Perhaps, Crypto remittance is the most utilitarian aspect of cryptocurrency industry. Despite the volatility, crypto assets play a huge role in international money transfer. With that, it is almost crucial to implement crypto solutions for businesses. Crypto remittance is simply quicker, a lot cheaper and secure. On top of that, there is basically no third party involved in the transaction. That will entirely eliminate the hassle and the drawbacks associated with conventional bank transfers. Plus, less people involved means less transaction fees. In the end, crypto remittance boils down to be a win-win solution for both the remitter and the receiver. Despite all that, facilitating such payments requires a reliable crypto payment gateway. Fortunately, Nebulox ticks all the right boxes when it comes to crypto payments.
To Start Your Crypto Payment Gateway for Free, Head over to Nebulox
What is Crypto Remittance?
Essentially, remittance is a sum of money sent as a payment. Now, this simple task can become frustratingly complicated when sent abroad. Primarily, the big issue with international transfer is the unfortunate loss of capital. On average, an international transfer can cost somewhere between 6% to 10% on fees. No thanks to the parties involved, the transfer fees stack up together and take a big chunk of the money. Worse yet, a conventional remittance can take quite a long time to settle.
Thankfully, crypto remittance or simply put, payments facilitated via crypto assets successfully eliminate all the downsides. Crypto transactions are basically instantaneous and charge a lot lower on transaction fees. Even better, crypto remittance does also provide improved privacy which could also reduce tax payments in some cases.
According to the latest statistics available, crypto payments made up around less than 20% of remittance industry.
Now, considering the explosion in popularity and the extreme rate of adoption, we would speculate that cryptocurrencies currently hold a much larger share in remittance industry as of 2023.
According to the World Bank, “Remittances to low- and middle-income countries (LMICs) withstood global headwinds in 2022, growing an estimated 5% to $626 billion”. Now, this is a huge step for the adoption of cryptocurrencies.
Crypto Payment Gateway
In general, making such payments only requires a crypto wallet with sufficient funds. However, for those running a business, exchange platform or even a social media e-commerce shop, a crypto payment gateway is almost necessary. Due to the high number of transactions, managing payments can be a tough pill to swallow. Yet, confirming the payments is also something that should remain automated. With that, merchants will be able to receive payments 24/7 without any concern.
Furthermore, the crypto market volatility requires merchants to constantly manage their assets. Subsequently, this will require them to convert assets on an excruciatingly regular basis. Once again, an automated swapping feature can save the merchant a lot of their valuable time.
Now, many crypto payment gateways do not offer automated features and if they do, they charge big money to offer these utilities. But worry not, Nebulox is the ultimate crypto payment gateway.
Receive Crypto Remittance with Nebulox
Nebulox.io takes the already fantastic benefits of a crypto payment gateway to the next level by offering even more to merchants. To start, merchants can take advantage of the 30-day free trial available through Nebulox.
The exclusive crypto wallet offered by Nebulox provides merchants with a range of unique benefits, including the option to automatically convert their deposits into stablecoins to protect against market volatility. Furthermore, merchants can schedule withdrawals from the Nebulox wallet directly to their preferred account, and even have the ability to exchange cryptocurrencies through the platform.
One of the key advantages of using Nebulox is the ease of integration, with a simple one-api solution providing merchants with a comprehensive and user-friendly report of all their transactions. Additionally, the Nebulox helpdesk is available 24/7 to answer questions and provide technical support.
Despite offering an extensive range of benefits, the cost of using Nebulox remains low and competitive with other e-commerce crypto payment methods, which are known to have low fees.
