How to Make International Transactions with Crypto Payments?10 min readReading Time: 4 minutes
Crypto payments have quickly evolved from digital innovations into multibillion dollar technologies.
Consumers increasingly desire convenient payment solutions that are straightforward and safe, prompting incumbent institutions and leading payment service providers to consider adding cryptocurrency payments capabilities into their infrastructure.
Can You Use Crypto to Transfer Money Internationally?
Cryptocurrencies have received widespread media coverage as the new trend or future of money, yet for businesses seeking to expand their market reach and engage with digitally inclined consumers it makes sense to consider adopting cryptocurrency payment trends as one of their payment solutions.
One strategy they could use to do so would be allowing their customers to pay with cryptocurrency, bypassing third-party payment gateways and receiving payments faster while also cutting transaction fees and avoiding currency conversion processes that often frustrate consumers.
The Kingdom Bank has seen significant success using crypto payments as a payment option, both through credit card rewards programs that include Bitcoin redemption options or more direct offers featuring digital coins as rewards. This trend is only expected to accelerate as more consumers embrace digital currencies as forms of payment.
As The Kingdom Bank, We offer great solutions for your business needs for crypto payments as a digital crypto friendly bank.
How to Do Crypto Payments Worldwide?
If you desire to do crypto payments around the world, you can contact The Kingdom Bank. With our fast and secure cryptocurrencies solutions, you can integrate your business with these new type payment methods. Financial infrastructure provision to unbanked populations can be an expensive undertaking for banks to undertake; but blockchain offers an alternative that could bridge that gap.
Cryptocurrencies have quickly become mainstream, making them an attractive option for international remittances. Crypto payments offer low costs and near instant transfers while also providing flexibility and security of programmable money.
These services enable unbanked groups to transfer money easily and safely without depending on traditional banking services that can often be expensive and difficult for these populations to access.
Europe, for example, has seen account ownership grow from 58% to 66% among adults between 2014 and 2018, thanks to digital government payments for wages and pensions.
UNICEF invested in a service called Leaf that allows Africans to dial an easy code from any phone (even inexpensive ones) and transfer funds between family members back home, without incurring steep money transfer fees through traditional money transmitters. Furthermore, this service enables Africans to purchase goods and services online – something previously impossible.
Best Crypto Payments for Cross Border Payments
Best crypto payments for cross border payments are the most reputable and reliable ones. Traditional payment methods involve businesses incurring transaction fees to banks or credit card companies every time their customer pays them, but cryptocurrency offers businesses significant cost savings by eliminating third parties in processing payments and offering lower transaction costs overall.
Crypto’s low volatility also reduces the need to manage foreign currency conversion and settlement risk in international transactions, enabling companies to offer customers lower prices while improving margins.
Microsoft, for example, recently began accepting payments with crypto to reduce chargeback fees that could otherwise detract from its bottom line.
Remittance companies are taking an increasing interest in crypto payments. Visa recently introduced support for stablecoins — digital assets pegged to fiat currencies with faster and more efficient settlement cycles — enabling faster settlement cycles than cryptocurrencies can. Furthermore, stablecoins are quickly gaining traction within B2B businesses, offering the efficiency of blockchain payments without their price volatility.
Can You Transfer Money Through Crypto?
You can easily transfer your all assets via cryptocurrencies now thanks to digital banking platforms like The Kingdom Bank. Crypto payments provide consumers with more payment options when shopping online, meeting this need with their high levels of transparency and security. Small businesses can leverage crypto payments as a great way to attract new customers while keeping existing ones satisfied.
Cryptocurrency transactions settle quickly or within minutes, giving businesses access to funds without waiting for crypto friendly banks to approve it. This makes cryptocurrency payments particularly useful for managing cash flow efficiently while protecting against fraudulent chargebacks that might steal their funds.
However, cryptocurrency payments have long been difficult for consumers to use effectively. Setting up wallets, purchasing crypto and sending it directly to recipients are all tasks which may prove challenging.
But as the market expands and more companies offer support for using cryptocurrencies as payment for goods and services such as The Kingdom Bank who allow buyers to choose different cryptocurrencies which will then be converted into local currency at point-of-purchase are making use of crypto more user-friendly for many consumers.
How to Grow Your Business with Crypto Payments?
Crypto payments is a new solution to grow your business. Global regulatory ambiguity surrounding cryptocurrency payments is an obstacle to wider adoption. For example, the identity of those making payments may not always be known to banks and financial institutions, creating unnecessary risks for them. Taxation rules remain vague as well.
Regulatory uncertainty has been further compounded by inconsistent definitions for crypto-assets and related services. For example, the European Parliament’s MiCA regulation calls on all members to align crypto asset definitions with existing EU legislation (such as MiFID II/MiFIR and PSD2) but this goal has yet to be achieved resulting in lower transaction volumes and slowing industry innovation.
This may cause investor trust to diminish, leading to reduced transaction volumes and potentially slowing innovation within the industry.
Due to lack of international rules and definitions, regulators find it challenging to assess and monitor emerging digital assets such as payment stablecoins. This is especially true of payment stablecoins which don’t fit neatly into traditional categories like money, financial instruments or transferable securities.
Stablecoins are created to maintain their value against specific units of account or stores of value such as national currency or commodities.
Transaction Examples That Can Be Made with Crypto Payments
You can completely manage all your transactions that are necessary for your business as similar to traditional banking. For example, these transactions can be listed as follows: transfer your funds, payment for your business, e-commerce payments, subscription bill payments etc.
To manage all these types of transactions for your business, you can contact us now. At The Kingdom Bank, we serve digital banking for business as well.