A crypto payment is a payment made by a customer using cryptocurrency, a peer-to-peer digital currency that isn’t verified by a bank.
Cryptocurrency, a digital currency in which a decentralized system (rather than a bank) verifies transactions, has grown significantly in popularity in recent years. A crypto payment enables customers to purchase products using cryptocurrency, rather than their credit or debit cards or cash. Using this peer-to-peer system, people can send and receive a crypto payment quickly and at low or no cost.
Because of the growing use of cryptocurrency worldwide, many businesses are establishing crypto payment systems within their ecommerce sites and points of sale to enable customers to complete transactions with crypto.
In this situation, the business would provide a digital invoice to the customer via email, QR code, or point-of-sale system. The customer would scan the invoice and use their crypto wallet to pay the crypto equivalent of the dollar amount on the invoice. The system then transfers the money to the business in near real-time.