Online stores are increasingly accepting cryptocurrencies as payment. PayPal has already introduced this option in the US and has announced its launch in Europe, among other regions.
This is the result of the growing popularity of virtual currencies – there are already around 70 million Bitcoin wallets worldwide – as well as the globalisation of the e-commerce market. Polish e-sellers should also start thinking about preparing for these changes, especially those who want to reach foreign customers.
Cryptocurrencies Enter E-Commerce
PayPal Introduces Crypto Payments
At the end of March, PayPal enabled payments for online purchases in the United States using cryptocurrencies such as Bitcoin, Litecoin, Ethereum, and Bitcoin Cash. Until now, such a solution was technologically demanding. Now, the exchange of virtual currencies into dollars is free and automatic, and this option appears alongside other payment methods such as bank transfer or credit card. In the coming months, the service may be extended to European Union countries.
It is possible that Polish sellers will soon also offer customers the option to pay for food or electronics in virtual currencies. This will make shopping easier not only for cryptocurrency holders but also for consumers from abroad, among other things by reducing the costs of international transactions and currency exchanges.
Polish E-Stores Are Increasingly Selling Abroad
Cryptocurrencies for Global E-Commerce
Cryptocurrencies in E-Commerce: An Opportunity for Polish Stores
E-stores can sell and ship their products to almost anywhere in the world. Both large players with the right infrastructure and sellers of niche products unavailable in every local market benefit from globalisation.
Many Polish e-store owners have decided to invest in selling abroad. However, operating in the international market requires adapting to the needs of local markets. This is not only about the availability of several language versions or changing product descriptions, but also about providing the ability to choose preferred payment methods. Data from PrestaShop shows that 9 out of 10 foreign customers choose to pay via PayPal rather than local providers. In the first quarter of 2021, as many as 92% of transactions processed in Poland through PrestaShop Checkout involved shipping outside the country.
– Foreign customers often have different habits when it comes to paying online. Poles willingly choose PayU, Przelewy24, or Blue Media. Germans or Americans, on the other hand, are used to PayPal – emphasises Matthieu Bondu, Country Manager for Poland at PrestaShop. Introducing cryptocurrency payments is a nod to a growing group of customers, including those from outside the country. As soon as this option becomes available in our market, in many cases installing new solutions will not be necessary. A large proportion of Polish stores already have a module that will automatically enable this option – adds Bondu.
Sources:
Statista data
Summary
PayPal is expanding cryptocurrency payments into e-commerce, which may soon cover Europe, including Poland. Virtual currencies are gaining importance – there are around 70 million Bitcoin wallets worldwide. Polish sellers who want to attract foreign customers should prepare for this change, as 9 out of 10 international transactions are made through PayPal.
Data from PrestaShop shows that in the first quarter of 2021, 92% of cross-border payments used this method. The introduction of cryptocurrencies could lower the costs of international transactions and attract new customers, especially from markets where PayPal dominates.
