You probably don’t know this yet but there are already POS systems that support cryptocurrencies. So if you’re a business owner, you no longer have to worry about when or how POS system developers will embrace the blockchain technology. It is already happening. As a matter of fact, experts project that by 2020, cryptocurrency POS machines will be largely used by retailers in Europe, North America and Asia.
Current Challenges
Like it is often the case with nearly all new business concepts, there are a few challenges that stand in the way of mass production of POS terminals that can support cryptocurrencies. There is for instance, the fact that there are no current cryptocurrency support systems from existing POS machine developers. This is a major problem for merchants as embracing a new concept without a support system means taking a huge, uncalculated risk. As it is now, setting up a cryptocurrency wallet and even accepting payments is easy. Things change though when it comes to large scale payments. You have no choice but to consider hiring experts, which is something that hardly ever comes cheap.
The Future
There is no doubt about it. Cryptocurrencies have a bright future. The industry now boasts of an ever increasing user base which will ultimately become a reason for merchants to either switch or incorporate reliable cryptocurrency POS systems into their businesses. In a nutshell, digital assets will become too mainstream in the near future to ignore.
Developers and manufacturers behind cryptocurrency systems are experimenting on systems that can support traditional payment methods as well as cryptocurrencies. POS developers are already taking advantage of this gap with some reporting that they have already received thousands of orders for cryptocurrency POS machines. This can only mean huge profit margins and ease of doing business if and when cryptocurrencies become the default global payment and transaction method.
Current Progress
South Korea will be the first country to embrace cryptocurrency POS on a large scale. It is easy to see and understand why. The Asian tiger is currently the biggest adopter of cryptocurrencies. Its market accounts for more than 30% of all digital currency transactions. It therefore does not come as a surprise that all major cryptocurrency POS developers want to pitch their tents in South Korea.
Should South Korea’s stride worry you as a merchant based in North America, Europe, Africa, Australia or South America? Certainly not! Remember the blockchain technology is international. This presents a unique opportunity for you to up your game and stay ahead of your competition if you goods and services on the international scale. Start by adopting other payment methods like Alipay, Wechat and KakaoPay. They are all as popular as cryptocurrencies in South Korea, so you stand to rope in South Korean clients who may want to pay for your goods and services with cryptocurrencies. Have these ready alternatives and you won’t lose them.
The Verdict
The future is already here. It gets so much better with the fact that cryptocurrencies are here to stay. Take advantage of their growing popularity. Leave no customer behind whether they choose to pay via Bitcoin, Etherum, credit cards or mobile money.