnecessary fees levied by bank processes
Credit and debit cards – ATM fees, checking account fees, merchant fees, overdraft fees, check fees, paper fees, transfer fees, foreign transaction fees, change fees, charge-back fees are just some of the pitstops in the entire transaction process that charge additional payments. Popular cryptocurrency payment gateways, on the contrary, charge between 0.5% – 1% per transaction. Moreover, a cryptocurrency account or a digital wallet comes free of cost, unless a user opts to invest in cryptocurrency hardware wallets or prepaid cards.
2. Obliterates the scope of compromising users’ sensitive data
Customers are under obligation to share their personal and financial details with retailers and service providers, and banks and credit institutions to make a transaction. These details include their name, address, social security number, assets, investments, credit score, credit line, account balances, and transaction history. Now, handing over the information of this nature, especially over the internal, significantly escalates the chances of it being misappropriated, leading to tremendous personal and financial loss.
Besides a customer’s name and shipping address, rarely do cryptocurrency payment processors acting as a third party, require any additional details. Transactions using cryptocurrency authenticate a user’s identity by taking into consideration the unique encrypted cryptocurrency wallet address.
3. Ease in international use
Cryptocurrencies have universal value and, unlike fiat currency that changes across borders, do not warrant international or conversion fees. The transactions are instantaneous, transparent, and the funds transferred via the transactions are highly accessible.
4. Prevents chargebacks
A payment made using cryptocurrencies is traceable and not susceptible to loop hopes in policy that enable a customer to demand money back from a vendor without any valid reason. Since payments with fiat currencies are not settled immediately, it leaves opportunities open for exploitation which is not in favor of merchants and vendors. Credit card companies often overlook such lapse in policy.
Popularity of cryptocurrency and blockchain in Australia:
The island nation’s preference for virtual currency and distributed ledger technology is evident in the fact that the number of Australians holding crypto coins nearly tripled during the market slump last year. It is also a country that is rapidly adopting blockchain in some of its primary financial operations, as well as in multiple industries. When it comes to implementation of blockchain at scale, Australia is one of the more significant parts of the globe to expect the revolution to arise.
About HashCash Consultants:
HashCash Consultants started as a Blockchain Consulting Company in California. Today, HashCash products enable enterprises to move assets and settle payments across borders in real-time using HashCash Blockchain network, HC NET. Financial Institutions use HC NET for Retail Remittances, Corporate Payments, Trade Finance, and Payment Processing. HashCash also runs the US-based cryptocurrency exchange, PayBito and the leading Cryptocurrency payment processor, BillBitcoins.
HashCash offers cryptocurrency exchange and payment processor white label solutions, comprehensive ICO services and customized use case design and development. HashCash propels advancement in the field of blockchain through the Blockchain1o1 program and its investment arm Satoshi Angels.