“Buy now, pay later” platforms are becoming increasingly popular with consumers who want a little flexibility when shopping online — and now, a project is bringing that concept to crypto.
Uquid’s Pay in 3 does what it says on the box: Spread crypto payments on everyday purchases across three installments. This means that shoppers have 90 days to settle their balances in full – and they will not be charged interest.
The DeFi-focused company says this approach offers a number of advantages. Not only can this ensure the timing of payments with fluctuations in the value of the cryptocurrency, but consumers can instantly open a line of credit. Users are also free to pay their bill early without incurring any penalty.
Uquid’s stated goal is to offer a “web 3.0 shopping experience” where cryptography plays a major role in transactions. This can include temporary storage, mining and even receiving tokens through airdrops provided by merchants.
The project – which launched in 2016 – has now partnered with Binance Pay, a platform designed by one of the world’s largest exchanges. In addition to enabling users to pay friends and family with cryptocurrency, and receive money from others, it supports more than 40 digital assets. Merchants can also sign up for Binance Pay in order to reach a wide range of customers.
According to Uquid, its offer has never been more important — data shows that 2.14 billion people were willing to purchase goods and services over the course of 2021, a number exacerbated by the coronavirus pandemic. The e-commerce platform now houses more than two million physical products – from fashion to jewelry and watches, from appliances to Christmas decorations, and from groceries to entertainment.
The platform aims to provide a fast and secure experience – and for those still fiddling with how cryptocurrencies work, card payments are accepted as well.
Get to know the Uquid
Uquid is a borderless solution for international shopping. The digital platform supports more than 1,000 operators from more than 150 countries. In addition, it also has more than 70,000 digital products.
Cross-border payments allow transactions to be completed much faster than in the cash world, all with lower fees. Not only does this allow shoppers to save money, but it also protects the meager profit margins of merchants.
Looking to the future, the e-commerce platform is determined to keep innovating. Uquid is now focused on bringing shopping to the metaverse – giving it an early edge as companies including Facebook, Nike and Adidas are beginning to embrace virtual worlds like never before. The metaverse has the potential to change the way we buy things online – enabling us to visually inspect a product from our homes instead of relying on long product descriptions that aren’t necessarily accurate.
This pursuit of cutting edge concepts was not at the expense of offering consumers something familiar. Useless loyalty programs have now been replaced with intuitive rewards every time a purchase is made through decentralized finance. And at times when it’s necessary, Uquid Visa cards can be used to exchange cryptocurrency at millions of ATMs around the world.
As El Salvador becomes the first country in the world to accept Bitcoin as legal tender – and the continuing awareness of cryptocurrency – digital assets will only grow in importance in the world of e-commerce. With five years of experience under its belt, Uquid makes it easy for merchants and shoppers alike to find out why all this hassle… and to have a positive experience.
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