The power of an XRPaynet Card is huge. Since cryptocurrency became a new asset class from which many have made very successful investments, the key problem many have faced is transferring that value and wealth into tangible spending power. The XRP Card offers the answer, one that will still be relevant for many years to come.
Within the last few years, a very small number of vendors have started accepting crypto payments instead of fiat currency, usually at the luxury end of the market, such as cars, jewellery and top hotel brands. But this has still been a minority and limits the potential crypto investors have when travelling around the world or just doing business at home.
The XRP Card, with its capacity to carry out transactions by using the XRP system to instantly convert crypto into the local fiat currency, resolves that issue. That makes it an obvious must-have for crypto spenders who want that freedom to travel around and spend their crypto anywhere.
How Much Are Retailers Embracing Crypto?
However, some may pose the question as to whether this will remain so relevant for much longer. Could it be that, in due course, crypto will become so mainstream that using a special card like this will no longer be necessary, because using crypto in a normal buyer setting would be no more unusual than someone using a voucher in a high street store now?
The question is at least worthy of being asked because the number of vendors accepting direct crypto payments is growing. As the Retail Times notes, one of those areas of growth is in the realm of online shopping.
It stated: “As the adoption of cryptocurrency continues to expand, online retailers are recognising its potential to drive business growth, improve customer satisfaction and provide new opportunities in an increasingly digital economy.”
The article added that the “evolving demands of customers” are driving this as crypto investors amass more digital assets and want to spend them. It also noted that increased security, lower transaction costs and the potential for retailers to access a global market are all prominent factors.
Why The XRP Card Is Still Better
All this may sound like a response to the same issues that the XRPaynet Card addresses, and indeed it is. The article goes on to note that the growth has been particularly strong in areas like tourism and online casinos.
However, while the direction of travel is clear, this still falls short of the scope that an XRP Card can offer. The transaction still requires the vendor to be willing to accept crypto payments, whereas the XRP system is designed to overcome that barrier when the vendor does not.
Moreover, while you might indeed value being able to spend crypto directly on things like travel, you may or may not be interested in visiting a casino (online or otherwise). While the number and range of vendors accepting crypto is growing, it is doing so from a very low base. It is still a very long way off from matching what you can do with an XRP card.
There may even be some instances where conversion to fiat currency is preferable to using crypto, even where such a thing is possible, for example, if transparency is needed to uphold business ethics or avoid accusations of undue influence.
A Question Of Transparency
A report in the Observer that Reform UK recently became the first UK political party to accept a cryptocurrency donation highlights that such a can of worms has now been opened.
According to the report, several sources had revealed that the party had recently told the Electoral Commission it had received such a donation, which was “made, not declared”. The fiat value of the donation has not been disclosed.
Because there are strict rules on the disclosure of political donations above £11,180, this raises some significant questions, particularly with Reform’s crypto processing body being based in Poland and not under the auspices of the Financial Conduct Authority. Reform UK is the only major political party in Europe to accept crypto donations, the report notes.
Could Crypto Donations Be Halted?
Speaking to the paper, Tom Keatinge, the director of the Royal United Services Institute’s Centre for Finance and Security, said: “We are in a naive place where I don’t believe the government has properly thought about the implications of crypto in the context of political donation.” He called for a moratorium on crypto donations to political parties.
Political donations may be an exceptional case, but there might be other instances where businesses and organisations need to display transparency over funding to avoid any suggestions of impropriety, which is where the ability to convert crypto into fiat will offer a simple solution for donors.
Direct crypto payments may be increasing, but the advantages of an XRPaynet card remain very significant indeed.