Cryptocurrency Fintech North America Paytech

Wix To Allow Payments With Cryptocurrency

BitPay’s blockchain payment rails are to be integrated with Wix’s eCommerce platform, allowing merchants to transact crypto-based payments.

The blockchain payments provider has become the newest edition to the SaaS platform; who have been busy enhancing their service. Back in June, Wix announced plans for a similar integration with the digital wallet provider Skrill, allowing merchants to accept payments via credit cards, debit cards, and local payment methods across 40 different currencies, and to more than 80 banks.

As the popularity of crypto-based payments increases, merchants and services providers are beginning to look more into this realm of payment technology and the benefits it carries.

The integration is set to provice Wix eCommerce merchants with the opportunity to expand their sales and retail reach by attracting first-time buyers who prefer to pay with Bitcoin or other cryptocurrencies. Attitudes toward this form of paytech are changing, and it’s more often Gen-Z buyers who are leading the shift in public opinion.

According to a study by Forrester Consulting, commissioned by BitPay, merchants offering a crypto payment option often see a twice-fold increase in the average of their order values, as buyers who pay with cryptocurrency tend to spend more than other customers.

Thanks to the integration with BitPay, Wix merchants will now be able to accept payments across 12 different cryptocurrencies, including:

  • Bitcoin (BTC)
  • Bitcoin Cash (BCH)
  • Dogecoin (DOGE)
  • Ethereum (ETH)
  • Litecoin (LTC)
  • Wrapped Bitcoin (WBTC)
  • XRP (in certain countries)

And 5 USD-pegged stable coins, including:

  • BUSD
  • DAI
  • GUSD
  • USDP
  • USDC

The total market cap of these accepted cryptocurrencies exceeds $1.4 trillion, accounting for nearly 70% of the global crypto market cap (as of October 4th, 2021).

Stephen Pair, CEO, BitPay
Stephen Pair, CEO, BitPay

“Wix is one of the largest and most widely used web development platforms with over 210 million users, so this is another step forward in moving cryptocurrency mainstream,” said Stephen Pair, BitPay’s CEO. “Businesses can get to market quickly and capture incremental sales by tapping into the massive trillion-dollar cryptocurrency marketplace.”

BitPay transaction fees are lower than those of other traditional payment types, eliminating chargebacks and limiting potential fraud, enabling those who accept cryptocurrency payments significant savings.

“We’re continuing to integrate with innovative payment partners to offer Wix merchants even more payment options to offer their customers,” said Omer Shatzky, Head of Billing and Payments at Wix. “With BitPay, Wix merchants have access to a whole new market of customers who prefer to pay with Bitcoin and other cryptocurrencies and an avenue for their business to tap into the growing cryptocurrency market.”

The first stage of the service has now gone live for Wix merchants in the US and Canada in North America, alongside Germany and the UK in Europe, Brazil in South America, and in Australia too.

Author

  • Tyler is a Fintech Junior Journalist with specific interests in Online Banking and emerging AI technologies. He began his career writing with a plethora of national and international publications.

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