Crypto.com Pay gives Shopify merchants and customers more payment options.
May 17, 2022: Singapore’s Crypto.com announced a new deal with Shopify to provide cryptocurrency payment options for Shopify merchants and customers. Shopify storefronts can now enable Crypto.com Pay in an effort to expand their customer bases by giving them more ways to make purchases using cryptocurrencies.
As an incentive to join the Crypto.com Pay program, Crypto.com is waiving the 0.5% settlement fee on all transactions for one month after integration. All Shopify stores are eligible for this promotion and have until June 30th, 2022 to enroll in Crypto.com Pay.
“Providing more customers and merchants the ability to engage in commerce using cryptocurrencies is a priority for Crypto.com. We are incredibly excited to integrate into Shopify, and to bring this capability to even more customers and merchants around the world.”
Crypto.com CEO and Co-Founder
May 17, 2022
Crypto.com Pay allows merchants to instantly receive cryptocurrencies from an increasing worldwide base of Crypto.com users with zero transaction fees; a service that’s in real time and available to all Crypto.com app users across the planet. As an additional perk to retailers for using Crypto.com Pay, Crypto.com offers customers crypto-cashback Pay Rewards whenever they checkout using the Cronos (CRO) token. Such Pay Rewards can reach up to 10% during a promotional period.
Shopify stores using Crypto.com Pay will not face any startup costs and can easily integrate through Crypto.com’s setup page and by following their Shopify setup guide. Crypto.com Pay promises zero transaction fees and only 0.5% settlement fees, which is an 80% cost savings when compared to traditional payment processors. Customers can pay with more than 20 different token types, including Bitcoin (BTC), Ethereum (ETH), Cronos (CRO), Shiba Inu (SHIB), Dogecoin (DOGE), and ApeCoin (APE).
“We’re happy to welcome Crypto.com to help Shopify merchants provide an additional fast and convenient way for customers to pay for their online order. 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.”
John S. Lee
Lead of Blockchain Ecosystem at Shopify
May 17, 2022
Shopify’s partnership with Crypto.com is not their first foray into the world of cryptocurrency. Back in April, Shopify teamed up with digital payments platform Strike to enable US-based Shopify stores to receive Bitcoin payments faster and more cost-efficient Bitcoin payments through the Lightning Network. Shopify seeks to tap into previously-uncharted markets and segments while relieving their merchants of additional expenditures through low-cost payment processing options. Earlier, Shopify officially entered the NFT market by allowing their sellers to mint and sell NFTs on their platform, which was announced by Shopify CEO Tobias Lütke back in December 2021.