A major ecommerce player in the country of South Korea has announced that they will be implementing twelve cryptocurrencies into their ecommerce platform. This basket of digital currencies that they will be adding to their platform will have currencies like Litecoin, Bitcoin and Ethereum. The, ecommerce platform, Wemakeprice, will be working with a large cryptocurrency exchange, Bithumb, to do so. Payments in cryptocurrency could lead to an even greater demand in South Korea where they’re already one of the biggest players.
Big move for the integration of cryptocurrencies
Local publications in the country of South Korea have noted that the ecommerce platform is seeking to work the south korean cryptocurrency exchange, Bithumb, to allow for more ways to pay when purchasing on their site. After this implementation is done, customers of the website will be able to enjoy making payments, for their different purchases, through some of the more prominent cryptocurrencies on the market.
As a way to remove less friction from the buying process, the WeMakePrice is making certain that users do not have to members of the Bithumb platform to be able to make purchases through their cryptocurrencies on the shopping site. The WeMakePrice and Bithumb collaborations seems to taking place solely on the implementation level.
A representative from WeMakePrice has confirmed that they will be taking this actions as part of bigger picture of making their platform better and easier to use for a wider audience. The representative stated
“Integrating cryptocurrencies is a part of our initiative to make payments more convenient for our consumers and clients. We consider mobile fintech apps, points, and cryptocurrencies as efficient payment methods.”
The significance of this move stems from the fact that the cryptocurrency industry continues to grow and is extending its application and use cases. Another important fact is that this could be a signal that the digital currencies are here to stay in the South Korean nation and across the world.
How will consumers react?
Consumer reaction will be interesting, at the moment, many are looking at these assets, as just that, assets, they speculate and buy and sell as needed to profit from the price movements. There might be more instances of individuals using these cryptocurrencies in daily transactions as the industry develops and more stability comes into the picture. The innovations of TenX and players like BitPay help to convert your crypto into fiat for transactions thus helping to make way for consumers to purchase with Bitcoin at the current moment, but in a time of potential value increase, who wants to sell?
Overstock, an ecommerce player integrated payments in cryptocurrency like Bitcoin into their platform a while back and saw a slight jump in use initially, but afterwards, they only saw a small percentage of their revenues coming from payments in cryptocurrency. But in South Korea where the public are more popular, maybe this comes at the perfect time!
Other points of interest would be, which cryptocurrency will be in large use primarily for general payments across the board? Will it be a cryptocurrency that only serves that purpose and nothing more? Like say a verge or dogecoin, which, unlike, QTUM or Ethereum, isn’t seeking to serve as a platform but more of a currency? Will it be Bitcoin, after it’s fixes, a currency that is currently, being considered as more of a long term asset like gold?