Swiss Web3 payment startup DePay have integrated its Web3 P2P solution into omnichannel commerce platform Shopify. DePay will provide Shopify merchants with the ability to allow buyers to send direct payments to store owner wallets with tens of thousands of accepted tokens on supported blockchains. The company says the integration allows for the very first integration of a wallet-to-wallet (P2P) payment solution for eligible Shopify merchants. DePay’s multichain Web3 payments will unlock the ability for merchants to receive any preferred tokens with blockchain-based asset conversion of incoming payments in real-time.
The mechanism of blockchain transactions is inherently peer-to-peer and decentralised. Nevertheless, most of today’s established Crypto Payment solutions manage wallets for their customers, embedding a decentralised technology into centralised structures. As a result, the buyers pay middlemen who credit the merchant’s account.
A Paradigm shift
Aiming for a paradigm shift, DePay is establishing a new model by using decentralised finance (DeFi) to enable any-to-anything payment conversions.
“We’re happy to welcome DePay to provide the very first integration of a wallet-to-wallet (P2P) payment solution for Shopify merchants,” said Ashley Fulks, Product Partner Manager at Shopify. “Our growing blockchain ecosystem demonstrates our commitment to supporting merchants with alternative payment methods on their storefronts, helping to further expand what’s possible in commerce.”
“Shopify was our biggest integration target to date. It’s amazing to be at the forefront of pushing the entire Web3 industry forward,” said Sebastian Pape, Founder of DePay.
The benefits for merchants include:
- Instant Cashflow: Received payments are settled and available for the merchants in real-time.
- Automatic Conversion: Tokens are automatically converted (e.g. to stablecoins) as part of the payment transaction.
- Unmatched token acceptance: By using DeFi, DePay grows the amount of accepted tokens by a hundredfold.
DePay will continue to drive the expansion of supported blockchain networks to unlock all major blockchains and Layer-2 solutions in near future. In addition to the overall growth of eCommerce, the adoption of cryptocurrency payments is also advancing rapidly. Recently, a study by Checkout.com found that 40% of 18- to 35-year-olds are willing to pay with crypto. Governments are also starting to engage through the planned development of their own “central bank digital currencies” (CBDCs).
For the past few years, Checkout.com has been tracking consumer and business sentiment and behaviour around crypto. The expected year-on-year trajectory since 2020 is significant. More specifically, the desire for young consumers to use cryptocurrencies to pay for everyday goods and services is expected to be significant.
Enterprise Times: What this means for business
As the technology underpinning payments evolves and improves, consumers are adapting and adopting at pace. Businesses must pivot in line with consumer demand in order to remain both relevant and profitable. Meanwhile, fintech and payment technologies are hard at work enabling greater financial inclusion, providing ever more individuals and communities the autonomy to store and move value according to their distinct needs. Increasingly, digital currencies are shaping the future of money. The questions have become ever more pertinent and urgent with the rise of cryptocurrencies. Hence the move by operators such as DePay to provide those expected forthcoming services. Driving mass adoption of blockchain-based payments, DePay merges the core ideas of decentralisation and interoperability with state-of-the-art Web3 technologies. The use of crypto for payments is not mainstream yet, but the interest in it, is significant. It will call for everyone in retail and eCommerce to sit up and take note.