The booming sharing economy has been a driving force behind the exponential growth of marketplace sales, with many reports predicting that global e-commerce sales will reach $7 trillion in 2024. But many online marketplaces struggle with payment rails that don’t work on their schedule, or that make international payments slow and expensive.
Marketplaces need to meet payment processing standards set by international competitors, from managing multiple payment rails and converting across currencies to creating a payments system that is scalable, secure against fraud and abuse, with rapid settlement and minimal fees.
With buyers and sellers now flocking to establish businesses and score the latest NFTs on these marketplaces, seamless marketplace payment experiences for customers are essential, no matter how they want to pay.
Payments Infrastructure for Global Marketplaces and Platforms
Circle Payments help marketplaces process payments easily, quickly and securely, while creating a robust payments infrastructure that can grow with your business.
Merchants can accept payments from around the globe and have those payments settled in minutes into USD Coin (USDC), the world’s fastest growing fully-regulated digital dollar stablecoin.
Circle APIs, including Payments, Payouts, and Digital Dollar Accounts can be adjusted so that commission rates, payouts to sellers, revenue streams, and other custom processes can be implemented with ease. Marketplace operators can also interact with multi-sided exchanges, manage finances, and maintain cryptographically secured infrastructure without traditional banking relationships.
Circle Payments and other APIs make it easy for platforms of any size and in any stage of development to manage capital flows around the world, reducing costs and unlocking international opportunities.
Marketplace Payments Use Cases
In today’s digital economy, the number of applications providing marketplaces is growing at a staggering pace. These are just a sample of marketplace platforms that can benefit from Circle’s blockchain-based payments infrastructure.
Online marketplaces operating on open blockchain networks are a perfect fit, since they’re often made up of various smaller product-specific markets, often leveraging cryptocurrencies as a primary means for exchange.
In this case, users looking to purchase NFT crypto collectibles or physical goods benefit, as users at both ends of trade can accept traditional credit/debit card payments that settle in USDC.
Gig Economy Apps
Platforms for freelancers working one-off or contract gigs benefit by creating an end-to-end payments system that runs on USDC. In this case, remote workers could receive payments in digital dollars anywhere in the world, a huge plus while working in locations where financial infrastructure is slow, costly, or simply inaccessible.
Marketplaces and Circle Accounts: A Full-Stack Marketplace Payments Infrastructure
Circle has developed a suite of digital dollar-powered products that meet the demands of the modern internet-connected business.
By leveraging Circle’s full product suite including Circle Accounts, Payments, Payouts, and Digital Dollar Accounts, organizations can operate a scalable full-stack financial ecosystem, with bank wires, card payments, and ACH rails to easily implement USDC in marketplace products. It’s plug-and-play simplicity at a global scale.