According to the analysis, Pakistan e-commerce market is growing very rapidly from 2020. The market size reached $2.1 billion in 2020. The reports shows that the industry is growing very rapidly and people are trying to invest in the sector to earn well.
The rise of cryptocurrencies as a decentralized payment method is shining momentum across the world. In Pakistan, cryptocurrencies are becoming very popular and people are using it as a medium of currency to operate their business.
Moreover, Pakistan’s e-commerce industry has taken a great place among business and generates a good revenue per year. As the e-commerce industry is expanding rapidly, the use of cryptocurrencies can offer an essential boost to this sector.
In addition, the use of cryptocurrency helps e-commerce by providing an enhanced security, increased transaction speed, and lower transaction fee. By adopting the new advanced currency method Pakistani businesses can also broaden their target to a more extensive customer base.
Role Of Cryptocurrency
As per the analysis, Pakistan’s e-commerce market reached $2.1 billion in 2020, displaying a remarkable growth of 35% comparing from last few years.
Youngsters are more enthusiastic and keen in learning and doing e-commerce whereas, the frequent use of smartphones has also given a boost to the industry.
To completely understand the benefits and revenue an e-commerce can generate, we need to understand the potential benefits that cryptocurrencies such as Bitcoin and Ethereum can offer to businesses to this sector.
The use of cryptocurrency in your e-commerce not only help you in providing a secure platform but will also open the doors to grow.
Approach To Global Market
Considering the current situation of Pakistan’s economy, every business wants to expand their operations globally and offer their products and services to the international market.
Despite the fact, that international market has a vast potential for growth, it has various challenges associated with receiving payments.
Cryptocurrency is one of the best source that provides a reliable solution to this challenge. As they are accepted worldwide, business no longer need to worry about currency conversion protocols.
This makes the business more attractive and easy doing on an international level.
Reduced Transaction Costs
Cryptocurrencies Rae decentralized by nature therefore, transactions can easily be made without the middlemen, banks or other protocols. The cost of tens actions are significantly decreased when other third parties are involved.
In contrast, Binance is considered as the reliable and secured exchange platform, offers crypto exchange and wallet services in Pakistan. It is one the best option for business to revive payments in cryptocurrencies.
In today’s fastest environment, the saying “time is money” won’t be wrong. Cross-border transactional payments may take several weeks to clear.
However, cryptocurrencies offer a significant advantage in this regard, as it transacts very quickly.
Not only this, it also allows faster clearance of payments leads to a better customer experience and customer retention.
Moreover, it also offers a quicker order processing time which is a plus point for both vendor and the customer. Therefore, using cryptocurrency as a mode of payment is a win-win situation for businesses.
Increasing Financial Accessibility
E-commerce has totally change the perspective of doing business. This allows anyone to come, join and earn well by opening an e-commerce store, with minimal capital, making it financially inclusive.
Using cryptocurrency as a mode of payment for e-commerce stores have tremendous potential in Pakistan. Using cryptocurrencies for payments eliminates the need for physical infrastructure and allows e-commerce stores to operate digitally.
By adopting the approach, businesses can reach a wider audience and serve as a global market. By adopting cryptocurrencies, cross-border payment costs significantly decreases.
Hence, Pakistani businessmen can boost their businesses and cater to a global market and can reduce the operational cost by adopting a reliable and less-expensive solution for cross-border payments.