As Whitepay brings blockchain tech to make payments in Ukraine, its residents can buy different products, including electronics, with the help of a wide range of cryptocurrencies instead of traditional payment methods.
Ukraine-based digital asset exchange Whitebit is the one that has introduced and enabled crypto payments to a few of Ukraine’s largest tech stores.
As reported by Forklog, two of the biggest online retailers in the electronics sector who will be using this technology for payment are Techno Їzhak and Stylus.
European-based crypto exchange Whitebit developed a payment processor or gateway in its ecosystem called Whitebit. They specialize in enabling crypto payments for businesses, ensuring they streamline the entire process and providing a secure payment method. They introduced this technology to Ukrainian tech stores.
With the help of their merchant account, businesses can offer crypto payments to customers as an alternate payment option. Their option to pay via the one-click method is very popular and improves customer satisfaction when making the payment.
Their service funnel includes everything from top to bottom with API integration, onboarding of merchants, and solutions to implement secure transactions.
It also provides businesses with a CMS, which helps them manage their customers, analyze their performance, and reach out to them via multiple mediums such as mobile phone, email, and live chat.
It is not simply a payment system but a holistic platform for managing sales and performance.
Adopting new technologies is one of the most critical factors for businesses to thrive in this highly competitive world, especially in the tech sector.
You either adopt and prosper or don’t adopt and stay behind. So, in this new era of emerging and cutting-edge technologies, especially in the fintech world with the advent of blockchain technology and cryptocurrencies, payment through crypto is not a luxury but a necessity compared to traditional payment methods.
Hence, following the trend, Whitepay introduces a crypto payment method to Ukraine’s tech stores, boosting the crypto adoption rate in Ukraine.
With the introduction of this alternate payment system, users can now choose not to pay through bank transfers, debit or credit cards.
As part of the cryptocurrency payment solutions, Whitepay accepts not only the popular cryptocurrency tokens but more than 130 digital assets; it gives an excellent opportunity to these businesses to cater to all kinds of customers, thereby increasing their reach significantly.
Cryptocurrency offers a highly secure payment option. The security is maintained as the transactions happen on-chain, and no 3rd party can steal the customer data, which is often the case in debit and credit cards; it will reduce the number of identity thefts that happen with the traditional modes of payment.
As mentioned, Whitepay enables businesses to focus on their products and services. It provides full-scale service catering to different aspects of sales and promotions apart from enabling secure crypto transactions all over Ukraine.
With the help of the CMS provided by Whitepay, businesses can keep track of their customers, measure sales performance, and design marketing strategies accordingly.
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Cryptocurrencies or digital assets use blockchain technology and cryptography to ensure transactions are carried out with enhanced security. Since cryptocurrencies are decentralized, they cannot be controlled by centralized institutions such as a central bank or government.
This anonymity and decentralized nature are what attract customers the most. Crypto is also the sector in the tech industry where most current innovations are taking place.
The cryptocurrency payment option was introduced as an alternative payment method by Whitepay in Ukraine for this very purpose. It gives users additional control of their finances.
Apart from online payments, Whitepay has installed PoS systems in many offline stores, offering customers to pay with crypto or traditional methods, i.e., debit cards, credit cards, or cash. It was also pointed out as one of the most important aspects by Whitepay CEO Gleb Udovichenko.
These PoS terminals help customers by calculating the amount they owe, generating invoices, and recording transactions.
It speeds up the process by giving the option to scan the QR code. Customers can scan them with the help of their smartphones and make the payment immediately without much hassle.
It indicates that crypto tech has only enhanced the experience of payment for customers. As more and more countries follow Ukraine’s footsteps in Europe, they can become the new normal and replace fiat currencies.
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Following the macroeconomic factors in Ukraine, President Zelensky provided a legal framework for Bitcoin by signing the “On Virtual Currency” measure law in March 2022.
This step by the Ukrainian government lifted the previously established restrictions, blocking them from accepting donations in Bitcoin.
As a direct result of this step, the country’s demand for Bitcoin and other crypto has significantly increased.
There are many cryptocurrency owners in Ukraine, but there is always room to grow for cryptocurrency adoption. Ukrainian govt. also received a large number of cryptocurrency donations.
Although crypto is decentralized, anonymous, and provides a great payment platform with low transaction fees, it is also highly volatile. Extreme price fluctuations can cause a severe dent in the customers’ funds. There are also frequent reports of hacks and thefts from centralized crypto exchanges.
Hence, one should always learn about digital money before depositing a significant amount in these exchanges. It is advisable to use decentralized wallets to ensure security.
Whitepay offers a secure payment platform and a seamless transaction experience with payment through cryptocurrency for customers compared to conventional payment systems. So as Whitepay introduces crypto payments to Ukraine’s tech stores, It has not only created a positive impact but has given the tech industry a huge boost.
It enables the users to pay the retailers directly from their cryptocurrency wallet, eradicating the extra tedious step of converting the crypto to fiat and then making the payment.
Whitepay does it for the customer and automatically converts the crypto payments in tech stores to fiat at the current exchange rate.
So, finally, one should use this service, but all crypto holders must be cautious at the same time as anyone should be with money.
Disclaimer: The information provided in this article is for informational purposes only and should not be construed as financial advice. The author’s opinions are their own and should not be taken as a recommendation to invest in any particular product or service. It is strongly advised that you consult a financial advisor before making investment decisions. Investing always carries risk, and it is up to each individual to consider their options and make informed choices carefully.
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