The payment industry is poised to embrace cryptocurrency in 2022, with disruptive innovations like crypto and Buy Now Pay Later (BNPL) becoming mainstream topics. According to PR Newswire, major players in the sector have already begun integrating cryptocurrency solutions, evidenced by acquisitions such as PayPal's purchase of Curv and Nuvei's acquisition of SimplexCC Ltd.
The Rise of Cryptocurrency in Payments
Global market intelligence suggests that cryptocurrency will be a pivotal theme for the payment industry in 2022. Companies with entrepreneurial divisions are expected to invest heavily in crypto ecosystems, while mainstream providers scramble to recruit crypto talent. Firms that delay adopting cryptocurrency solutions risk falling behind competitively.
Key players currently active in crypto payments include:
- Hello Pal International Inc.
- Tokens.com Corp.
- Marathon Digital Holdings, Inc.
- HIVE Blockchain Technologies Ltd.
- Hut 8 Mining Corp.
- Microsoft
Although Microsoft began accepting Bitcoin for digital products as early as 2014, widespread adoption remains limited. However, rising consumer interest has reignited focus on crypto payments. For instance, Airbnb's CEO noted that offering cryptocurrency payments ranked highly in recent consumer surveys. The company plans to roll out crypto payment options in 2022 for marketing and PR purposes.
Simplifying Crypto Acceptance
Payment providers like ACI Worldwide, Inc. and RocketFuel Blockchain Inc. are collaborating to streamline cryptocurrency acceptance for merchants. Crypto has also become a must-have feature in financial apps—PayPal and Venmo LLC introduced crypto trading in 2021, with at least one major financial institution expected to launch crypto payment services in 2022.
Hello Pal’s Social-Crypto Platform Expansion
Hello Pal International Inc., a language-learning and social-crypto platform, launched two video chat apps:
- DogeChat: Payments via Dogecoin and other cryptocurrencies.
- DoggeChat: Payments through Apple App Store and Google Play using fiat currency.
These apps mark Hello Pal's expansion into one-on-one video chat while integrating crypto payments into its social and streaming ventures. The move aims to bolster its existing crypto-mining operations and attract new users to its ecosystem.
👉 Discover how leading platforms are adopting crypto payments
FAQ Section
1. Why are companies like Airbnb adopting cryptocurrency payments?
Cryptocurrency payments cater to growing consumer demand and offer marketing advantages, such as enhanced PR and customer engagement.
2. Which financial institutions might launch crypto payment services in 2022?
While specific names aren’t confirmed, industry analysts predict at least one major bank or fintech firm will introduce crypto payments this year.
3. How does Hello Pal’s DogeChat differ from DoggeChat?
DogeChat uses cryptocurrencies like Dogecoin for payments, while DoggeChat relies on traditional fiat transactions via app stores.
4. What challenges does cryptocurrency face in mainstream payments?
Scalability, regulatory hurdles, and consumer education remain key barriers to widespread adoption.
5. Are crypto transactions secure for everyday payments?
Blockchain technology ensures secure transactions, but users must follow best practices (e.g., secure wallet management) to mitigate risks.
👉 Explore the future of crypto in global payments