In a staggering new development, Newegg now allows customers to pay with cryptocurrencies. According to a report in bitcoin.com, on March 28 the online electronic merchant declared that it would be accepting BTC and BCH in the form of payments from its customers in Canada. The company partnered with Bitpay to launch the revolutionary system of using digital money for websites transactions.
U.S citizens were using BTC for buying products from Newegg since 2014. Newegg’s CEO Danny Lee said, “In 2014 Newegg was among the first major companies to offer customers a bitcoin payment option — Since that time the value of bitcoin has skyrocketed and customers holding bitcoin have considerably more purchasing power — We believe the time is right to broaden our acceptance of bitcoin to our customers in Canada.”
In its statement, the company announced that digital currency’s use for online purchase transactions is increasing rapidly. As customers are getting aware about cryptocurrency, they are encouraged to use it for buying products online.
New developments ensue
Newegg offers a variety of electronics, office supplies, computers, games, etc. which will be available for Canadian cryptocurrency users. Transactions involving cryptocurrency will direct users to an invoice in which they have would have to choose between BCH and BTC networks. The company has a user base of 36 million customers majorly based in North America. Newegg is trusting its longtime partner Bitpay in handling foreign customers willing to pay in virtual money.
On the other hand, Bitpay is focused on aiding Newegg in accepting the digital currency as payment in both Canada and U.S. The Atlanta based company also aims to provide refunds to BTC and BCH users through its API. Stephen Pair, Co-founder and CEO Bitpay, said, “We’re seeing a lot of traction in Canada, and we’re happy to see Newegg extend its bitcoin payment option north of the border.”BitPay’s API will help Newegg to develop and manage issue refunds, invoices, bills, and real-time rate information and merchant ledger entries. 99.99% uptime is achieved by the enterprise-grade merchant tool.
Businesses rush for crypto inclusion
Cryptocurrency is living on hype since 2017 and has become a staple name in the business world. Some companies are doubtful in using the technology while some companies like KFC are trying to take advantage of the new trend. The popular FMCG Company recently launched a crypto themed bucket, focused exclusively on virtual currency. Although it was a limited time offer, yet KFC played on the merit of “urgency” and crypto reputation attract casual customers. It also used Bitpay to facilitate uninterrupted transactions.
As per a report in discover.coinsquare.io, BitPay launched a Visa prepaid card earlier this month to support payments from Bitcoin Cash and Bitcoin. The card allows users to connect with any merchant that allows Visa payments. It is the sole reason big firms are targeting crypto holders to increase the chances of profits.
We would likely see other major online retailers accepting digital money in Canada. It will become necessary if Newegg can grab the attention of Canadian crypto users.