Leading e-commerce platform WishQue (www.wishque.com) officially began accepting payments in cryptocurrency on 05th November 2021. WishQue now accepts payments in six cryptocurrency coins, including BTC, ETH, DOGE, BCH, LTC and USDC.
WishQue Managing Director MrChinthaka Jayasekara said, “Cryptocurrency will support the growth of the country by increasing financial inclusion and improving fund traceability which solve a major issue in developing countries, fraud and corruption.”
With increasing global and local adoption of crypto, WishQue hopes to attract a growing consumer base of crypto holders who are underserved by existing e-commerce platforms. Shoppers around the world can avail themselves of WishQue’s over 10,000 product range using their crypto wallets.
Cryptocurrency – commonly referred to as “crypto” – is digital currency that has taken the world by storm and revolutionised online payments and transactions. Experts consider it to be the future of e-commerce as it can lower transaction fees, and augment the speed and safety of transactions.
Sri Lanka’s e-commerce revenue was over one billion US dollars in 2021 and is set to grow in the coming years as the country’s internet penetration expands beyond 50 percent. Meanwhile, the crypto market was about ~1.5 billion US dollars in 2020 and is projected to reach ~5 billion US dollars by 2030.
Crypto incurs a low 1% transaction fee compared to 3-4% for credit and debit cards. WishQue will therefore be able to pass more attractive prices to customers. Crypto transactions are also virtually instant, compared to the 1-2 working days needed to clear credit and debit card transactions or the several days needed to process a refund. This is beneficial to both vendors and consumers.
Unlike credit and debit cards, which are vulnerable to hacking, fraudulent transactions and theft of personal information, crypto’s blockchain-based technology ensures that data in the supply chain and transactions between partners are visible, transparent and cannot be erased without all parties being made aware.
Usage of crypto in Sri Lanka has not been formally regulated, but the Central Bank has said that crypto holders may engage in transactions at their own discretion. However, the government has appointed a committee to study cryptocurrency regulations in countries like Dubai, Malaysia, Philippines, European Union and Singapore. State Minister of Digital Technology and Entrepreneur Development Hon. Minister Namal Rajapaksa also said that forward thinking and proper regulatory framework will ensure that Sri Lanka will lead the digital economy in the region.
Already a small number of Sri Lankan goods and service providers have offered to accept payments in cryptocurrency. However, there remain challenges in widespread adoption of this technology due to a lack of government regulation, volatility in the value of crypto coins, and the lack of technical support and infrastructure to facilitate crypto transactions.
Despite these challenges, WishQue is forging ahead in adopting this technology as it heralds the future of the e-commerce industry and brings numerous benefits to both consumers and vendors.
WishQue boasts a wide range of products including freshly made cakes, fresh flowers, perfumes, watches, gift sets, clothing, cosmetics, fashion accessories, soft toys, homeware, electronics, groceries, hampers, party accessories, and stationery.
Current and future crypto users are invited to avail themselves of WishQue’s expertly curated product range which is based on premium quality and the latest trends.