"Buy now, pay later" platforms have become increasingly popular among consumers who want a little flexibility when shopping online — and now, one project is bringing this concept to crypto.
Uquid's Pay in 3 feature does what it says on the tin: spreading crypto payments on everyday purchases across three instalments. This means shoppers have 90 days to settle their balances in full — and they won't be charged interest.
The DeFi-focused company says this approach offers a number of advantages. Not only can this ensure payments are timed with fluctuations in a cryptocurrency's value, but consumers can open up a credit line immediately. Users also have the freedom to pay their bill early without incurring a penalty.
Uquid's stated goal is to deliver a "Web 3.0 shopping experience" where crypto plays a starring role in transactions. This can involve staking, mining, and even receiving tokens through airdrops offered by merchants.
The project — which launched back in 2016 — has now partnered with Binance Pay, a platform designed by one of the world's biggest exchanges. As well as enabling users to pay friends and family in crypto, and receive funds from others, it supports more than 40 digital assets. Merchants can also sign up to Binance Pay in order to reach a broader cross-section of customers.
According to Uquid, its offering has never been more important — with data suggesting that 2.14 billion people were set to buy goods and services over the course of 2021, a number exacerbated by the coronavirus pandemic. The e-commerce platform now boasts more than two million physical products — ranging from fashion to jewelry and watches, from appliances to Christmas decorations, and from groceries to entertainment.
The platform aims to provide a fast, secure experience — and for those who are still getting to grips with how cryptocurrencies work, card payments are also accepted.
Getting to know Uquid
Uquid is a borderless solution for international shopping. The digital platform supports more than 1,000 operators from over 150 countries. Additionally, it also has over 70,000 digital products.
Cross-border payments allow transactions to be completed far faster than in the fiat world, and all with lower fees. Not only does this enable shoppers to save money, but it also protects the razor-thin profit margins of merchants.
Looking ahead, the e-commerce platform is determined to continue innovating. Uquid now has its sights set on bringing shopping to the metaverse — giving it an early advantage as companies including Facebook, Nike and Adidas begin to embrace virtual worlds like never before. The metaverse has the potential to transform the way we buy things online — enabling us to visually inspect a product from the comfort of our own homes instead of relying on long product descriptions that aren't necessarily accurate.
This quest to deliver cutting-edge concepts hasn't been at the expense of offering something familiar to consumers. Clunky loyalty programs have now been replaced by intuitive rewards every time a purchase is made through decentralized finance. And for those times when fiat is necessary, Uquid Visa cards can be used to cash out crypto at millions of ATMs around the world.
With El Salvador becoming the first country in the world to accept Bitcoin as legal tender — and awareness about cryptocurrencies continuing to rise — digital assets are going to grow in importance in the world of e-commerce. With five years of experience under its belt, Uquid is making it easy for merchants and shoppers alike to find out what all the fuss is about… and have a positive experience.
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