The Attempt of Startups to Use Cryptocurrencies in Different Payments
Lolli is a browser extension that rewards customers if they shop online. By online shopping from stores like Wall Mart, users will get reward and award in the form of nothing but Bitcoin. Lolli website claims that it collaborates with more than 500 brands.
Implementing cryptocurrencies for payments in different retail systems is among the outlooks of these new technologies. But can cryptocurrencies become prevalent in the world of retail in near future? Different startups have so far attempted to have some ways to promulgate the use of cryptocurrencies in the world of payment. Some of them have had successful attempts in this regard. In the following, one of these startups will be pointed out. Lolli is one of these startups.
What Is Lolli?
Lolli is a browser extension that rewards customers if they shop online. By online shopping from stores like Wall Mart, users will get reward and award in the form of nothing but Bitcoin. Lolli website claims that it collaborates with more than 500 brands. According to the managers of this startup, Lolli intends to bring crypto payments like with Bitcoin to larger parts of the retail market by establishing its users’ base, and not continue its activities only in the form of paying reward and score.
What Is Lolli’s Strategy?
Lolli knows very well that if cryptocurrencies like Bitcoin are to grow and develop in the world of retail, then both sellers and buyers must benefit from it and get attracted toward it. For this reason, Lolli believes that attracting the opinion of all parties involved, or better put, all the stakeholders in this market can lead to the development of cryptocurrencies in retail. Creating a reciprocal and efficient process in which both sellers are interested in using cryptocurrencies and buyers are eager about this, will be made possible by offering awards and attractions of shopping for customers. The more customers are drawn to retail stores like Wall Mart and receive cryptocurrencies as rewards and use them as an asset or tool to spend in those retail stores, then the concern of retailers about customers and sales will decrease, and as a result, the growth of the crypto market will increase as well.
Is Eliminating Middlemen Ideal?
Annually, a great amount of money goes to banks and payment institutes as a result of fees of internet transactions. Given the use of Bitcoin and its counterparts, middlemen can be eliminated from the process of sale and payment transactions, and this will be in the interest of large retail stores like Wall Mart. Although the elimination of mentioned middlemen will not take place so easily. Banks and financial institutes are the actors in an extremely beneficial market and industry and their elimination with new technologies seems rather difficult. Although, nothing can be predicted and we can’t say for sure whether the use of cryptocurrencies in retail with a fast and quick wave, will end financial institutes and middlemen once and for all, or the process will continue slower and more cautious in a different form. We should wait and see how far will startups like Lolli go in their path toward entering Bitcoin to the field of retail, and to what extent will their creativity keep them from different pressures. Undoubtedly, in the near future, in the world of payment, cryptocurrencies will be considered as important and legitimate players.