When Bitcoin, the original cryptocurrency, first came out in 2009, no one really understood the purpose of it. If it wasn’t a tangible currency or even something that involved banks, then it seemed too fake to be taken seriously. But over a decade later, there are over 4,000 different types of cryptocurrencies in existence, bitcoin still the most recognizable among the masses. And though it’s still a fairly niche currency with only 106 million people worldwide taking advantage of the different digitized tokens, the form payment is on the rise as a new common option. 

In the past few months, a few companies have expanded their accepted payment types to include cryptocurrency. Whether consumers are purchasing an experience, clothing, or even food items, they will have the option to use funds from their digital wallets. As they evolve in their relationship with crypto, they pave the way for other businesses to see the future of money as the success of their company.

PayPal

A product of the early days of contemporary tech mecca Silicon Valley, PayPal has operated as an online payments system since 1998. It gives people easier access to money transfers, helping to avoid the use of checks and traditional paper money orders. With a few taps on the screen, you can use PayPal to reimburse or invoice someone as well as swiftly and securely pay for goods on other websites. And now, once you’re ready to checkout, crypto is an option. 

In March, PayPal launched Checkout with Crypto: a new option on its platform that allowed customers to pay with digitized currencies for select online purchases. On top of using crypto for payment, customers can also learn more about and track crypto through the PayPal app, giving consumers who aren’t as familiar with the rising currency to gain knowledge and put it to use. Because PayPal is an option for payment on a plethora of different online stores, this means that crypto can be used for nearly any kind of purchase.

Starbucks

Seattle-founded coffee giant Starbucks can be found in nearly every neighborhood in every US city, as well as a few global locations. As part of its rule over the fast coffee industry, the company connects with its consumers through a rewards system that allows anyone to pre-order coffee online and earn points while they do so. Their new move towards the future of currency is another way of keeping their fans close. 

The company recently announced that customers can use Bitcoin, gift cards, and even airline rewards miles to reload their Starbucks cards through the rewards app. Backed by digital asset platform Bakkt, Starbucks allows customers to convert their cryptocurrency into U.S. dollars and then transfer the value onto the payment system of the app. While this technically isn’t a payment through bitcoin, it still allows consumers to practice their use of crypto for day-to-day purchases like a latte. 

Lush Cosmetics

Known for their exciting bath bombs and all-natural skincare products, Lush Cosmetics has been a reliable source of clean cosmetics for decades. The brand promotes wellness and relaxation through products that brighten up the normal care routine. Just like they’ve been ahead of the skincare game, Lush has been a friend of crypto since 2017.

Four years ago, Lush started accepting crypto currency, suggesting that the form of payment would be just as common as cash, card, and phone. Through bitcoin, customers can buy their favorites through Lush’s online store, providing worldwide consumers with a flare rate that is unaffected by foreign exchange fluctuations. The company’s reason for making the move so early was because it felt like society was moving into a new digital era — and they wanted to be prepared. 

Time Magazine

One of the most important publications, Time has been providing people with information about the people and issues moving our world. True to its up-to-date nature, Time recently released its first NFT cover, planning to sell three NFTs in a digital auction on SuperRare as well. As it makes the move to digitized content, the publication will also begin to accept digital payment. 

In May, the magazine and its website will accept cryptocurrencies as a form of payment for subscriptions. Now, consumers that receive their news digitally will be able to maintain their memberships through digitized tokens. This inclusion comes after Time’s President Keith Grossman suggesting that other media companies will struggle with adjusting to crypto beyond NFTs and collectibles.

Visa 

At the end of March, Visa — the American multinational financial corporation — announced that it would accept the use of cryptocurrency USD Coin to settle transactions on the payment network. After a successful trial run via crypto platform Crypto.com, the finance business has chosen USDC rather than the popularized Bitcoin because of its stability and direct connection to the U.S. dollar value system. 

According to the company, consumers will be able to make purchases using a cryptocurrency wallet via Crypto.com which will have access to the wiring options for Visa. This latest addition to its crypto plan will rid of the need to convert digital coin into traditional funds and vise versa.

As tech evolves, we should be learning to adjust to the services it offers us, whether it be collecting one-in-one digital goods or using bitcoin to pay for a coffee order. Will you participate in the recent move to cryptocurrency?