Categories: CryptoFinanceNews

Bitcoin Adoption Could Benefit From Centralized Spending Solutions

In the world of mobile payments, there are far too many options to choose from these days. Fragmentation of the mobile payments industry may seem beneficial to the consumer, but without streamlined payment options most consumers can use wherever they go, there is still a lot of work to be done. So far, this leaves a lot of room for Bitcoin, albeit its adoption rate is still relatively low.

Incentivisation Is Key to Boost Mobile Payment Popularity

One of the things nearly every mobile payment solution lacks today is incentives. Consumers who own a smartphone indicate they would be more willing to check out mobile payment solutions if there was a loyalty or reward scheme. With the rise of digital wallets, that should not be a problem.

One way to address this issue is by creating a cross-compatible wallet solution that can support multiple loyalty programs. Having the option to track all balances and even transfer points between programs would be a perfect outcome. Unfortunately, that seems an unlikely result, as individual app creators and stores have no desire to support competitor offerings.

While customer loyalty may be less present than it used to a decade ago, most consumers still stick to the same brands for the majority of their lives. For US households, this means being a member of six different loyalty offerings. Implementing this solution into a mobile wallet, the overall user experience can be improved to reach unprecedented levels.

Related Post

At the same time, there is a potential risk factor in the form of centralized spending. If everything is integrated into one solution – controlled by one or a select few entities – it may not be the best outcome for consumers. Centralization of tracking and spending loyalty rewards, however, may not necessarily be a bad thing. That is, assuming brands can come up with a way to ensure the integrity of data, and make it publicly visible at all times.

To boost Bitcoin adoption, a similar strategy may be needed. Some websites are experimenting with Bitcoin cashbacks for every purchase made through their affiliate link. This is not a perfect solution, but it provides valuable insights as to how such an ecosystem could be achieved. Coinsbank users also earn a small cashback for every purchase they made with their Bitcoin debit card.

Image credit 1

If you liked this article follow us on Twitter @themerklenews and make sure to subscribe to our newsletter to receive the latest bitcoin and altcoin price analysis and the latest cryptocurrency news.

JP Buntinx

JP Buntinx is a FinTech and Bitcoin enthusiast living in Belgium. His passion for finance and technology made him one of the world's leading freelance Bitcoin writers, and he aims to achieve the same level of respect in the FinTech sector.

Share
Published by
JP Buntinx

Recent Posts

Supreme Court Strikes Down Trump Emergency Tariffs In Landmark Ruling Limiting Executive Trade Powers

In a landmark decision that reshapes U.S. trade policy, the Supreme Court of the United…

18 hours ago

USDT Supply Decline Marks Biggest Contraction Since FTX Era

The global stablecoin market is entering a new phase of recalibration as the circulating supply…

18 hours ago

xStocks Surpasses $25 Billion Volume As Tokenized Equities Enter New Market Phase

The tokenized equities sector is accelerating rapidly, and xStocks has now crossed a defining milestone:…

2 days ago

Base Begins Transition To Native Tech Stack In Major Layer 2 Shift

Coinbase-incubated Layer 2 network Base is entering a new phase of its development, moving toward…

2 days ago

Zora Officially Launches Its Revolutionary “Attention Market” On Solana In A Bold Multichain Expansion

Zora has officially launched its new “attention market” on the Solana blockchain, marking a bold…

3 days ago

XRP Ledger Activates Permissioned DEX With XLS-81 As Institutional Trading Model Emerges

The XRP Ledger has introduced a new on-chain trading framework that signals a notable shift…

3 days ago