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In the latest episode of our 21bitcoin podcast, we had the pleasure to talk to Michael Theo Dülk, co-founder and CEO of Opago Pay. Opago Pay offers innovative payment solutions based on the Lightning Network and was recently honored by the Bundesministerium für Wirtschaft und Klimaschutz as a young and innovative company under the INVEST funding program. Together, we talked about the benefits of bitcoin payments for merchants and Michael's experience with “orange pilling.”
What makes Opago Pay so special?
Opago Pay aims to make bitcoin payments simple and cost-effective for merchants. The focus is on the Lightning Network, which enables fast and cost-effective transactions. Merchants who suffer from the high fees of traditional payment systems can benefit from Opago solutions. Michael explained how the company managed to develop a simple and user-friendly solution that is also attractive for smaller retailers. From hair salons to restaurants to zoos, Opago Pay offers a solution that makes it easier for merchants worldwide to access bitcoin.
The Benefits of Bitcoin for Traders
In conversation with Michael, it became clear how bitcoin payments open up new opportunities for merchants. In addition to lower fees compared to traditional payment providers such as credit cards, bitcoin offers a direct payment solution that does not allow chargebacks. This minimizes the risk for traders and ensures efficient processing of transactions. In addition, merchants who accept bitcoin can attract the growing target group of bitcoin users, which can give them a competitive advantage and customer loyalty.
Orange Pilling Challenges
Michael told us about his experiences with so-called “orange pilling” — the process of convincing retailers of the benefits of accepting bitcoin. Much of the work involves relieving retailers of their fear of the new technology and educating them about the benefits. Many merchants are uncertain about tax handling or the integration of bitcoin payments. This is where Opago Pay comes in with its user-friendly solution, which offers seamless integration into existing systems.
Michael also shared success stories where merchants have received positive feedback following the introduction of bitcoin payments, both from new customers and from existing customers who are excited to finally be able to pay with bitcoin.
Outlook: MiCAR and regulatory Developments
The podcast also addressed the regulatory future. Opago Pay is working to prepare for the upcoming MICAR regulation, which will apply in the EU from 2025. This license will create a uniform framework not only for Opago Pay but for the entire crypto industry, making it even easier to establish bitcoin payments across Europe.
Conclusion: Bitcoin as a Means of Payment of the Future
Michael and his team at Opago Pay are making an important contribution to bitcoin adoption in retail. With their solutions, they manage to convince merchants of the benefits of accepting bitcoin while simplifying access to bitcoin payments. The success of Opago Pay shows that bitcoin is becoming increasingly important as a means of payment and has a promising future ahead of it. Anyone interested in bitcoin payments in retail should definitely listen to the episode and get an insight into the exciting world of bitcoin payment solutions.
Listen in now and find out how Opago Pay is revolutionizing bitcoin acceptance for merchants!
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