Cryptocurrency has become recognized as a currency that can be used to shop and complete online transactions. Even walk-in shops also accept this form of payment now and that has exponentially increased its significance. However, mobile app developers havenâ€™t used much of cryptocurrency on their applications.Â
The use of cryptocurrency on mobile applications will help simplify the lives of consumers and also promote the use of this currency. Various other reasons should inspire developers to integrate crypto into their applications.Â
Here are 5 reasons that should make developers integrate cryptocurrency in their applications.
The use of cryptocurrencies has been very efficient in carrying out a lot of business. And because of that, customers need to learn how to buy bitcoin in-store, by using cash from BTMs or through wire transfers. Transactions completed using bitcoins or other cryptocurrencies usually use a simple and straightforward process.Â
Also, with credit card payment, you take the money from their accounts and they donâ€™t pay it forward to you. That makes it easier for customers to dispute the transaction and then the credit card company takes the money back. With crypto, the customers pay you voluntarily by transferring the money to your wallet.
When using regular payment options for in-app purchases, the security of the mobile app is at peril. Users could try and make payments fraudulently and hackers may try to destroy the database you use. There are a lot of things that could go wrong when using regular payment methods, but when using crypto, things are different.Â
First of all, the databases wonâ€™t be affected much and only users that have validated their payment will have access to the in-app purchased features. The use of blockchain makes security even tighter but yet still practical.
Crypto has gone global and in most currencies, it has started being utilized to the best of its capabilities. When using traditional payment methods, there are a lot of fees and charges that will end up denting your pocket.Â
For example, selling a product that costs $1 abroad may end up making you only $0.60 due to credit card, international currency exchange, and app store fees.Â
Also, the countries you sell to may be limited; with blockchain, those limitations donâ€™t exist. It is a global currency that can be used for safer and more efficient transactions.
Riding the crypto wave
Undoubtedly, cryptocurrencies have taken the world by storm and have gained the attention of many. The majority of the people who are interested in safe transactions that donâ€™t risk personal data have focused much on apps and shops that accept cryptocurrencies. The popularity of cryptocurrencies has even tapped into the mainstream business transactions.Â
For example, an entire building in Dubai sold its apartments using bitcoin. You can ride this wave of popularity by appealing to the cryptocurrency fanatic audience. Using cryptocurrencies will also make your business easily scalable because the growth of this type of currency seems positive.
Omitting the processing of personal data
Processing sensitive data such as credit card information and other personal details required to fulfill payments need a lot of money. You need to ensure that there are stringent security protocols in place to protect the data and they are costly to implement.Â
The business should also pay third-party merchants to process transactions. Besides that, if your app isnâ€™t popular, they will be less likely to use their credit card when prompted to.Â
On the other hand, cryptocurrencies use a blockchain network, which makes it much more secure than credit card transactions. Even when hackers try to intercept the data, they wonâ€™t be able to use it because it is in the blockchain.