As cryptocurrencies grow in the coming years, people will look for ways to cash their tokens for goods and services, such as airtime. There are already around 15,174 vendors worldwide that accept cryptocurrencies. There are also a few countries that have adopted them as part of their economy. In Germany, The Netherlands, and El Salvador, cryptocurrencies are now legal tender. However, we’re still away from the day when cryptocurrencies will be normalized, let alone become the world’s top currencies.
Cryptocurrencies can find real-world value through novel ways. In Africa and Latin America, cryptocurrencies are put to good use. In these economies, prepaid plans are king, and airtime is part of daily life. But airtime is just one way to transfer cryptocurrencies’ value into a tangible service. With the right API for top ups to mediate the process, airtime and digital gift cards can be other alternatives.
The case of Crypto.com
Crypto.com is a business based in Singapore. It serves as an all-inclusive crypto wallet with a variety of options, such as an App, a Visa card. An exchange service offers the opportunity to buy or spend over 250 cryptocurrencies. It generates its own token, known as Cronos (CRO), which can be purchased at Crypto.com’s exchange.
Kris Marszalek, Rafael Melo, Gary Or, and Bobby Bao founded the company in June 2016, in Hong Kong. Originally called Monaco, in recent years it has proven to be a fast and far-growing operation. It went from a reported figure of 10 million users in February 2021 to 50 million as of May 2022. It has proven to be a robust service with a bright future ahead. All of it, despite the current Crypto Winter.
Although Crypto.com’s business is digital money, the company has established other products to its name. They teamed up with Reloadly’s APIs for top ups so users can cash out their coins for airtime. They also use Reloadly’s API for digital gift cards, giving crypto users another option to cash their coins out. Either for themselves or their families and friends. This greatly improved Crypto.com’s palette of services.
What is Airtime? Why Digital Gift Cards?
But, what is airtime? That’s the number of minutes a user has available to use a mobile phone under an operator. Airtime is a very common good in developing countries in Asia, Africa and Latin America, where many migrant workers and expats come from. Airtime is usually transferred back to their homelands, so that they can keep in touch with their families and friends. But also, because it is a commodity back home. Many people in these countries depend on airtime to conduct their daily lives, run businesses, and stay in touch. Being able to offer airtime for cryptocurrencies, as well as digital gift cards, is a smart practice.
On the other hand, digital gift cards are another smart choice. The digital gift card market is huge, as it is expected that by 2025 it will be worth US$ 393B. With the right API for the job, like Reloadly’s, user will have access to a wide variety of them. These digital gift cards range from Amazon to Netflix. They offer goods and services user can cash their coins for. By doing so, they add real world value to their crypto investments.
Is exchanging Cryptocurrencies for Airtime and Digital Gift Cards a Safe Bet?
Using airtime and digital gift cards to cash out cryptocurrencies is not a strange thing to do. In fact, it makes perfect sense. Cryptocurrencies’ status is still very fragile in the world economy. Sometimes, users can’t invest their assets in products or services. Although cryptocurrencies are becoming more popular by the day, they still aren’t as reliable as fiat money. Unless users cash out their coins for paper money, their crypto coins are useless outside of a restrictive digital environment.
Users need to cash out their coins using an exchange, but doing so is not as straightforward. A crypto exchange may take days to process a request. There might even be a cap on the amount of money users can withdraw, depending on which exchange. And, of course, high fees per operation go without mention. Transferring a cryptocurrency’s value to airtime or digital gift cards is then one of the safest options for many users. This is a perfectly sound service for companies like Crypto.com.
Crypto.com cuts the days-long transaction of crypto-to-fiat by offering the option to convert cryptocurrencies into airtime or digital gift cards. This gives users real value for their coins. Either through telecom services or products that can be obtained through digital gift cards, like Amazon’s. This is convenient not only for the users but also for the crypto exchanges themselves. For example, with Digital gift cards, exchanges can leverage discounts to help reduce user transaction fees.
Integrating with Reloadly’s API for top ups
A platform, different to Crypto.com’s, can offer such a service. APIs are integral to securely transfer data from one end to another, and both security and simplicity are key to doing so. Crypto.com looked to partner with Reloadly because of these reasons. Reloadly offered them an API that integrates easily. Its robust airtime service is spread through 170+ countries, and it offers up to 300 brands of digital gift cards.
Crypto.com offers airtime and digital gift cards to economies like Latin America and Africa. In countries where it is difficult to access digital banking, this kind of initiatives are welcomed. This is a good practice, a scheme where everybody wins, and one that can be applied everywhere. It is not restricted to a few economies. Offering airtime for cryptocurrencies, as well as digital gift cards, is a smart and safe thing to do.
Some Final Thoughts About Exchanging Cryptocurrencies for Airtime and Digital Gift Cards
Paper money is on its way out, but it’s still a long way for it to do so. Cryptocurrency exchanges and young entrepreneurs are trying to legitimize digital money to governments and make it palatable to the average person. Adopting cryptocurrencies as standard global money will require familiarizing people with its ease of use. People still need to learn about the convenience of carrying funds in an electronic wallet instead of a physical one.
Airtime and digital gift cards are a good way to get the ball rolling, as they are easy to cash out for tangible services and products. But, of course, the right tech is required to facilitate these transfers. Reloadly has made a name for itself because of the flexibility of its APIs for top ups and digital gift cards. Because of the ease it can be incorporated into web and mobile-based apps, and its dedicated support team, available 24/7.
The future is digital, and cryptocurrencies are much easier to use than most people think. It is a matter of using strategies that will convince the right players that this is the way to go. Reloadly certainly is happy to play its part on this. Please, get in touch with our team if you also feel the same.
