Crypto.com on Wednesday (Sept. 1) launched a beta version of a recurring payments feature for the company’s Pay merchants.
This new feature “enables merchants to introduce subscriptions for their products and services, and accept periodic payments from customers seamlessly, at no additional cost,” according to the Crypto.com announcement.
This enhancement is an entirely automated process, which differs from current industry offerings. Once customers set up their recurring payments account, all subsequent payments will be deducted from a designated Crypto.com app wallet until the end of the subscription period.
Recurring payments allows merchants to curate a list of subscription products and services and configure sale prices and billing periods via their dashboard. Customers can then pay in more than 20 cryptocurrencies, including Bitcoin, Ethereum, Dogecoin, Litecoin, Tether and Crypto.com Coin through the Pay feature in the Crypto.com app.
Stephen Pair, CEO of BitPay, recently told PYMNTS’ Karen Webster that there’s an optimal way to approach cryptocurrency regulation: carefully and cautiously. It’s just a matter of time before regulations and merchant acceptance converge to bring bitcoin and other cryptocurrencies into the mainstream.
“Ultimately at the end of the day, if people do not derive some kind of real value out of these cryptos, then it’s just a bunch of speculative trading — and that’s not really sustainable,” Pair told Webster.
Gavin Michael, CEO of blockchain asset management firm Bakkt, told PYMNTS’ Karen Webster that a successful payments and commerce network accommodates all types of digital dealings — from currencies to cryptos, to rewards points and more. Converting digital assets into spendable or sendable cash could unlock as much as $1.2 trillion in value stored in those assets, he said.
A May PYMNTS survey shows that 57% of cryptocurrency owners have made a purchase using digital currrency in the past year.