Cryptocurrency is firmly on the rise. With the whirlwind year that the industry had in 2020, with tokens like bitcoin and dogecoin seeing massive bull runs and more institutional support than ever, more people are flocking to invest in cryptocurrency. More people are also looking to use cryptocurrency as a form of payment given that companies like WeWork and Time magazine now accept crypto for payment.

But with this increase in demand for cryptocurrency for goods and services has come the need for payment processors specializing in crypto. After all, there is a difference between receiving tokens from a single person and accepting it as part of a business model. Luckily, a number of crypto-powered payment processor services have sprung up to meet this need, some of which are as follows: 

1. Zam.io

Thanks to the rise of blockchain technology, the financial world can be divided into decentralized finance (DeFI) and centralized finance. Thanks to Zam.io, these two worlds are bridged and businesses can access both simultaneously. This is done through Zam.io’s unique offerings like its  ZAMWallet and the unique zMorgan protocol. Zam.io’s fintech arm also works to offer both remittances and payments services. This means that businesses who use it can receive payments in a number of cryptos, even if the business itself is not built on DeFi. 

For companies that want to interact with the centralized and decentralized financial worlds, Zam.io provides the access that will be needed even more moving forward. 

2. ALFAcoins

While ALFAcoins is not a new crypto payment processor (it’s been on the market since 2013), it launched a new version this year with improved features to cater to the increased demand within the industry. Besides allowing merchants to send and receive cryptocurrency payments, ALFAcoins also provides statistics to the merchants to guide their decisions. 

With ALFAcoins, merchants can integrate crypto payment options onto their websites which includes a payment button, payment options on carts, and so on. Once this is done, merchants can accept different tokens including Bitcoin, Bitcoin Cash, Litecoin, Ethereum, Dash, and XRP. For any business looking to get into accepting crypto payments, ALFAcoins offers the tools to integrate from start to finish. 

3. Plutus

Plutus is possibly the best way of acquiring free crypto. Every time you shop with a Plutus Debit Card, you receive 3% of the purchase back in Crypto Rewards. These rewards come in the form of PLU, the company’s native crypto token, which can be converted into more Fiat spending balance or staked for additional benefits.

An accompanying finance app lets you track your rewards alongside a range of other bank-like features including a Current Account and a DEX which enables you to connect your non-custodial wallet such as Ledger and MetaMask to your Plutus Card.

Its unique approach to loyalty rewards make Plutus one of the most rewarding and attainable crypto cards on the market with many customers earning $1,000s worth of rewards.

4. Wirex

Wirex is an industry leader in crypto payments processing, and for good reason. The Wriex card allows for payments in virtually every part of the world where Visa is accepted. Cardholders can spend from a variety of currencies such as ether and bitcoin and can also receive up to 2% cashback rewards. When switching between crypto and fiat currency, there is no FX conversion fee and from the Wirex mobile app or website, transfers can be made between users. 

2021 has seen Wirex expand on its global availability, including in Vietnam, and from all indications, the company shows no signs of stopping.

5. BitPay

BitPay works to act as a bridge between the worlds of crypto and fiat currency and is renowned for its app and prepaid Mastercard. On the app, users can buy crypto and subsequently spend it using the prepaid card. In terms of security, the app features a non-custodial wallet that still gives users control over their funds while leveraging multi-signatory security to keep the tokens safe.

For businesses, BitPay allows them to accept tokens like bitcoin and can connect to over 90 existing crypto wallets. Businesses can also receive the equivalent of crypto in their local currency to hedge against inflation if they prefer. Given how many more businesses are looking to begin accepting crypto, BitPay is certainly one to watch. 

6. Knox Wire

Many in finance and most people that have sent a wire via SWIFT have been left calling their bank over and over to check if a payment has cleared. Swift takes an average of 3-5 business days but can take as long as 14 dayside. This is where Knox Wire comes in, by utilizing bi-directional messaging and advanced AML systems, Knox Wire cuts down the time it takes to send payments cross border substantially, to as little as 2 seconds. Not only that but almost doubles the amount of institutions that can receive funds. Knox Wire can send same-day wires to over 20,000 institutions vs Swifts 10,000. 

The rise of cryptocurrency around the world means that more people are buying and selling using various tokens. Naturally, this has created a need within the market for crypto-based payment processors and this need has been well-met. The above processors are catering to a growing demographic of crypto holders and benefiting the industry as a whole.