While Web3 is fighting the mainstream to establish itself as a new paradigm, fintech platforms, bit by bit, are reforming our money managing routine. Unfortunately, all of these businesses, traditional institutions included, are immensely disconnected from each other, affecting the development speed.

A few cogs are needed to make this massive machine of innovation move. Connecting the old-fashioned fiat world with a daring cryptocurrency future is one of the key priorities of companies like Mercuryo.

Mercuryo is striving to bridge the money gap and enable businesses to grow globally by improving their transaction processes with our single, All-in-One Solution.

What’s an All-in-One Solution?

At first, Mercuryo designed on- and off-ramps suitable for clients needing a fiat gateway. Once we launched the fairly-well accepted product, we realised that that’s not the only solution the market could benefit from at the moment.

Later, we came up with a few alternatives, such as Banking-as-a-Service (BaaS) and Crypto-as-a-Service (CaaS) and continued improving the stack further. Along with the new services, the team decided on creating a sole integration method done via our own API.

As of now, BaaS is already available for API integration, allowing merchants to open bank accounts for their users, as well as provide them with on- and off-ramp functionality. The solution includes fiat accounts for DeFi and crypto-related apps focused on buying and selling crypto. In the future, we plan to add other products or functions, depending on our partners’ needs and business models, aiming for a universal offering.

Mercuryo is dedicated to building products that power Web2.5 platforms, equipping them primarily with on-ramps. Integration of cryptocurrency into these new projects is one of the must-needs for switching to the new Internet version. At the end of the day, the work of the entire infrastructure is impossible without seamless payment methods.

Who can Benefit from Mercuryo’s All-in-One Solution?

Financial institutions, crypto exchanges, DeFi projects — you name it; Mercuryo’s All-in-One Solution can refine any business that deals (or plans to deal) with global money transfers.

Our typical customer is a company looking for ways to accelerate transactions and boost customer acquisition by introducing novice cryptopowered payment services.

Think of a decentralised exchange that struggles to attract a new category of customers as it cannot offer credit card checkouts for crypto purchases — this is exactly the type of problem our team can solve.

More B2B Solutions

Apart from on- and off-ramps, Mercuryo’s stack of B2B products also features Crypto Pay in & Pay out, an authorised solution that allows enterprises to accept cryptocurrency payments. A perfect fit for neobanks, e-Com platforms, and marketplaces. The product comes with dedicated support, blockchain monitoring, and volatility risks managed by Mercuryo.

Additionally, our Fiat Pay in & Pay out service unlocks the ability to accept debit and credit card payments for crypto-related projects.

As a part of the bigger picture, Mercuryo handles:

• Licensing;
• Liquidity;
• Chargebacks;
• Customer service;
• Anti-fraud;
• And KYC checks.

Taking care of all the admin work, letting companies focus on what they do best.

Final Thoughts

Over four years, Mercuryo has helped nearly two hundred platforms introduce new financial opportunities to their customers. Since day one, we have been on the mission to reinvent the ease of international business payments by implementing the advantages of cryptocurrency technology.

We’re convinced that the transition period between Web2.5 and Web3 won’t last much longer once the underlying payment infrastructure is in place.

How Mercuryo has Built an All-in-One Solution for Fintechs and Web3 Companies was originally published in Mercuryo on Medium, where people are continuing the conversation by highlighting and responding to this story.

P2P (peer-to-peer) technology allows transferring crypto at the cost of a small fee, close to the market rate.

However, once you need to buy, sell, or exchange coins, you would want to get an intermediary involved. An exchange will ensure you get what you paid for in just a matter of seconds.

Getting crypto for your fiat funds used to be a privilege of a few platforms, but now with the help of dedicated gateways like Mercuryo, almost any cryptopowered business allows its users to purchase digital assets.

Naturally, it comes with a fee. In this explainer, we’ll break down the fee structure of the apps that sell digital assets and give an idea of why the commissions within the same platform might vary.

Network Fees

Every crypto transaction requires a network fee — a small payment for verifying and recording data on the chain. Some technology companies, like Ripple, offer cheaper transaction costs and others, like Nano, boast no fees whatsoever.

If the network operates smart contracts, it has a slightly different fee system. Ethereum network will charge you depending on the type of transaction and the amount of computation it requires. The platform recently transitioned from the Proof of Work (PoW) to the Proof of Stake (PoS) algorithm, this didn’t reduce fees, however.

The highest Ethereum gas fee ever paid was $196.638. Next time you see the gas fee going to the moon, do not rush into giving it all away. Monitor Etherscan while you’re waiting for the fee to go down, or try using Layer-2 scaling solutions.

Exchange Fees

It’s worth mentioning that we’re not going to talk about trading (maker and taker) fees as they are an entirely different topic. Now, if you’re using any platform, be it a wallet, a DEX, or a centralised exchange, to buy crypto with a credit card, you will pay the commission to the exchange provider. If the platform claims it doesn’t charge any fees, you’ll likely be paying the hidden fee — included in the exchange rate.

Some platforms charge you a percentage of the total amount, while others go with a flat fee that increases proportionally to the size of your purchase. Centralised exchanges usually take a commission for withdrawals (off-ramp fee) and are often considered more expensive than DEXs.

However, decentralised exchanges can also charge a handsome commission, especially if fiat or more complex swaps are involved.

Payment Layer

On top of the order size, a crypto on-ramp will generally include the cost of card processing, network fee, and take into account market conditions such as volatility and liquidity into the final commission.

On-ramps — such as Mercuryo — often feature dynamic fees that change according to the region, local currency rate, or the selected payment method.

Although it’s difficult to calculate the share of this factor in each transaction, providers like Mercuryo also need to ensure they are being compliant and perform the required KYC checks that can also come at additional costs.

The Bottom Line

There are usually quite a few parties involved in the crypto purchasing process: credit card processors, payment service providers and facilitators, and the networks themselves. Your final purchasing fee will usually take into account the currency exchange rate, your geo-location, and order size.

Everything You Wanted to Know About Crypto Platforms’ Fee Structure was originally published in Mercuryo on Medium, where people are continuing the conversation by highlighting and responding to this story.

Mediums of exchange have grown exponentially alongside the rapid advancement of technology that has characterised recent decades.

The days of cheque books and cash-carrying have largely ended for many as the world pivots to more novel, digital payments methods. Even industry mainstays such as MasterCard now face stiff competition from innovative, alternative payment methods (APMs) that offer far more frictionless transacting and wider accessibility.

You’re likely familiar with major APMs — loosely defined as payment methods other than cash and major credit cards. Think Paypal, Venmo, AliPay, ApplePay, Stripe, crypto — any of the array of payment services now available with a simple app download.

Examining the current APM landscape, it’s easy to find oneself lost in an ever-growing ocean of competing payment providers.

The Business Case for Adopting APMs

In a globalised world flush with competition, customer acquisition and retention is necessarily a key focus of any merchant. According to data from Statista, cart abandonment rates average around 75% — an incredibly high dropoff rate.

By offering APMs that reduce friction for end users as far as possible, companies can gain a significant edge over competitors relying on legacy payment methods. The introduction of mobile payment methods like ApplePay, GooglePay, and Samsung Pay naturally caters to different audiences. By accepting these (competing) APMs, end users are more comprehensively included, regardless of their device.

However, given the plethora of options available, deciding which services to implement, and when, presents its own challenges.

Deciding on the Right Alternative Payment Method for Your Business

It’s important to understand that different APMs have gained traction in different regions, driven by accessibility, ease-of-use, and regional support for certain technologies.

While Paypal reigns supreme in the US, the platform’s international support is somewhat limited, making it an unpopular choice in regions like South Africa, where only users of First National Bank can efficiently use PayPal.

Conversely, AliPay and WeChat are ubiquitous in China, where citizens receive salaries, pay rent, split bills, and book travel plans directly from their WeChat app. Given the Chinese State’s hardline stance against Google and US-based technology firms, AliPay and WeChat have enjoyed the luxury of first-mover advantage in a captive market. Venture outside Asia, however, and you’d be hard-pressed to find merchants accepting these services.

Thus, it’s vital that the implementation of APMs for merchants is informed by comprehensive analysis of key target demographics, their locations, and preferred APMs in the regions concerned.

Mercuryo’s APMs

Recognising the need for robust alternative payment method support, Mercuryo is consistently seeking to implement novel APMs to drive further adoption and simplify accessibility. At present, Mercuryo supports the following payment methods:

• MasterCard
• Visa
• UnionPay
• ApplePay
• GooglePay
• SEPA (via VOLT)

Mercuryo’s fiat on- and off-ramp and BaaS (Banking-as-a-Service) products can be easily integrated into any platform using a single API — offering users the freedom to choose from a wealth of payment methods without your business needing to worry about each implementation.

Get in touch with our team today to learn more.

Spoilt for Choice: The Importance of Alternative Payment Methods was originally published in Mercuryo on Medium, where people are continuing the conversation by highlighting and responding to this story.

Exploring the factors necessary to motivate further financial inclusion

Crypto adoption has made significant inroads across East, Southeast, and Central Asia, with the Asian region accounting for almost 30% of crypto inflows in 2021. This amounts to a staggering $1T in value commanded by the region — clear evidence that the continent is firmly tuned in to blockchain’s advancement. Tellingly, in Chainalysis’ 2021 report, Vietnam, India, and Pakistan claimed the top three spots in the overall adoption index, with China, Thailand, and the Philippines following closely behind.

Digital finance is, undoubtedly, gaining explosive momentum across Asia. However, a massive disparity is evident as nearly 50% of Southeast Asia remains unbanked , according to financial consultancy firm 11FS.

Financial Inclusion

Upon closer examination, the highest positions of the adoption index rankings are largely dominated by countries enduring significant geopolitical and economic upheaval, bar a few exceptions. While Vietnam ranks highest on this metric, data shows that the Southeast Asian nation has the second highest unbanked population globally — with an estimated 69% of citizens excluded from financial activities. The Philippines and Indonesia are also among the largest unbanked populations, with 66% and 51% of unbanked citizens respectively.

When one cross-references these metrics, six of the world’s most unbanked nations hold a top 20 spot on the crypto adoption index.

Evidently, this correlation indicates that unbanked nations have, by and large, adopted crypto due to necessity rather than purely speculation. However,the speculative aspect of crypto also appeals to those excluded from traditional finance as a means of holding and generating wealth while local reserve currencies face rampant inflation.

Current Barriers to Entry

The root causes of 50% of Southeast Asia remaining unbanked are multifaceted, but can be distilled into a few primary factors:

Financial literacy

According to the World Economic Forum’s 2021 , financial literacy in Southeast Asia is among the lowest levels globally. In Vietnam, only 24% of adults are considered financially literate. Other countries in the region observe similarly concerning rates — the Philippines (25%), Cambodia (18%), Indonesia (32%), and Thailand (27%). Education, undeniably, is a key driver necessary for growing financial inclusion in the region.

Cash-based economies

Rural and low-income countries with high employment rates in the informal sector tend to rely on cash as a medium of exchange and thus become excluded from traditional financial services.

Lack of access

Time is money — and this holds truer for those at the lower echelons of the economy than anyone else. For those struggling to make ends meet and surviving hand-to-mouth, taking time off to visit a bank (which likely requires travelling significant distances for those in rural areas) is simply not a feasible option.

Gender disparities

Partly due to cultural norms in the region, women generally have less access to education and technology than men, and therefore are less able to benefit from the accessibility granted by digital finance services.

Internet Penetration As a Means of Broadening Inclusion

According to recent statistics, over 70% of Southeast Asians own mobile phones — 20% more than those who have bank accounts. With this number projected to increase as penetration grows in the region, digital finance could viably provide increased access to comprehensive financial inclusion.

Driving Further Adoption

However, internet access alone is not enough. Comprehensive steps need to be taken toward addressing the aforementioned barriers, through educational upliftment, financial literacy drives, and the development and provision of trusted service providers that motivate unbanked citizens to switch from cash-based living.

Originally published at https://blog.mercuryo.io.

Unbanked Regions in Asia was originally published in Mercuryo on Medium, where people are continuing the conversation by highlighting and responding to this story.

Holding money in a bank account does not always mean you are in control. Relying on a third party to store your funds usually implies agreeing that they can freeze it, terminate the contract, or deny services.

External forces spare no one; even law-obedient citizens are at risk. One day your country of residence falls under world sanctions, leading to blocked card payments and other financial restrictions you haven’t asked for.

And then, some people have never had the privilege of opening a bank account. Did you know that over six in ten Southeast Asians remain underbanked or unbanked today?

The lack of education is yet another issue. Only 57% of Americans are financially literate; the numbers are even more alarming in other countries.

If only there were an accessible, easy-to-use digital currency anyone could use as a direct form of payment and settlements, right?

Jokes aside, cryptocurrency has been around for a while now and earned the trust of many. Governments are working on building a proper regulatory landscape, and large enterprises are integrating crypto tech into their systems. Yet, many still believe that crypto is all about speculation and shady schemes rather than something that can easily benefit businesses and their clients.

Why Your Business Should Start Accepting Crypto

There are numerous reasons why innovative solutions are better than the traditional payment scene, but let’s focus on the key points.

Save Time and Money

Introducing crypto to your payment routine can help reduce transactional costs and speed up the payouts. Self-reliance — as opposed to dependency on the chain of trusted payment processing parties — will help you cut down on costs and reduce the time required to finalise the whole deal.

Operate Fraud-Free

Besides, you can forget about chargebacks. An all-in-one payment service provider, such as Mercuryo, will unburden you from the chargeback issues by undertaking full responsibility for fraud tracking and other critical administrative tasks.

Gain New Clients

You will most likely gain new clients and broaden your outreach. Crypto is universal and globally accessible, and people are ready to use it as payment. Our research has shown that 68% of consumers want to use cryptocurrencies to pay for goods online. And when a customer articulates their need so bluntly, who are we not to listen to them?

On top of that, cryptocurrency payments are the fastest way to go global. It’s only a matter of time before your clients and suppliers will embrace digital currencies as their primary choice.

Crypto Over Traditional Payments

When it comes to the global B2B sector, wire transfers are among the fastest payment solutions — yet even they take at least 24 hours to complete. Besides, they are usually expensive.

Credit cards are a steady alternative. Easy to use and universally accepted, they have a few disadvantages, like high fraud risk or the need to apply for special licences and handle extra paperwork. They also come with higher processing costs. While the 3% fee is not too bad for a B2C purchase, the companies operating with large sums of money are paying the price.

Payment gateways are coming to the rescue, especially those made specifically for the B2B sector. Tailored to the needs of businesses, they make payment processes cheaper, faster, and more manageable. Power it with crypto, and here’s your recipe for success.

Crypto Payments by Mercuryo

The crypto Pay in & Pay out solution by Mercuryo allows companies to accept cryptocurrency payments boosting customer acquisition. After a quick integration process, you’ll get a fully functioning system that lets your customers pay for goods in digital coins. You can store the funds on Mercuryo balance in crypto or fiat and can choose to handle settlements in either of them anytime.

Your customers will also be able to withdraw fiat funds and receive major cryptocurrencies instead, while you get to keep fiat on your payout balance and top it up via SEPA and SWIFT transfers in any currency. Alternatively, you can use funds from incoming payments.

From integration to settlements, Mercuryo will guide you all the way. We handle all the admin and other work, including liquidity, volatility risks, chargebacks, support, anti-fraud, and KYC checks. Should you have any special requests, our team is happy to discuss them with you.

The Bottom Line

The list of famous brands and enterprises that added crypto checkouts to their accepted payment method keeps getting longer — Balenciaga, Gucci, and Emirates are just a few newcomers. The business world saw the potential, as well as the growing demand, and quickly adapted to the new cryptopowered reality. The future of payments will surely be digital, and Mercuryo’s working on bringing it closer.

Originally published at https://blog.mercuryo.io.

Using Crypto as a Payment Solution was originally published in Mercuryo on Medium, where people are continuing the conversation by highlighting and responding to this story.

If you’re currently working at a DeFi or Web3 protocol, using an on- and off-ramp may seem like something unnecessary. However, protocols and businesses alike can utilise product stacks such as Mercuryo’s beyond conventional use cases.

Mercuryo products offer payment security through data security technologies, encryption protocols, firewalls and anti-fraud layers that can seamlessly integrate into your business website.

Pay Employees

You and your peers have spent time and energy building a Web3 product — why not give the option to be paid in crypto? Payment in cryptocurrencies is a perk that helps gain and retain young talent. Studies have shown that over one-third of millennials and half of gen Z would be happy to receive part of their salary in crypto.

Digital asset transfers are fast, inexpensive and reliable. Using stablecoins such as USDT or USDC is a simple way to pay in crypto without worrying about the current market conditions.

Get Tipped

Similar to Twitter’s tipping mechanism and systems like Twitch’s, adding a tipping function would allow passionate users and community members to express their gratitude for the team’s work.

Whether it’s to a writer on the content team or a developer working on a community request — make it as simple as possible for the community to show their appreciation.

Take Web3 into the Physical Realm

Got branded merch or tickets to IRL or online events? Using an on-ramp makes it incredibly simple for your community to purchase goods from your website using crypto or fiat currency.

And Mercuryo’s Banking-as-a-Service (BaaS) makes it easy for you to leverage our comprehensive financial infrastructure by implementing modular components including bank transfers, IBAN accounts, and easy access to payment funds.

Worried About Upcoming Regulations for DeFi?

Stay one step ahead of regulations when you partner with an on- and off-ramp such as Mercuryo. We’ll make sure all your KYC (Know Your Customer) and AML (anti-money laundering) are compliant with regulations while you can continue working on your company.

Spend time where your passion and business lies, and we’ll make sure your regulatory admin is complete. Mercuryo also saves you from dealing with bureaucracy and workflows associated with payment processing, which often slows down the purchase process.

A Way to Grow into New Markets

Utilising a product stack like Mercuryo’s allows you to target a much larger audience on a global scale with a higher conversion rate. It’s critical to consider the payment infrastructure available in the countries your business is targeting, as well as the payment system landscape.

Allowing local users to pay using methods they’re comfortable with is one way of ensuring a higher conversion rate.

The Rails to Simple Onboarding

Payment gateways will be a defining and necessary factor for onboarding society into DeFi and Web3. If you’re looking to make your product as accessible and user-friendly as possible, allowing users to easily on-ramp using their traditional payments is a great way to start.

Being able to offer fiat payments for your native token, for instance, is a simple way to gain more stable conversion rates. Studies have shown having at least three different payment options is a sure way of increasing conversion rates by as much as 30%.

Next Steps

You’re ready to start integrating an on-ramp into your dApp? Great! We have already partnered with over 200 industry names such as Trust Wallet, Ledger, Unstoppable Domains and Huobi.

When you become a part of the wider Mercuryo ecosystem, you gain far more than our product stack. Get in touch with our team today.

Originally published at https://blog.mercuryo.io.

Uses for Payment Gateways in the DeFi Industry was originally published in Mercuryo on Medium, where people are continuing the conversation by highlighting and responding to this story.

The Polkadot Ecosystem
Launched in May 2020, Polkadot (DOT) has claimed a spot as a premiere Layer-0 blockchain in the space. Developed by Ethereum co-creator Gavin Wood, the network uses an alternative structure to conventional blockchains, designed to increase inter-chain interoperability and a more seamless transacting experience.

Structure

Polkadot achieves interoperability and high transaction processing capacity through the use of a Relay Chain that reconciles all transactions taking place on independent, user-generated parachains.

1. The Relay Chain

The Relay Chain can be considered the backbone of Polkadot’s network architecture, serving as the overarching mainnet reconciling all transactions into a distributed, immutable, ledger.

2. Parachains

Parachains are user-generated, fully customisable protocols built by developers using the network. Parachains feature different projects on their own unique blockchains, providing a rich environment for continued development and linked together by the relay chain.

Consensus

Like most Layer-0 protocols developed since 2017, Polkadot foregoes conventional Proof-of-Work (PoW) for a far leaner Proof-of-Stake consensus increasing scalability and encouraging decentralisation.

Polkadot’s form of consensus is termed Nominated Proof of Stake (NPoS), and consists of two primary roles — validators and nominators. Validators are responsible for the production of new blocks on the network via nodes, while nominators constitute individuals wishing to stake their DOT. Nominators are free to choose which validator they wish to support — a system meant to encourage greater decentralisation and democratisation on the network.

Users may also participate in network activities by acting as collators (tracking and submitting parachain transactions to the relay chain).

Utility

Polkadot’s native token, DOT, allows users to vote on protocol decisions through governance, while also enabling holders to earn rewards from participating in staking on the network.

Polkadot’s main value proposition is the interoperability the chain aims to provide, which is currently a pressing issue in a space with hundreds of competing, largely isolated, networks.

Community

Polkadot has gained a loyal, sizable following due to its unique architecture and popular parachain-based projects. Individuals wishing to participate in network activities can join Polkadot’s ambassador program to encourage further adoption. Further, the protocol hosts regular meetups around the world, leveraging its diverse community to brainstorm and promote fresh innovation.

Ecosystem

Polkadot boasts a variety of cross-sector protocols for diverse use cases, spanning lending, identity, decentralised exchanges, and smart contract protocols, among others. In addition, Polkadot has developed a thriving sibling chain with an almost identical codebase — Kusama (KSM). Kusama acts as a looser testing environment for developers wishing to build on Polkadot, allowing teams to stress-test their products before deploying to Polkadot in order to safeguard network integrity.

Future of Polkadot

Being just over two years old, with parachains being live for less than a year, the Polkadot ecosystem is undeniably young by crypto standards. Its architecture stands out as a unique approach to scalability that goes beyond simple PoS to champion interoperability.

The use of Kusama as a testbed bolsters network security in an industry where vulnerabilities are exploited ruthlessly, making Polkadot more resilient to external attacks. While adoption on the network has not yet enjoyed the same volume as competing chains like Solana and Binance Smart Chain, its structure provides a solid foundation for developers to further iterate and innovate as we move toward mass adoption.

Though it’s anyone’s guess how the market will unfold, it’s good to keep note of the major projects like Polkadot, who keep their heads down with a laser-focus on building. After all, history tells us that slow and steady oftentimes wins the race.

Originally published at https://blog.mercuryo.io.

Powering the Growth: Overview of Polkadot’s Ecosystem was originally published in Mercuryo on Medium, where people are continuing the conversation by highlighting and responding to this story.

Allow your business to grow rapidly by focusing on core offerings while BaaS providers handle the licensing and infrastructure required to seamlessly integrate these payments solutions.

The bureaucracy of traditional financial systems means that getting your business’s funds from A to B can require wading through swathes of red tape. Modern fintech companies have their hands full, handling licensing and compliance, on-ramping crypto, and off-ramping earned crypto to fiat.

Enter the Solution: BaaS

Banking-as-a-Service (BaaS) cuts through the red tape — allowing businesses to grow rapidly by focusing on core offerings while BaaS providers handle the licensing and infrastructure required to seamlessly integrate these payments solutions.

How Does BaaS Work?

Mercuryo’s BaaS implementation provides businesses with the modular components to build a feature-rich, scalable and customisable financial solution for users.

The use of virtual IBANs, such as those provided by Mercuryo, are the key to enabling frictionless cross-border payments for fiat settlement and fiat-crypto transactions. BaaS users can generate their own unique IBANs in the name of owners or companies.

By bypassing the need to open a business bank account and leveraging the Banking-as-a-Service providers’ host of EMI licences, companies can simplify their payments processing with a single API integration.

What Are the Benefits of Banking-as-a-Service?

Beyond the time and cost savings afforded by Banking-as-a-Service technology, BaaS providers offer an array of complementary services to bolster businesses’ payments infrastructure.

At Mercuryo, these include AML (anti-money laundering) and compliance monitoring, as well as security in the form of fraud monitoring and PCI-DSS standard card data storage. Additionally, Mercuryo provides expansive global coverage — currently spanning 135 countries, 33 supported fiat currencies, and a growing list of major cryptocurrencies.

If you’d like to streamline your payments solutions and focus on what really matters, learn more about Mercuryo’s Banking-as-a-Service offering .

Originally published at https://blog.mercuryo.io.

Understanding Banking-as-a-Service (BaaS) was originally published in Mercuryo on Medium, where people are continuing the conversation by highlighting and responding to this story.

Even for those with little knowledge of the space, crypto has come to be characterised by its high volatility and rapidly shifting complexion. Since Bitcoin’s inception in 2009, crypto has made its way to the mainstream through successively higher bursts of momentum, first gaining the attention of mass media in 2017, and now firmly entrenched following crypto’s latest ascension to a >$2T valuation.

However, rapid growth introduces fresh challenges. At present, there remains a distinct bottleneck for rapid onramping, particularly when the market is running high.

For many new entrants, this bottleneck constitutes a lack of options for easy on-ramping. It generally requires aspiring investors to rely on EFTs and SWIFT to deposit funds to exchanges and convert to crypto. This latency (up to 2–3 business days in some instances) presents a major barrier to entry in a market that moves at lightspeed with unprecedented volatility.

The difference between claiming a good entry or missing the move entirely is often a matter of minutes. It logically follows that many prospective market entrants can be dissuaded by this inconsistent time to finality. Further, time-consuming KYC/AML procedures can be an additional deterrent to aspiring investors.

Access to DeFi & On-Chain Activity

In its present form, accessing Web3 directly requires at least a basic understanding of blockchain technology. Asking non-native investors to create their own wallets, navigate explorers, and understand the dynamics of network congestion is an incredibly challenging undertaking. Additionally, transaction fees during periods of major network activity on Ethereum have eclipsed $400 for simple transactions — effectively pricing out new entrants.

As seen below, even with gas at a yearly low, transactions still cost in excess of $10. However, the advent of low-latency networks and Layer-2 solutions, coupled with the deployment of ETH 2.0, could go a long way to breaking down these barriers to entry.

Mercuryo’s Contribution

Mercuryo’s infrastructure is built with a usability-first approach, understanding that user experience is a fundamental driver of mass adoption. Our on- and off-ramps offering is utilised by the likes of Trust Wallet, allowing for speedy onboarding to non-custodial accounts. Moreover, Mercuryo’s expansive currency support includes dozens of fiat options and cryptocurrencies, along with a variety of payment methods, like Apple Pay and Google Pay.

To achieve the common goal of mass adoption, it’s vital that the industry provides everybody with easy access to financial products , regardless of geographical location or means. By integrating with a host of local banks across countries and supporting an ever-growing list of fiat currencies, Mercuryo is taking strides to realise a future with universal, low-cost access to financial services at the forefront of current innovation.

Originally published at https://blog.mercuryo.io.

Payment Rails and Adoption — Two Sides of the Same Token was originally published in Mercuryo on Medium, where people are continuing the conversation by highlighting and responding to this story.

In March 2022, we surveyed consumers and businesses in the UK and US regarding utility and attitudes towards cryptocurrencies.

Read the report

A Turning Point

At what point will we be ready to say that cryptocurrencies have irrevocably entered our lives? We hope, through research such as this, we can start to see an inflexion point — a moment in time Mercuryo can pinpoint and say This is where cryptocurrency truly becomes indispensable to the average business and consumer.

By monitoring common views, and the most interesting opportunities for individuals to use cryptocurrencies, we can continue developing products that allow the most seamless implementation of crypto solutions into everyday life.

Key Takeaways

• 68% of consumers would like to use cryptocurrencies to pay for goods online
• 51% of US consumers would be more inclined to shop with brands that accept crypto payments
• 66% of crypto users in the UK value their digital assets up to £2500

Discover the crypto payments landscape’s outlook and how best to utilise these findings in your business and beyond.

Read the full report today

Originally published at https://blog.mercuryo.io.

The Cryptocurrency Payments Landscape 2022 was originally published in Mercuryo on Medium, where people are continuing the conversation by highlighting and responding to this story.