As digitalization in finance continues, lawmakers and financial services will accentuate more on meeting the consumers’ needs with faster and more flexible payment systems. Cryptos bring value to individuals and businesses alike, allowing them to accept crypto payments and adopt digital currencies within their infrastructure. Today, banks require a multifunctional ecosystem that can offer individual and enterprise-level solutions.
The benefits that cryptos brings into payment systems
Cryptocurrencies enable mobile digital banks to provide easily accessible and comprehensive tools to conduct financial operations and payments. This further promotes the need for crypto ATMs to improve payment scenarios with security and transparency. Citing the expansion of cryptocurrencies in the global financial system, MRFR expects the global Crypto ATM market size to grow at a 56.5% CAGR from 2022 to 2030.
People need simple and convenient tools to use cryptocurrencies in their everyday lives. The payments market is looking for a comprehensive and simple solution with a user-friendly interface. At the same time, industry players are developing understandable and convenient crypto ATMs that enable users to open multi-currency bank accounts, make multiple transactions using various currencies, order physical & digital currencies, and more.
These enterprise solutions enable companies to keep pace with the rapidly evolving financial systems and expand their user base by adding new crypto enthusiasts. Simultaneously, people are increasingly moving to crypto assets that can acknowledge their needs. On the other hand, regulators and governments struggle to keep up with the pace of the crypto industry.
How is crypto popularity building blocks for ATMs?
The new-age financial sector is going through a dynamic transformation, demanding advanced systems to satisfy the growing customer demand. The rapidly evolving financial sector is seeing how regulators concentrate their efforts to integrate cryptos and blockchain into the existing payment system, providing many advantages. However, the decentralized nature of cryptocurrencies also comes with its share of risks.
Cryptos and blockchain have become popular, playing a prominent role in building a robust payment ecosystem to support the financial market rapidly approaching the next step. Today, most new-generation mobile digital banks utilize cryptocurrencies in their services, while advances in digital banking and fintech bring crypto and blockchain advantages to be integrated with traditional finances.
Since the beginning of this industry, crypto enthusiasts have highlighted the need for crypto ATMs to manage their funds in any situation, from anywhere in the world. Today, cryptos are used to pay for goods & services directly and without intermediaries, reduce transaction costs & delays, and conduct cross-border payments more efficiently.
Besides, other financial scenarios can interfere with habitual financial instruments and cause disturbance and affect their stability. This can create unease among common people and demand alternatives and new experiences, allowing users to manage their own tokens and digital assets in one application. Using crypto ATMs, users can transfer cryptocurrencies in seconds, withdraw cash from any ATM, pay for purchases with tokens, and much more.
Industry players’ strategies to follow
Market players are constantly looking into new opportunities and partnerships across various fields & industries to use their technology and expertise in pushing the development of a next-generation global financial ecosystem. With their experience in integrating payment solutions across various organizations, they unite crypto and traditional finance to build a more advanced payment system.
They also constantly work towards meeting the growing demands of the modern age by scaling their ecosystem and introducing new financial instruments. They develop their solutions to respond to the realities and needs of the current payments sector with faster, more efficient means of payment that can set them apart from their competitors.
Notable industry updates
Jun 16, 2022, CoinFlip, a leading US-Based Cryptocurrency Company, kicks off global expansion with its first international foray into the Canadian market, bringing its award-winning crypto ATMs to Toronto and Vancouver. With the Canadian crypto market becoming increasingly robust, there is a clear demand for greater access to the digital economy.
CoinFlip has been adopted widely across the US for its technology that allows the simple, convenient, and safe purchase of cryptocurrency, which has historically been regarded as challenging or cumbersome. Its debut in Toronto, Ontario and Vancouver, British Columbia, marks its first international expansion allowing novice and experienced investors to buy and trade Bitcoin, Ethereum, Litecoin, and several other cryptocurrencies using cash.
Known for its trusted, award-winning 24/7 customer support, CoinFlip is poised to set the perfect stage for its international growth, bringing its acclaimed education and accessibility to residents of Canada. Canada was home to the world’s first Bitcoin ATM. Therefore, it became the natural choice for CoinFlip to expand its secure and easy-to-use technology in the country to make crypto adoption seamless for both investors and local shop owners hosting CoinFlip ATMs.