Payment service Stripe will restart cryptocurrency payment functions from October 2024, but some users have expressed their disapproval

Stripe, an online payment service, has announced product update information for the next six months from October 2024. This includes the addition of a cryptocurrency payment function, which had been suspended since 2018.

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Report billing usage data up to 100,000 events per second, set threshold alerts, and let customers use prepaid credits. ⛽️ pic.twitter.com/u6d7zMn7Wq

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Pay with Crypto | Stripe Documentation
https://docs.stripe.com/crypto/pay-with-crypto

Stripe reintegrates crypto payments in the US - Blockworks
https://blockworks.co/news/stripe-reintegrates-crypto-payments-in-the-us

Stripe, which entered the virtual currency market in 2014, began supporting payments using Bitcoin in areas with low credit card penetration and to address high credit card fees. However, after that, Bitcoin began to attract attention as a speculative commodity and its price began to fluctuate significantly, resulting in a significant increase in transaction fees and time costs, and Stripe ended support for Bitcoin payments on April 23, 2018.

However, in 2022, Stripe reports that 'cryptocurrency is moving into the mainstream, from new developments in blockchain infrastructure to interest in crypto from major financial institutions. To better support our customers and continue to grow the Internet's GDP, we are working to ensure crypto businesses have access to today's global financial infrastructure.'

In April 2024, Stripe announced that it would revive cryptocurrency payments for the first time in six years since 2018. At the time, Stripe said, 'Support for cryptocurrency payments is scheduled to start in the second half of 2024.'

Stripe finally revives 'cryptocurrency payments' for the first time in six years - GIGAZINE

On October 9, 2024, Stripe announced that it would accept 'cryptocurrencies that can be used as fiat currency for Stripe balances.' Stripe lists Ethereum, Solana, and Polygon as cryptocurrencies that can actually be used on Stripe, and these cryptocurrencies will be converted into USD Coin , a stable coin, for payment.

The commission for payments using virtual currency is said to be '1.5% of the transaction amount.'

On the other hand, there are also skeptical voices about Stripe's cryptocurrency payment function. Niko Pei, a former employee of investment firm Bain Capital Crypto , pointed out that 'Stripe's cryptocurrency payment solution is a convenient feature for crypto natives, but it's not intuitive for everyone else. Also, for cryptocurrency payments to actually compete with the major credit card companies, they will need to compete with cash back, points , and various other strategies to encourage credit card use.'

In addition, foreign media Blockworks criticized Stripe, saying, 'There is no repository for finding merchants that accept cryptocurrency payments, and cryptocurrency payment solutions such as Stripe have problems with discoverability.'

At the time of writing, Stripe's cryptocurrency payments are only available to some American users, and only dollar payments are supported.