Dress to impress: Crypto payments set for mainstream via compliance

Mainstream interest for cryptocurrency is becoming ever-apparent as major online payment systems such as PayPal begin to offer support for digital currencies.

"I think we will start seeing lots of traditional players like banks and major payment providers partner with crypto custodians. PayPal will be the first and then more banks and financial institutions will follow."

Although it's notable that PayPal has partnered with Paxos to ensure regulatory compliance for digital currencies, it's also important to point out that smaller payment providers across the globe are following suit.

South Korean payment provider Danal Fintech - a subsidiary of Danal, one of the largest payment companies in South Korea - recently announced that its digital app Paycoin will integrate Icon's cryptocurrency.

Ted Hwang, CEO of Danal Fintech, told Cointelegraph that the subsidiary initially launched its Paycoin service in April 2019, becoming one of the first companies to utilize virtual assets for retail payments in Asia.

"There are several factors and issues, such as whether crypto is accepted as a legal payment method in that country, or whether a local micropayment license is required in order to provide such a service."

Interestingly, allowing retailers to accept crypto payments yet having settlements paid in fiat seems to be a preferable concept.

Merrick Theobald, vice president of marketing at blockchain payments service provider BitPay, told Cointelegraph that although crypto payments are gaining traction, many businesses still prefer to deal solely in fiat.

A company's employees will still be able to receive payments in cryptocurrencies such as Bitcoin.

"Businesses continue to deal in the fiat currency they feel most comfortable with while satisfying the crypto payment demand coming from their customers, employees, affiliates and more," Theobald said.