The world is rapidly evolving, and so is the mode of payment. With the emergence of cryptocurrencies, paying for goods and services has become more convenient and secure. Several major consumer brands have started accepting crypto as payment, which is a significant step towards the mass adoption of digital currencies. According to an HSB survey conducted in 2020, about one-third of small-medium businesses in the U.S. accept cryptocurrencies in exchange for goods and services.
From fast food giants to online retailers, let’s go over companies that are embracing the future of finance and making it easier than ever to put your digital assets to daily use.
Microsoft has been accepting Bitcoin as payment for certain products since 2014, and they expanded their acceptance to include Ethereum (ETH) in 2017. In addition to allowing crypto payments, Microsoft also allows customers to use Bitcoin to add money to their Microsoft accounts, which can then be used to purchase games, movies, and apps from the Windows and Xbox stores.
In 2022, popular fast food company Chipotle announced that it would start accepting crypto payments at all of its restaurants in the U.S. Through digital payment platform Flexa, customers can enjoy burritos and other meals in exchange for one of 100 digital currencies, including Bitcoin (BTC), Ethereum (ETH), and Dogecoin (DOGE).
Twitch, a live-streaming video platform owned by Amazon, is one of the most popular consumer brands that accept crypto for payment. The platform added Bitcoin as a payment option in 2014 but withdrew it in 2019, only to bring it back a year later in 2020. While many other platforms have adopted crypto payments, Twitch is one of the few that allows users to spend their cryptocurrency directly on the site. The platform allows its users to purchase games, in-game items, and Twitch merchandise with Bitcoin (BTC) as well as USD Coin (USDC), Binance USD (BUSD), Gemini Dollar (GUSD), Paxos Standard Stablecoin (PAX), and Ripple (XRP).
Starbucks is one of the most popular consumer brands in the world, and they have been accepting crypto for payment since March 2020. This came as good news for customers who liked the idea of paying for their Starbucks coffee with Bitcoin. But unlike many businesses that accept crypto as cash, you can’t make payment at the register with crypto at Starbucks. Instead, you have to add Bitcoin to the app, like gift card balances, before you can pay. With the third-party digital wallet app Bakkt that converts digital currencies to dollars, Starbucks’ process is swift.
5. Whole Foods
While Amazon does not accept Bitcoin for purchases made through its giant retail company, its supermarket subsidiary, Whole Foods, is one of the few grocery chains that accept crypto for payment. Through a partnership with digital payments startup Flexa and digital currency company Gemini which offers a technology that instantly converts Bitcoins into dollars, Whole Foods allows customers to pay for their groceries with Bitcoin. This transaction can be carried out via Apple Pay or other digital wallets.
AT&T was one of the first mobile carrier companies to accept cryptocurrency as payment. The company began allowing customers to pay their bills using Bitcoin in May 2014. But you can’t make direct BTC payments like some companies. Instead, you have to go through BitPay.
7. Blooming Sky
The adoption of crypto payments has spread to the real estate sector. Property buyers who double as cryptocurrency investors are now purchasing real estate with Bitcoin and other cryptocurrencies, thanks to forward-thinking real estate companies like Blooming Sky. One of the few in the real estate market that accept crypto payments, Blooming Sky offers properties in New York City in exchange for Bitcoin.
Shopify is one of the top major consumer brands that accept crypto for payment. Shopify has been accepting Bitcoin as a form of payment since 2013 and began accepting other major cryptocurrencies in 2017. This move was made in order to make Shopify more accessible to customers around the world. While most online retailers use third-party payment processors, such as PayPal or Stripe, Shopify has its own built-in system that allows customers to pay with Bitcoin and other cryptocurrencies.
One of the first companies to open up to crypto payments, CheapAir.com is a popular online travel agency that offers flights, hotels, and cars all over the world. The brand was one of the first companies to start accepting Bitcoin back in 2013, and it continues to be a leader in the space today. You can book your next vacation using Bitcoin on CheapAir.com with no problem. The company offers two options — pay directly for flights and hotels over the BTC network with Bitcoin or use a compatible wallet to pay with other cryptocurrencies such as Ethereum (ETH), USD Coin (USDC), Dogecoin (DOGE), Paxos Standard Stablecoin (PAX), and Gemini Dollar (GUSD).
As one of the world’s leading luxury fashion brands, it is no surprise that Gucci accepts crypto for payment. In 2022, the brand began accepting cryptocurrencies as payment in select U.S. stores. The move was part of a larger trend among high-end retailers to embrace cryptocurrency as a way to reach new customers and tap into the growing digital economy. In addition to Bitcoin, Gucci now also offers an option of paying with other cryptocurrencies like Ethereum (ETH), USD Coin (USDC), Wrapped Bitcoin (WBTC), Litecoin (LTC), and Dogecoin (DOGE). Customers can pay through a Q.R. code or NFC reader on a point-of-sale terminal at the physical stores.
Honorable Mention — Entertainment Industry
An industry that has been one of the most impacted by the revolution of cryptocurrency payments. The use of digital currencies has not only provided a more secure and faster payment method for customers, but it has also given rise to a new form of entertainment – crypto casino websites.
These online casinos have gained popularity over the years, and their number keeps increasing. Some of the popular crypto casinos include CoinSlotty.com, mBit, Lucky Block, Cloudbet, BC.Game, and Coinzino. Much as the regular online casinos or their brick-and-mortar counterparts, they offer various games such as baccarat, slots, blackjack, roulette, and sports betting, among others.
All of these are funded on a multi-crypto wallet that allows players to fund their accounts with crypto as well as fiat.
The Adoption of Crypto in the Consumer Goods Sector
The acceptance of cryptocurrency by major consumer brands is a significant step towards the mass adoption of digital currencies. The convenience and security that crypto offers make it an attractive option for both businesses and customers. With more and more companies embracing crypto and offering consumers a choice to pay with their favorite crypto, it is clear that digital currencies are here to stay.