Retailers urged to adopt cryptocurrency

Retailers can consider the adoption of cryptocurrency as it goes mainstream and becomes accessible with the Philippines one of the world’s fastest adopters.

Maya chief marketing officer Pepe Torres said there is a lot of promise around the core technology behind cryptocurrencies like bitcoin that can make transactions more seamless, especially in this digital and globally connected world.

“So there is a lot of promises around the core technology behind cryptocurrency, which is blockchain, has a lot of promises in terms of international remittances, making it easier to buy goods and services around the world and also in terms of developing more secure and smart contracts for goods and services,” he said during the Franchise Asia Philippines 2022 virtual conference.

Citing the Visa Consumer Payment Attitudes Survey, Torres said there is a growing interest to pay and get rewarded in cryptocurrency.

“It is also worth noting that there is significantly growing interest in the Philippines and across the world to pay in crypto so there is increased interest (which is) 72 percent here in the Philippines, but also get rewarded in crypto currency, 76 percent here,” he said.

Amid this trend of customers wanting to be rewarded with cryptocurrency, Torres said Maya has brought a first in the Philippines with its free bitcoin whenever one pays with Maya.

“One of the things we really appreciate about the free bitcoin promo is it allows practically any merchant to ride this wave and participate at no risk to the merchant because Maya is the one that is paying for the free bitcoin whenever a customer transacts,” he said.

A Maya merchant can start accepting cashless payments as a preferred mode of transaction, and QRPh means just one tent card, he added.

Further, Torres said the Philippines is one of the world’s fastest adopters of cryptocurrency.

“And this as you might expect, driven primarily by Gen Y, millennials and Gen Zs,” he added.

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