Biggest Corporations Sceptical of Introducing Crypto Payment Option

Hirsch added: "We'll see more companies following the footsteps of Facebook, and now PayPal, to leverage crypto for cross-border payments, settlement and other use cases needed to optimize for a global economy."

Gil Hildebrand, the CEO of Gilded - a financial services provider - told Cointelegraph that while the internet makes it easy to contact people: "Paying them and getting paid from them is still incredibly fragmented and inefficient. Crypto removes middlemen and makes payments cheaper, faster and more global."

On the other hand, Saponaro said: "There are several large organizations accepting crypto as payment from customers," enabling people to pay their phone bills and even taxes in some U.S. states.

Bill Zielke, the chief marketing officer of BitPay - a Bitcoin payment-acquiring processor - told Cointelegraph: "We are seeing increased demand for crypto payment services." According to him, transactions on BitPay were up 7.2% in Q1 2020 compared to Q4 2019, while volume increased 9.1% over the same period.

In May 2019 AT&T announced that it had selected BitPay as a bill payment option for its customers.

There are still hundreds of multinational organizations that don't accept crypto as payment, added Saponaro.

"Many merchants are unaware of the massive size and value of crypto users. With a market capitalization more than $200 billion, the crypto market is a massive possible customer base to merchants." Purchases made with Bitcoin are, on average, two to two and a half times higher than credit cards, with many of these customers being new, according to Zielke.

Are stablecoins the solution?Still, what about price volatility, which has long been a source of woes for proponents of crypto-based payment systems? Aibek Amandanov, the head of global marketing and big data at HUPAYX - a payment solution - told Cointelegraph that price volatility is indeed a big issue, adding that "Large companies know that well and steer away from it." So, can one expect widespread acceptance of Bitcoin and Ether in the payments process, or must corporate acceptance inevitably involve stablecoins?

Hildebrand voiced the opinion that "BTC is still king of crypto payments," adding: "However, stablecoins resolve many of the issues around volatility and taxes that prevent businesses from being able to adopt it." Within the next two years, stablecoins will overtake Bitcoin as the primary form of crypto payments, he opined, particularly with improvements in user experience and resolution of many regulatory issues.

A PayPal entrance is bound to shake the ground underneath the crypto industry - even as questions about price volatility and tax treatment continue to dog the crypto sector.