Electrocoin, a leading processor of crypto-related payments, has commenced a partnership deal with a Croatian-based gasoline company, Tifon, to ensure that buyers can pay for a full tank using cryptocurrencies. A local newspaper reported that customers who would like to refuel at the station are now free to make payments with some cryptocurrencies, including Bitcoin, Ethereum, and more.
The firm will launch the integration of PayCek, a crypto-based system powered by Electrocoin, to enable customers to pay with any of their preferred payment options. The firm’s Chief Finance Officer added that the management is looking up to foreign clients to help accelerate the crypto industry expansion in Croatia. This is because foreigners prefer crypto transactions.
Using Cryptocurrencies to Make Payments to Become More Polular in the Nearest Future
Many people prefer to use crypto-assets for payment partly because of the lockdown brought about by the COVID-19 pandemic. Some countries still frown at the cross-border movement to curtail the spread of the pandemic. Meanwhile, there has been a rapid fall in the COVID-19 cases in the country.
The CEO of Electrocoin also remarked that the collaboration between his firm and Tifon was borne out of the growing resolve by institutions in various sectors to recognize and accept crypto payments. After that, he gave a detailed explanation of how the payment system would be. The firm’s CEO explained that, for instance, if a person buys gasoline for $500 and would like to pay using one of the cryptocurrencies, Electrocoin would inform Tifon using their payment system that they have been able to process the transaction.
Immediately, the oil and gas company will receive their $500. He added that when Bitcoin was founded eleven years back, its purpose was solely for making transactions. But now, people have diverted the attention from payment to investment. However, the partnership between the two firms is one way other individuals and financial institutions will wake up to reassess the primary reasons Bitcoin was created.
Advantages of Accepting Crypto Payments
There are many benefits that a company will derive from accepting crypto payments, such as Bitcoin, Ethereum, and more. For instance, if customers see different payment options like Paypal, Mastercard, etc., they’ll be glad to choose the most convenient method. Bitcoin is unique in the sense that its transaction fees are lower than that of others.
Instead of customers paying higher transaction fees like 2% charged by debit card companies, customers may prefer to go for the cheapest of all, Bitcoin. The range of what cryptocurrencies will charge you will be between 0.5 and 1 percent. Often, you don’t even pay anything for having a crypto account. Apart from the transaction, one of the best ways of boosting a company’s growth and development is to accept payment with globally recognized means of payment.
Though the CEO claimed that crypto transactions are still at their initial stage, Croatia has made a significant move to promote and implement the crypto asset. In 2019, Electrocoin partnered with Croatian Post to allow people to withdraw their cryptocurrency at the country’s post offices in some parts of the country.