A payment insight resource says Ripple is moving to make crypto payment mainstream in eCommerce.
According to PYMNTS, a leading resource for payment intonation-based data, Ripple has set its sights on transforming every eCommerce company into a crypto-enabled entity.
PYMNTS reached this conclusion following an interview with Brad Chase, Ripple’s Head of Liquidity Products.
.@Ripple wants to turn every eCommerce company into a crypto company. Click here to get all the inside details from our conversation Brad Chase: https://t.co/fEE93inCpH #Ripple #XRP pic.twitter.com/aLjgXZhKuZ
— PYMNTS (@pymnts) September 12, 2023
Crypto Appeal in eCommerce
In the report, PYMNTS highlighted that the digital age has firmly taken root. It added that the situation now makes it imperative for online merchants to stay at the forefront of innovation to maximize their reach and profitability.
Furthermore, PYMNTS cited that Ripple’s vision is to enable eCommerce players to leverage the advantages of cryptocurrencies. Moreover, during the interview with PYMNTS, Chase stressed the growing appeal of cryptocurrencies in the online landscape.
In his words:
“… if you think about this new digitally native, tech-savvy customer segment that is emerging, they hold crypto, and they want to use it for payments.”
Chase further argued that eCommerce players accepting cryptocurrencies differentiate themselves from the competition as it shows they embrace innovation in their dealings, fulfilling customers’ wants.
Additionally, PYMNTS highlighted that eCommerce integrating crypto payment stands to gain more than just customer retention.
Citing Chase, the firm said crypto brings more to the table for eCommerce players, given its 24/7/365 availability and global accessibility.
“That’s a big shift compared to the way that legacy financial systems and rails work,” Chase remarked.
Crypto Offers More
Also, Chase highlighted the rich data source crypto payments provide. According to him, crypto-based data can be harnessed for compliance, fraud prevention, and gaining valuable customer insights.
Furthermore, Chase spotlighted the emergence of tokenized assets and stablecoins representing non-blockchain-native crypto assets. He noted that emerging payment technologies require interoperability to reach their full potential.
According to him, Ripple is addressing this challenge by developing products like Liquidity Hub, simplifying the adoption of crypto payments for enterprises.
Chase drew a parallel between crypto adoption and internet companies’ ubiquity. He said:
“The same way that no one asks if you are an internet company now because everyone is, that’s what we see happening with crypto.”