New York-based e-commerce provider OLB Group has added support for BTC, ETH, USDC and DAI payments for 8,500 US merchants through the OmniSoft business management platform.
According to the company, customers wishing to pay with cryptocurrency in-store or with a mobile phone can make payments in BTC, ETH, USDC and DAI through their cryptocurrency wallet. All payments are processed through SecurePay, a payment gateway that authenticates the transaction, converts the cryptocurrency into USD and confirms the final sale.
The decision to integrate payments in cryptocurrency was partially influenced by the growth of contactless and online orders during the coronavirus pandemic. With the OmniSoft platform already providing merchants with several options to facilitate payments, cryptocurrencies were the next logical step.
OLB Group CEO Ronny Yakov said the payment gateway and point-of-sale architecture is “familiar to merchants,” making it easier to integrate cryptocurrencies through such channels. However, he believes that society is still in the early stages of adopting cryptocurrency payments, and some industries are more likely to adopt cryptocurrency payments earlier than others:
“We expect adoption to happen faster in industries with higher value transactions, such as jewelry and real estate, because cryptocurrency transaction fees are often half as much as credit card fees,” Yakov said.
As a reminder, Berkshire Hathaway Vice Chairman Charlie Munger recently called Bitcoin an artificial gold substitute, too volatile to be used as a means of payment. However, according to a Gartner study, centralized payment companies need to adapt to avoid being left behind by the growing demand for stablecoin payments.
