Do you believe that in five years every second transaction in e-commerce will be settled on blockchain? No? Well, that’s what people thought of plastic credit cards versus cash a few decades ago when it came to traditional stores.
There is no doubt that Web3 will drastically transform the way e-commerce operates. Using cryptocurrency payments in e-commerce stores will become just as common as accepting PayPal, Klarna, Visa or Mastercard. Stores that don’t adapt their e-commerce platforms to accept cryptocurrencies will soon find themselves out of business.
How Web3 has changed the e-commerce landscape
Thanks to the converging forces of Web3 — blockchain, decentralized finance (DeFi), AI and machine learning — new, smart algorithms can analyze and adapt to provide user-centric experiences. In addition, Web3 will be much more inclusive than previous versions of the Web. The decentralized nature of Web3 creates the perfect platform for the fast and transparent flow of information that’s not subject to censorship by a central authority.
In addition, Web3 eliminates intermediaries like Facebook that take a cut of users’ cash (and personal data) when they buy something online. At the same time, all the details of our transactions are public — for better or worse. Enhancing the security and convenience of online transactions will increase the volume of e-commerce transactions and encourage businesses to adopt crypto payments.
Related: Latin America is ready for crypto — Just integrate it with their payment systems
As more businesses move from Web2 to Web3, many merchants and consumers have begun using crypto payment solutions.
In Web2, most online payment platforms such as PayPal and Stripe charge transaction fees of around 4%. This, of course, makes it difficult for businesses to stay competitive without raising prices. Not only are crypto payments frictionless, but they’re also gaining traction as a payment method. With stablecoins today, people no…
