How To Pay With Crypto in the EU 4 Simple Steps

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According to a cryptocurrency payments report from PYMNTS, 51% of crypto holders are more likely to buy from merchants that accept crypto as a payment method. 

But what benefits does crypto offer over traditional payment systems? It can reduce transaction costs, lower settlement times, and enhance cross-border payments. Let’s learn more. 

Source: Pexels

The Use Case of Crypto

Cryptocurrency has become more than just an investment. It offers actual utility and can streamline payment systems, protect people’s privacy, and enhance existing businesses. 

For example, the blockchain is often used to track product supplies in the healthcare industry, where stock control is crucial and counterfeit goods could be disastrous. However, people most commonly leverage crypto to enhance payment systems. 

Crypto for Payments

Traditional payment systems are inefficient. They require intermediaries for services like payment processing and currency conversions, which result in higher costs and longer settlement times. 

However, crypto-based payment systems offer several enhancements. They reduce costs and improve transaction processing times by cutting intermediaries and using Peer-to-Peer (P2P) networks to support immutable global transactions. 

The rise of the internet has drastically increased the volume of international business people conduct. However, cross-border payments are expensive and slow. According to UK Finance, average costs are around 4-6% of the transaction size, while settlement can take as long as one to five days. 

Crypto payment solutions enhance privacy, incur no international fees, and can process transactions within a few seconds. As such, they’ve become popular with companies requiring fast fund availability and people seeking cost-effective access to worldwide markets. But how can you pay with crypto? 

How to Pay With Crypto – Step-by-Step

Anyone can start paying for goods with crypto within a few minutes. To set up a crypto payment solution:

1. Register an account with a payment solution like Oobit. Then, complete the verification process. 
2. Fund your account by depositing cryptocurrency or connecting a crypto wallet via Wallet Connect.
3. Pay by tapping an NFC-enabled device at any merchant accepting contactless Mastercard or Visa payments. 
4. Rewards can be earned by people for paying via crypto, which enhances engagement and the overall payment experience.

Top 3 Crypto Payment Solutions

Choosing the right crypto payment solution is critical. It’s essential to select an option that offers your desired features, supports your preferred currency, and boasts robust security measures while maintaining ease of use. Some of the top options include: 

1. Oobit – Widely Accepted Tap-to-Pay Solution

Oobit is an innovative crypto payments solution aiming to simplify digital payments. It facilitates seamless in-store payments by leveraging existing Visa and Mastercard point-of-sale systems, fostering global acceptance. The user only has to fund the app (available for iOS and Android), and then they can tap to pay directly from their wallet. 

Oobit is highly flexible, enabling users to purchase crypto via a credit/debit card or transfer assets to the app from an external wallet, improving accessibility. Moreover, Oobit’s 5X Reward Program lets people earn points by completing tasks and using the app for payments. Users can convert the points to USDT, which can be spent on the app or withdrawn. 

Oobit doesn’t want to reinvent the wheel. It intends to simplify crypto payments for everyday use. As Mastercard and Visa control 90% of Point-of-Sale (PoS) systems, it makes sense to build around their network. Doing so has made Oobit one of the most widely accepted crypto payment solutions and helped to make crypto accessible to everyone, regardless of country. 

Oobit lets people spend crypto seamlessly and earn rewards anywhere that has installed Mastercard and Visa PoS systems (which is most of the world). As such, it’s much more convenient than solutions requiring retailers to set up custom payment systems.

2. BitPay – Shop With Merchants That Support Crypto

BitPay is an all-in-one mobile crypto payment solution for businesses and individuals. The BitPay Wallet app, available on Android and iOS devices, lets people manage and use their crypto on the move. It allows people to buy, sell, store, send, receive, and spend crypto on a single platform. 

BitPay features a swaps tool, making it easy for users to exchange crypto. It also lets people use crypto to pay bills, but this feature is only available in select regions. Additionally, the BitPay app supports the creation of multiple backup wallets, which can make managing funds more straightforward. 

Instead of connecting to PoS systems, BitPay lets people use crypto to purchase gift cards for merchants like Xbox, Ikea, and Adidas. BitPay also provides payment solutions that enable businesses to accept crypto at checkout. Merchants using BitPay are promoted on the BitPay Wallet app, making it easy for users to find platforms that support digital asset payments.

BitPay is an all-in-one solution for managing and spending crypto. It offers services to businesses and individuals. However, the app doesn’t support in-store purchases and only promotes retailers using BitPay to accept payments, limiting acceptance. 

3. SPEDN – Pay With Crypto In-Store at Participating Retailers 

SPEDN by Flexa operates differently from most other crypto payment solutions. Instead of sending a transaction on-chain or loading a payment card and using it in retailers, SPEDN has users fund an app with crypto, select the retailer, and then display a barcode or flex code which the cashier can scan for your crypto funds to be debited and converted into fiat currency. 

SPEDN’s main advantages are near-instant payments and automatic crypto-to-fiat conversion at the point of sale. The app handles everything; the user just needs to fund it and scan a code. However, only select retailers accept SPEDN, hampering accessibility. The app supports eight cryptocurrencies, including Bitcoin, Ethereum, and Litecoin. 

As we mentioned, SPEDN is owned by Flexa. While SPEDN is a consumer-focused app, Flexa provides the technology for businesses to accept crypto payments from Flexa-powered apps like SPEDN. Unfortunately, this system requires the customer to have a Flexa app and doesn’t support direct payments from a regular crypto wallet. 

SPEDN is the flagship app in the Flexa payment ecosystem. It’s efficient and facilitates fast in-person payments at many leading retailers. However, as retailers must integrate Flexa’s payment solution specifically, acceptance can be inconsistent. 

Final Thoughts

Cryptocurrency is establishing itself as a utility, not just an investment. Crypto payment solutions offer time and cost savings compared to traditional payment methods and can be set up quickly for business and personal use. 

While the best payment solution will vary based on your individual requirements, Oobit is an excellent choice. It’s accepted by millions of retailers, making it ideal for people seeking a versatile solution that makes crypto payments simple.

*This article was paid for. Cryptonomist did not write the article or test the platform.