Crypto-billing via e-gift

BitRefill Case Study

Written by Rebekah Moss 27 Aug 2019 - 3 minutes reading time

Gift cards and loyalty schemes were conceptualised with the premise of rewarding their recipients. With the integration of cryptocurrencies, gift cards now have a new definition in the world of alternative payment methods.

Since 2011, BitRefill has been a leading provider in crypto-solutions for the many in the cryptocurrency space who embody the ethos of decentralisation and privacy; by providing the option to purchase gift cards for a multitude of goods and services worldwide.

With the concern of lengthy KYC applications and geographical restrictions also causing friction in e-commerce and crypto spaces; crypto-billing via e-gifts is an unsuspecting avenue for many.

Why should you use BitRefill?

  • When you want to sell Bitcoin without a KYC.

  • If you are concerned about your privacy in a post Mt Gox era*.

  • You have the option to sell your BTC to buy a gift card and buy something you would have bought with cash.

  • Geographical workaround: resolving issues for those working and living abroad.

  • Conversion/Exchange fee savings when buying products with cryptocurrency.

What can you buy?

BitRefill currently supports 1650 businesses across 170 countries. Customers have the option to purchase gift cards in Ethereum, Litecoin, Bitcoin, Dash and Dogecoin - as well as make payments over Bitcoin’s fast Lightning network.

The products available vary depending on where you live, but users can also purchase prepaid sim cards, as well as enable subscription service payments via the service.

In the UK, users have gift card access to companies such as Steam, Amazon, Playstation, Starbucks, UberEats, Asos, Apple, Tesco and Hotels.com, to name a few.

How it Works:

After selecting the card that they want to purchase, the customer will add the value they wish to upload onto the gift card. This value is paid for in the customer’s preferred cryptocurrency via a QR card or provided wallet address/ private key*.

Once the payment is confirmed, the customer will receive their gift card code.

Like any alternative payment method, an alternative to credit cards at the checkout is a chance for the merchant to fight against the 67% of global cart abandonment rates and allow for conversions to maximise in the world of open-banking.

With the added benefit of transactions being taken as a gift card payment, the fraud statistics are low. Allowing customers to convert their bitcoin and cryptocurrency in these mediums is a considerable option in the fight against false positives at the checkout.

Currently, £197bn of sales have been declined in the last 6 months across the globe, due to transactions being falsely declined at the checkout. This is a statistic that not only caused 2 in 5 customers to abandon a purchase at the checkout but is one that 1 in 5 experienced 4 times over within the same 6-month period.

With 1.92 billion people shopping online in 2019 and that figure expected to rise to 2.12 billion by 2012, conversion opportunities should be seized to accommodate not only, customer demands but, the growing opportunities within open-banking.

Total Processing’s payment gateway is open to all. With bespoke innovation at its core, apply for a quote today to learn how our merchant service and payment engineers can help you integrate a multitude of payments within your business.

Glossary:

Mt Gox: Mt Gox was the world’s leading bitcoin exchange based in Japan. Handling 70% of all BTC transactions worldwide, it was hacked in 2014 for more than $450 million dollars of BTC.

Private Key: A cryptographic key and set of numbers and letters, used to send and receive cryptocurrency with.

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