ClaroKey enables store owners to use their existing card machines to take cryptocurrency payments
In 2019 it is still not easy to pay with cryptocurrencies. Merchants are unfamiliar with cryptocurrencies, they prefer to stick to existing technology, and there is little incentive to change. In countries such as Sweden, cash is going out of fashion in favour of card payments. Soon, there will be very few places you can spend your money without being tracked by banks and governments, which is a privacy concern for many.
The potential market for ClaroKey is huge. Card companies charge over 3% per transaction, generated $1.5 trillion in fees in 2017, expected to rise to $2 trillion in 2015.
Payments for goods and services by mobile phone are common in developing countries in Africa and Asia. Many consumers do not have access to bank accounts nor credit cards, yet to create a cryptocurrency wallet is as easy as downloading a mobile app.
Cryptocurrencies are still a novelty in 2019… but not so long ago, so were mobile phones and the internet. Paypal has its origins back in 1998, when very few people shopped online. Similarly today, ClaroKey is laying the foundations for another technological revolution in payment systems with the potential to disrupt not only how people pay online, but in stores as well.