Crypto payments have come a long way from being viewed as a niche option for digital asset enthusiasts. Today, businesses across industries are beginning to evaluate how cryptocurrencies can fit into their payment strategies. Yet despite growing interest, widespread merchant adoption remains slower than many expected.

Speaking with Finance Magnates Editor-in-Chief Yam Yehoshua at iFX EXPO International, Tim Ferland, CEO of LetKnow Pay, shared why the biggest obstacle is no longer technology, but education, banking acceptance, and merchant confidence.

LetKnow Pay's Approach to Crypto Payments

LetKnow Pay positions itself as a crypto payment gateway that allows merchants to accept cryptocurrency without having to manage digital assets directly.

Instead, customers pay with crypto while merchants receive traditional fiat currency, removing much of the operational complexity associated with digital assets.

Ferland explained:

"The best analogy I can make is it's like the PayPal of crypto."

The company operates internationally and continues expanding its licensing footprint to support businesses across multiple regions while making crypto payments more accessible for merchants worldwide.

Merchant Adoption Is Growing, But Education Is Critical

While crypto adoption continues to expand, Ferland believes most merchants are still learning how digital asset payments can benefit their businesses.

Rather than a lack of interest, the challenge is understanding the technology and how it integrates into existing payment operations.

As he explained:

"They don't have the technical knowledge about it. They don't have the technical capabilities to process it."

He believes providers must bridge this gap by simplifying implementation while educating businesses on the commercial advantages of accepting crypto payments.

Consumers Are Driving Demand

According to Ferland, payment innovation is largely driven by customer behaviour.

As consumers become more comfortable using cryptocurrencies, merchants naturally begin looking for solutions that allow them to accept those payments safely and efficiently.

"The consumers drive any change in any industry."

This creates an opportunity for payment providers to deliver infrastructure that keeps businesses aligned with changing customer expectations while avoiding unnecessary technical complexity.

The Future Isn't Crypto vs Fiat, It's Both

One of the strongest themes throughout the interview was Ferland's view that digital assets will complement, rather than replace, traditional finance.

He expects a payment ecosystem where centralized financial systems and decentralized networks operate alongside each other.

"The future is going to be a hybrid system where there is a decentralized part of the economy and there is a centralized part of the economy."

Rather than replacing banks, crypto payments will offer businesses and consumers greater flexibility in how transactions are completed.

Banking Remains the Biggest Challenge

While integrating crypto payments can be technically straightforward, Ferland believes banking relationships remain the largest hurdle.

Many merchants may ultimately receive fiat settlements, but banks can still hesitate because the original transaction involved cryptocurrency.

According to Ferland, future adoption depends on banks becoming more comfortable supporting businesses that process crypto-originated payments.

He expects clearer regulation and greater acceptance from governments and central banks to help improve confidence across the financial system.

Regulation Is Changing the Conversation

Ferland pointed to several regulatory developments that demonstrate crypto is becoming a permanent part of the financial landscape.

From countries recognising Bitcoin to governments introducing crypto-friendly legislation and central bank digital currency initiatives, he believes policymakers increasingly acknowledge that digital assets are here to stay.

Instead of resisting crypto, many jurisdictions are now building frameworks that allow innovation while maintaining oversight.

LetKnow Pay's Next Phase

Looking ahead, LetKnow Pay plans to expand its product offering beyond payment gateways by providing:

  • Crypto point-of-sale terminals

  • QR code payment solutions

  • Payment pages for merchants

  • Simple payment links

  • Local payment rails for businesses and consumers

The goal is to make crypto payments feel as familiar and simple as traditional payment methods while supporting more everyday retail transactions.

Why This Matters

As regulation becomes clearer and merchant awareness grows, crypto payments are steadily moving from specialist use cases into mainstream commerce.

Success, according to Ferland, will depend less on blockchain technology itself and more on helping merchants, banks, regulators, and consumers work together within a practical payment ecosystem.

Watch the Full Interview

This interview covers far more than crypto payment gateways. Watch the full conversation with Tim Ferland to hear his thoughts on:

  • Why many crypto payment projects struggled over the past decade.

  • Which industries are adopting crypto payments faster than others.

  • What needs to happen before banks fully embrace crypto-related merchant transactions.

Watch the full interview on the Finance Magnates YouTube channel for the complete discussion.