Swiss startup DePay announced today their official Web3 Payments integration into Shopify, allowing for the very first integration of a wallet-to-wallet (P2P) payment solution for eligible Shopify merchants.
DePay’s multichain Web3 payments will unlock the ability for merchants to receive any preferred tokens with blockchain-based asset conversion of incoming payments in real-time.
The mechanism of blockchain transactions is inherently peer-to-peer and decentralized. Nevertheless, most of today’s established Crypto Payment solutions manage wallets for their customers, embedding a decentralized technology into centralized structures. As a result, the buyers pay middlemen who credit the merchant’s account.
Aiming for a paradigm shift, DePay establishes a new model by using decentralized finance (DeFi) to enable any-to-anything payment conversions.
“We’re happy to welcome DePay to provide the very first integration of a wallet-to-wallet (P2P) payment solution for Shopify merchants,” said Ashley Fulks, Product Partner Manager at Shopify. “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.”
The benefits for merchants include:
- Instant Cashflow: Received payments are settled and available for the merchants in real-time.
- Automatic Conversion: Tokens are automatically converted (e.g. to stablecoins) as part of the payment transaction.
- Unmatched token acceptance: By using DeFi, DePay grows the amount of accepted tokens by a hundredfold.
Alongside the launch on Shopify, DePay will continue to drive the expansion of supported blockchain networks (currently: Ethereum and BNB Smart Chain) in order to unlock all major blockchains and Layer-2 solutions in near future.
Research indicates that global ecommerce spending could reach the $5.5 trillion range this year, with total ecommerce sales in the U.S. estimated at $1 trillion — a milestone that prior to the pandemic, was only expected to occur in 2024.
The main reason for a 2–5 times faster global ecommerce growth rate has been the COVID pandemic, which has significantly impacted consumer behavior.
In addition to the overall growth of ecommerce, the adoption of cryptocurrency payments is also advancing rapidly. Visa reported USD 3.5 billion in crypto-linked payment volume in fiscal 2021. Recently, a study also found that 40% of 18- to 35-year-olds are willing to pay with crypto. Governments are also starting to engage through the planned development of their own “central bank digital currencies” (CBDCs).
About DePay
DePay pioneers Web3 Payments with the power of DeFi.
Driving mass adoption of blockchain-based payments, DePay merges the core ideas of decentralization and interoperability with state-of-the-art Web3 technologies.
Links from the “DePayVerse”
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