The crypto industry has been lagging behind as most of its products and derivatives are sold outright, and merchants can’t easily tap into an existing ecosystem of infrastructure solutions.
Calypso Pay has implemented support for recurring payments and subscriptions in crypto on its all-in-one crypto processing and acquiring platform.
The upgrade will allow merchants to integrate subscription payment widgets on their website, thus selling goods and services by collecting recurring payments and subscriptions in cryptocurrencies, including USDT (including Polygon), USDC, BUSD (on Ethereum), FRAX, and DAI, in regular intervals.
Calypso Pay takes care of subscription management and the underlying smart contracts and eliminates all the challenges.
Alexey Korneev, Operations Director at Calypso Pay, commented: “Subscriptions payments are the most reliable monetization option for businesses and creators. We had to solve multiple challenges in order to implement them in crypto and provide a smooth experience, and now we’re excited to offer this functionality to our customers”.
Calypso Pay helps merchants tap into exploding subscription economy
The addition of subscription capabilities comes amid a massive growth of the subscription economy, by more than 435% in almost a decade, according to Zuora’s Subscription Economy Index report. The subscription economy is set to be worth $1.5 trillion by 2025, according to UBS Wealth Management and Bernstein.
The crypto industry, however, is lagging behind as most of its products and derivatives are sold outright, and merchants can’t easily tap into an existing ecosystem of infrastructure solutions.
Calypso Pay’s core platform enables merchants to receive payments from clients quickly and securely and withdraw them to their wallets or bank accounts or directly pay their partners or workers.
Clients can create invoices and/or use a payment widget to accept payments, initiate payouts for individuals, or make payments to up to 1000 recipients simultaneously.
Over the year, the platform processed $850 million, and its clients performed almost 1 million transactions. The platform now supports 14 main cryptocurrencies representing 80% of the global crypto market cap, including USDT (ERC-20, TRC-20, and Polygon), BTC, ETH, USDC, MATIC, BNB, and BUSD.