Are Cryptos Changing the Way We Interact with Money?
The digital age has transformed the way we view and interact with money. Online shopping has long been considered a norm, and the days when we have to queue up to withdraw cash from an ATM is far behind us. During the COVID-19 pandemic, cashless transactions have soared in popularity: studies have shown a nearly 35% decrease in cash payments during that period.
Cryptocurrencies are probably the most revolutionary inventions the digital era has brought to the financial world. With over 16,000 variants, cryptos are estimated to be worth as much as $2 trillion.
They have also become some of the most talked about financial instruments and are available for trading at leading brokers across the globe. For instance, multi-asset broker Exness offers an expanding range of crypto products, including Litecoin , Bitcoin , Theta, Solana and Ether.
The digital coins are redefining ‘money’ as they become increasingly mainstream.Presence Across Mainstream Payment Platforms
As cryptos disrupt the monetary scene, many large corporations have started to involve digital currencies in their operations. PayPal (NASDAQ: PYPL ), for example, has enabled users to buy, sell and hold four types of cryptocurrencies on its platform, including Bitcoin, Litecoin, Bitcoin Cash and Ether.
Visa (NYSE: V ) and Mastercard (NYSE: MA ), two leading platforms for international payments, did not hesitate to establish their presence in the crypto scene. Transactions with stablecoins on the Ethereum blockchain are now available on the Visa platform. On top of having more than 65 crypto wallet partners, Visa has also collaborated with Crypto.com, a fast-growing crypto app, to launch the first free, metal and crypto-linked Visa card in the world.
Reluctant to lag behind, in mid-2021, Mastercard partnered with Criptan to introduce CriptanCard, a card that allows payments in cryptocurrencies in any online and brick-and-mortar establishment that accepts Mastercard. Later that year, the payment giant acquired crypto intelligence company CipherTrace to enhance its crypto capabilities.A Potential Payroll Solution for Remote Teams
Now that the world’s top two card payment organisations have hopped on the bandwagon, widespread adoption of cryptocurrencies among businesses of all sizes is becoming more likely in the coming few years. The extensive use of cryptos may make transactions in digital tokens from employers to employees viable.
Handling payroll for a remote or hybrid team of employees is often a challenge for employers hiring globally. It is quite a hassle to manage payments in different currencies, not to mention the fees that come with them.
However, cross-border crypto transactions are usually instant and involve minimal-to-no fees. Paying employees cryptocurrencies can save time and money for both employees and employers and is potentially an ideal payroll solution for companies with a hybrid or remote workforce.
It is evident that cryptos have become a significant part of the world of finance and are reshaping our perception of money. Apart from being desirable speculative assets, cryptos are gradually introduced as a payment method. Although digital tokens have a long way to go before they can replace fiat currencies, they inspire us to pursue more efficient, cost-effective and secure forms of payment.
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