Shopify Merchants Can Now Accept Digital Currencies – Finovate

Shopify Merchants Can Now Accept Digital Currencies - Finovate
Shopify Merchants Can Now Accept Digital Currencies - Finovate

Retail commerce company Shopify unveiled a slew of announcements this week, one of which caught our eye. The Canada-based fintech joined forces with cryptocurrency payments processor CoinPayments to enable merchants to use crypto payments processing.

When Spotify merchants opt to add CoinPayments to their point of sale, they will be able to accept 1,800 cryptocurrencies. Transacting in cryptocurrencies not only reduce fees for sellers, it will also facilitate cross-border payments, enabling them to increase their global customer base.

CoinPayments was founded in 2013 and has since facilitated more than $5 billion in total transactions. The Cayman Islands-based company’s crypto acceptance platform enables merchants to accept more than 1,900 altcoins and charges 0.5% per transaction, much less than the standard 2% to 3% transaction fee typically charged with debit and credit card transactions.

“The combination of Shopify and CoinPayments is unstoppable in the payments industry,” said CoinPayments CEO Jason Butcher. “By bringing our easy-to-use global crypto payments platform together with Shopify’s extensive merchant base, we look forward to delivering a seamless process for anyone looking to do business using cryptocurrencies. As leaders in ecommerce and crypto payments, our combined expertise reflects the future of business transactions.”

Among Shopify’s other releases this month are:

  • Shopify Balance, a business bank account, card, and financial management tools
  • Shop Pay Installments, a buy now, pay later option for customers
  • Local Delivery, a tool to help online merchants with local delivery logistics
  • Shop, a direct-to-consumer app and personal shopping assistant to facilitate purchasing and order tracking

Shopify has also added a handful of products to help merchants struggling in the midst of the COVID-19 pandemic. The company recently added a quick website launch to help brick-and-mortar stores go digital, and also added the option to help merchants collect tips and sell gift cards.