Over the past half-century, there has been vast development in the financial sector driven by technological advancement. Though finance has changed rapidly, payment methods are comparatively static where most transactions are processed through traditional methods like debit and credit cards. For many years, this has been a good means of trade, but new technologies are bringing new payment choices to the table. From blockchain technology, and FinTech to cryptocurrencies, global trade is moving faster than ever.
Even though the trading cryptocurrency is becoming gradually conventional, the opportunity of spending cryptocurrency is limited to some extent due to its volatility. However, there is a growing number of companies from big tech, sports, fast food, drinks companies to travel companies are accepting cryptocurrencies as forms of payments, permitting customers to use them as an official method of payment for their merchandise and services.
Tesla, an electric vehicle manufacturing company accepted bitcoin as payment for all versions of its vehicles in the US. Despite Tesla capturing the headlines, hundreds of other top firms across a wide range of sectors accept cryptocurrency as a feasible means of payment.
Burger King Venezuela stated last year that it will take bitcoin and other cryptocurrencies as a form of payment. It collaborated with Cryptobuyer, a company that generates cryptocurrency to fiat money conversions. Yum Brands, the parent company of KFC, Pizza Hut, Taco Bell, and The Habit Burger Grill, is now taking cryptocurrency payments.
Last year, the company accepted bitcoin as a legal payment option at Pizza Hut Venezuela. According to NASDAQ, Yum Brands also collaborated with CryptoBuyer to launch the crypto payment options. Through a collaboration with BitPay, KFC Canada accepted cryptocurrencies as payment for goods like the Bitcoin Bucket for a limited time.
Xbox is also now allowing bitcoin payments for Xbox store credits, after temporarily suspending the cryptocurrency as a legal payment option because of its volatility.
Besides Xbox, Microsoft also started accepting Bitcoin in December of 2014, three months after PayPal did the same in September. Meanwhile, PayPal stated in October 2020 that beginning in 2021, customers would be able to purchase, trade, and hold certain cryptocurrencies through their Cash or Cash Plus accounts.
Whereas Amazon does not accept bitcoin as a payment option, you may use Bitrefill to purchase Amazon vouchers and gift cards. This is a cryptocurrency-only firm that allows customers to top up subscription-based services with cryptocurrency before spending it on Amazon.
EBay Inc. has revealed that it is intending to adopt cryptocurrencies as a legitimate method of payment in the future.
Coca-Cola Amatil is one of the largest bottlers and distributors of non-alcoholic and ready-to-drink drinks which established cooperation with Centrapay, an online assets platform. It was able to accept bitcoin as an official payment option as a result of this. In Australia and New Zealand, around 2,000 vending machines currently accept bitcoin.
While in sports the 34-year-old Argentine has signed a two-year deal with the French champions. Following his free transfer from Barcelona, he was also given a hefty signing bonus. The tokens included in his 'welcome package,' or signing-on fee, were given by Socios.com, the club's fan token distributor, according to PSG. The club did not say how much of the deal was made up of tokens, but he did say he received a "substantial amount."
Fan tokens are a form of cryptocurrency that allows holders to vote on a variety of minor club matters. Manchester City and AC Milan are among the clubs launching tokens this year.
Vitalik Buterin, the co-founder of Ethereum, contributed $1 billion in doge coins and then added another $3 million. Bret Lee, a former Australian cricketer, also contributed one bitcoin. Balaji Srinivasan, an entrepreneur, and angel investor gave $50,000 in Ether. He intended to increase his donations to $100,000 in the future. Ethereum-linked Sandeep Nailwal, the co-founder of Polygon (formerly Matic), launched Crypto Relief as a COVID-19 relief effort for India in April of this year. With the aid of several volunteers, he put it together. He also devised methods for collecting bitcoin in UAE crypto wallets, converting it to fiat cash, and transferring it to India via the United States.
From buying international brands to donations, cryptocurrency is increasingly emerging in the mainstream. Even travel industries have adopted the trend of accepting cryptocurrencies as their payments. Travala, CheapAir, Destinia, Expedia, AirBaltic are some of the companies that are accepting crypto payments. Bitcoin was initially accepted as payment for hotels and flights in 2013. However, it was exchanged into dollars, which were then used to pay for hotels and airfares. This is no longer the case, thanks to the rise in the popularity of cryptocurrency. It is no longer necessary to convert crypto assets into cash. Hotels, airlines, and other companies are now accepting crypto assets.
XcelToken Plus (XLAB) is an Ethereum-based ERC-20 token designed to engage and grow a huge crypto community. XcelLab's native token, XcelToken Plus, is designed to disrupt the trillion-dollar travel sector. It's a multi-purpose token designed for usage in e-commerce, retail, gaming, hospitality, social networking, and payments. Other currencies and tokens exist in the crypto market, but they don't have a future until they have a use case. As a result, it's a smart idea to go with a decentralized payment system like XcelToken Plus, which has a wide range of applications. Through the decentralized travel and booking platform XcelTrip, you can book over 2.3 million hotels and 450+ flights globally with XcelToken Plus. XLAB is coming to disrupt the travel industry by making it easier for hotels and airlines to use blockchain technology. XcelTrip accepts its own native token, XcelToken, as well as various cryptocurrencies, all of which promise to give advantages such as lower costs, quicker transactions, and better privacy protection.
Cryptocurrency has given a monetary option for developing countries and has paved the way for economic revolution. Individuals will have additional options to manage their finances as a result of this. Nevertheless, cryptocurrencies are hitting the financial stage and forever altering the global financial environment.