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Cryptocurrency payment adoption in cross-border e-commerce
Cryptocurrency has recently gained interest and adoption from some major brands, marketplaces, and payment processors such as Rakuten, PayPal, eBay, Tesla. This payment gateway is definitely on the radars of retailers across the globe. Cross-border e-commerce operators are also paying attention to the impact that crypto and the blockchain technology on which it's built could have on e-commerce. They would support crypto payment to benefit from quick, secured, transparent transactions, and lower fees while grabbing the worldwide consumer base. Moreover, cryptocurrencies have gained momentum with consumers as a trusted payment option. Consumers would like paying with cryptocurrency to work just like traditional card payments, with discounts and loyalty rewards. Discount and rewards offerings for cryptocurrency users from merchants and brands can be a powerful incentive and an untapped opportunity. With better ongoing consumer education and more mainstream acceptance from merchants, cryptocurrency payments adoption could reach its full potential (Pymnts, 2021). Especially cryptocurrency intrigues potential for cross-border payments - they allow both consumers and businesses to make smoother and swifter transactions. Businesses, FinTechs and financial institutions are all taking rapid steps to move toward this reality, and many of them are building out the key digital infrastructure necessary to facilitate smooth cross-border payments with cryptocurrencies.
FADO Go will accept popular cryptocurrencies as payment methods on our website to provide global customers with more choices besides traditional payment options at the checkout. It’s our strategic move to serve crypto users around the world and expand our markets. At the same time, FADO & FGT tokens, two main cryptocurrencies of FADO Go, can be used to pay for products and services on our platform. FADO tokens will serve as a medium of exchange on our platform while also unlocking additional utility (benefits) that fiat currency cannot.
Into the bargain, acknowledging the price volatility of cryptocurrency which can be a barrier for the wide acceptance of our platform in an everyday commercial way, our novel solution for this problem will potentially create our own stable coin targeting a 1:1 exchange rate with USDT. Being the first of its kind by offering blockchain-based security level for e-commerce without typical price fluctuation issues of tokens, FADO Go’s stable coin will serve as a great example of the latest generation of e-commerce technology and will demonstrate to sellers and buyers how they can benefit from it and how easily they can trade like in usual fiat currencies.
Beyond crypto payment adoption, we will create a buyer, suppliers, and services provider protection program in which we basically leverage a risk-sharing pool governed by Fado members. This pool is used to reimburse buyers and sellers in case they are eligible under our protection program. For example, if buyers receive the wrong thing or nothing, they can be refunded for the full payment amount, including shipping on eligible transactions. If sellers receive an unauthorized payment or a claim an item wasn’t received on an eligible sale, they can keep the full amount. Also, we will use the risk-sharing pool to payout shipping insurance for damaged/lost packages during shipping.