Cryptocurrency, particularly Bitcoin, has burst out of the confines of the tech-savvy and the economically aware into the minds of everyday people. However, while cryptocurrencies are now increasingly well-known and there is a market of interested users out there, there are often high barriers to entry for new users on crypto platforms. Where do we see improvement opportunities?
How do consumers currently buy crypto in ANZ?
The current journey to purchasing a cryptocurrency is not short. To start, every new user needs to find a currency exchange; and with dozens available, all offering different fees and systems, this can be quite daunting. After selection, a user needs to go through an intensive customer due diligence process to register with their platform of choice, create an account, make a bank transfer or even pay at a newsstand to buy their digital currency of choice, then transfer those coins to another platform in order to finally be in a position to purchase their currency of choice. The whole duration from initial interest to completing a trade of a digital currency can be lengthy.
How can this be improved?
Every additional step throughout the journey increases the chance of a customer hesitating and deciding against an investment. With cryptocurrency, there is a higher risk of customers turning away because of the sheer number of steps involved. While some stages can’t be further streamlined, we believe the payment process can be improved.
Crypto platforms that accept fiat deposits from debit or credit cards, see an uplift in deposits without jeopardising security. This is because the customer journey becomes much simpler and faster, while eCommerce best practices ensure transaction authenticity. Worldpay has been supporting card deposits for established global crypto platforms for many years. With our own acquiring licenses, we boast the expertise and necessary technology to consult with and support a new merchant.
What does the future hold?
Card payment is a major opportunity for crypto platforms. With the possible mandate on 3DS2.0 in ANZ from October 2019, it’s easier than ever for customers to securely pay for what they need, while protecting businesses from fraud and risks.
An appeal of cryptocurrency is the stateless, international nature of it. A bitcoin is worth the same regardless of where you are in the world.
It therefore makes sense for currency exchange merchants to start thinking globally. Why just sell to a region, when you could be offering the same service to people across the world? Because Worldpay have expertise and leader status across the world, we’re perfectly positioned to provide the regulatory support required to go global.
At Worldpay, our Advisors are here to help make the journey simpler for customers and make businesses more successful as a result. With help and support, crypto platforms can better