2021 was one of the most prolific years for crypto as many companies, countries, and markets became closer to accepting Bitcoin as a payment tool. The development of cryptocurrencies as a means of payment is still rapidly growing. Events of the past year have contributed to the fact that crypto in payments has become a point of interest for many businesses.
Now, we are going to speak about Mercuryo, one of the innovative companies that offer solutions in this field. We have invited Greg Waisman, co-founder, and COO of Mercuryo where he oversees the internal work of different departments and manages communication between them.
Mercuryo is a worldwide payments network that provides a cryptopowered toolbox of payment solutions for businesses available through a single integration. The company’s mission is to give easy access to any enterprise or individual user who wants to conduct transactions in crypto. In this interview, Greg Waisman will reflect on the pros and cons and some business tips for using crypto in payments.
- In detail, what is Mercuryo?
Mercuryo is a global payments network that aggregates payment solutions and provides fiat and crypto payment and payout options for businesses. Founded in 2018 and with over 200 members in our team, today, we operate a leading global digital asset payment gateway.
Our goal is to make international crypto-powered transactions possible in a simple and straightforward manner. In other words, we bind together conventional and crypto finances, offering a simple, all-rounder solution for any business.
Mercuryo offers personalized solutions in accordance with the client’s individual needs. Modern businesses worldwide need to conduct international payments swiftly, and at low costs, so we decided to utilize cryptocurrencies as a basis for next-gen cross-border transfers. In doing so, we can overcome such hindrances as high transaction fees, slow transfer execution speed, etc.
- What do you think about the present state of crypto payments?
Giants like Microsoft, Coca-Cola, McDonald’s, Starbucks, PayPal, and Expedia have integrated crypto (Bitcoin in particular) into their services. El Salvador’s acceptance of Bitcoin as legal tender is another reason to celebrate.
Talking of global finance, banking organizations like JP Morgan and Goldman Sachs offer crypto-related services (including payments) to their clients. JP Morgan, for example, created a digital coin called JPM Coin for instantaneous blockchain-powered payments. It is about time we recognize the potential of blockchain in global finance and explore its applications.
One of the most important applications of blockchain in years to come will be in driving cost reduction of payments and, in particular, cross-border payments. According to a 2021 report by Juniper Research, implementing blockchain in cross-border payments will lead to $10 billion in savings by 2030.
- Are there any industries you believe would particularly benefit from using crypto payments?
The retail market comes across as one of the most prominent possibilities. Consumer demand for fast, frictionless transactions leads to the growing number of online merchants worldwide that accept crypto as a payment method.
Although there are some reservations about incorporating Bitcoin and other cryptos into payment systems, even some of the leading retail brands, including the likes of Walmart and Amazon, are considering allowing their customers to pay for various products in crypto. In the future, it is possible that many retail stores would even install crypto ATMs on their premises for further convenience of customers who want to pay with cryptocurrencies.
Apart from retail, gig and creator economy, as well as many other rapidly evolving digital industries are in need of efficient and instant payment solutions as well.
- What do you believe is holding back more widespread crypto payment acceptance?
To my mind, the most crucial issue that can be noted here is that while many companies in the traditional fiat world may be aware of cryptocurrencies and even show interest in them, at the present time, they have no idea how to integrate crypto properly into their services.
Each company has its own business infrastructure – figuring out how crypto would fit into that is a complex process with no readily apparent solutions. It requires time and resources that many businesses are simply not willing to spare on something that may not even work out. Therefore, many are hesitant to even make attempts. And the unclear regulatory environment is not helping either.
- What is the biggest benefit to businesses of using crypto payments? Why do you consider them better than traditional modes of payment?
More and more businesses are finding that their clients are willing to engage via crypto – many of them are millennials, a tech-savvy generation that doesn’t shirk away from innovative solutions. Consequently, adopting crypto gives businesses the ability to engage efficiently with new demographic groups.
From a purely financial standpoint, adopting cryptocurrencies allows companies to improve treasury activities, such as enabling simple and secure money transfers, and helping strengthen control over the company’s capital.
According to the survey of 501 senior financial decision-makers that we have conducted in the UK, more than half of businesses believe that crypto-powered payments will give them a competitive edge. Moreover, ⅗ of respondents reported an increased demand from customers and suppliers to offer a crypto payment option. It seems like the market is ready to embrace the change.
- Can you give us an overview of Mercuryo’s payment system?
As previously mentioned, we are a service that bridges the fiat and crypto worlds – what Mercuryo offers is a payments gateway solution for companies in both fields.
We develop solutions where crypto and fiat both work together: fiat on-ramps (buy crypto with bank cards), fiat off-ramp (sell crypto and get paid with any cards), fiat in and out products to allow traditional payments for crypto companies, embedded solutions for crypto-related services for traditional fiat companies, support for fintechs to provide a wide range of crypto/fiat services within the framework of a company’s interface. And Mercuryo is continually working to offer new services, such as IBANs, bank cards, and much more.
We present traditional businesses with a way to easily enter and exit the crypto world with ease. Businesses like banks, neobanks, online platforms, streaming services, etc., can take advantage of all the opportunities of blockchain and crypto to settle their payment needs while remaining within the rules of traditional finance. As a constructor, we offer solutions for each client made from our individual products. And this is where we see the market’s needs.
Bottom line
Mercuryo is a worldwide payments network that combines payment technologies and offers companies fiat and crypto payment choices. It also provides tailored services based on the client’s particular demands.
According to Greg Waisman, present-day enterprises have little to no idea how to incorporate cryptocurrencies into their operations. And that is precisely why Mercuryo was created and tailored to offer services to such enterprises.
With pre-made solutions readily available, companies that seek to adopt crypto don’t have to worry about technical complexities and can continue to perform their business functions as usual. This sense of simplicity, in turn, helps drive cryptocurrency adoption further, allowing it to mix with traditional finance in an unobtrusive manner.
Disclaimer: The views and opinions expressed by the author should not be considered as financial advice. We do not give advice on financial products.