Stripe, a parent company of Paystack, announced re-enablement of crypto payments, attracting users from over 70 countries within the first 24 hours. Now, US merchants can accept the USDC stablecoin.

Launch of the New Crypto Payment Feature

Stripe has allowed US merchants to accept cryptocurrency as a form of payment. In the first 24 hours, customers from over 70 countries have utilized this option. The initiative enables merchants to receive payments using stablecoins like USDC and USDP on Ethereum, Solana, and Polygon blockchains.

Advantages and Features of the New Approach

Stripe offers merchants the ability to utilize cryptocurrencies, reducing the fee to 1.5%, which is lower than the standard 2.9% plus $0.30 card transaction fee. The platform also provides a possibility to refund payments directly to customers' wallets.

Analysis and Expert Opinions

Some experts believe that the decision to reinstate crypto payments is a positive sign, yet the presence of complex wallet requirements may limit the growth. Additionally, analysts note the need for crypto payments to compete with credit cards, which offer numerous incentives like cashback and bonuses.

The launch of Stripe's crypto payments indicates the potential and relevance of using cryptocurrencies despite some implementation challenges and competition with existing payment systems. Experts continue to monitor this development.