19th February Weekly Talk Recap: UQUID’s Crypto Shopping Report Unveiled

11 min readFeb 20, 2024

During the recent UQUID Weekly Talk session, Hinnie and Andy from the UQUID team discussed various topics, including recaps of past events, ongoing promotions, and insights into the future of crypto shopping. The session highlighted the Lunar New Year giveaway hosted on Uquid’s X channel, which saw a tremendous positive response, with winners of the 224 USDT prize pool to be announced. Andy emphasized the continuous opportunities for the community to win in future campaigns and advised keeping an eye on social media platforms for updates.

The discussion also covered the Binance Hot Deals offering up to 50% off, set to conclude on February 21, and introduced the Spend to Earn promotion, rewarding users for their transactions. An insightful AMA with Ontology Network was recapped, focusing on integrating Web3 and decentralized commerce and the pivotal role of the ONT token in scalable transactions and decentralized identity management solutions.

Additionally, the Binance Africa Discount was spotlighted, offering up to 10% off on Mobile Top Up for African users and introducing a Custom Value feature for personalized top-up plans. A Photo Contest was announced, encouraging community engagement and creativity for a chance to win part of a $200 prize pool.

Andy and Hinnie also discussed the 2023 Crypto Shopping Report, which provides a comprehensive overview of the crypto shopping market based on transaction data and a survey of 3,000 crypto shoppers. Key findings highlighted the market’s maturity, the preference for crypto due to lower transaction fees and faster processing, and the primary use of cryptos for purchasing digital products. The report reflects UQUID’s commitment to enhancing the e-commerce landscape through blockchain technology.

The conversation shifted towards the broader implications for the future of crypto shopping, including integrating DeFi into e-commerce, the role of blockchain in verifying product authenticity, and exploring “Buy Now, Pay Later” options in cryptocurrency. Andy and Hinnie emphasized UQUID’s dedication to innovation and creating a decentralized shopping experience that offers greater control and options to consumers worldwide.

The session concluded with an invitation to the audience to explore the full “UQUID Crypto Shopping Market Report 2023” on the UQUID website for deeper insights into the evolving digital marketplace and the significant role of cryptocurrency in global commerce.

For those unable to attend the event, we’ve also created a full recap of the AMA here. Please note we’ve made slight grammatical adjustments to the content for easier comprehension and smoother reading.

Hinnie: Hello, everyone, and welcome to this week’s UQUID Weekly Talk session! I’m Hinnie, your host for today, and I’m thrilled to have Andy from the UQUID team join us. How are you doing today, Andy?

Andy: Hi, Hinnie, and hello to all our listeners! I’m doing great, thanks. Excited to be here and share some updates from UQUID.

Hinnie: Lovely to hear that. So, everyone, are you ready to jump into today’s discussion?

Andy: Yeah! Let’s dive right in. It’s a new week, but before diving into all the exciting things to come, let’s rewind and recap some of the amazing events and campaigns that happened last week on Uquid!

Hinnie: That’s right! We’re talking about Lunar New Year festivities, sizzling hot deals, and exclusive mobile top-up discounts with Binance.

First of all, is the Lunar New Year giveaway on Uquid’s X channel. Huge thank you to everyone who participated. We’re overwhelmed by the positive response and your participation. The lucky winners of the prize pool of 224 USDT will be announced this week. So stay tuned!

Andy: Congrats in advance to all the winners of the giveaway! I’m sure that there are plenty more chances to win in our upcoming campaigns and activities! Keep an eye on all our social media platforms so that you won’t miss out on your shot to win big!

Hinnie: Moving on, the Binance Hot Deals are still sizzling with discounts up to 50% off!

Andy: The past few weeks of Binance Hot Deals are very exciting and I myself have grabbed some deals too! So everyone, if you haven’t checked them deals out, hurry up! How long will these deals last, Hinnie?

Hinnie: Yes, the deals is heating up, but there’s not so much time left, everyone! Binance Hot Deals will wrap up this week on February 21. So you can check them out on our mini-apps (Alpha Digital Shop, Alpha Mobile Top Up) on Binance Marketplace. Andy, there’s another exciting thing to remind our users about Binance Hot Deals, right?

Andy: That’s right, Hinnie! Let’s not forget Promotion B: Spend to Earn. For every 8 $ONT spent, users receive a 4 ONT Token Voucher, adding extra value to their transactions. It’s a seamless way to enhance your shopping experience while earning rewards.

Hinnie: And for shoppers who are aiming for the top, we have the Top Spender Reward. With a grand prize of $1000 and additional ONT token vouchers for the top 500 High ONT Spenders!

Andy: With our partner Ontology Network, last week we also had such an insightful AMA with them, covering our partnership as well as the hottest deals and rewards you all can get during Binance Hot Deals!

Hinnie: That’s right, in the AMA, representatives from Uquid and Ontology Network delved into integrating Web3 and decentralized commerce, highlighting users’ experience with Uquid’s features as well as ONT token’s role in scalable transactions and as a linchpin in Ontology’s decentralized identity management solutions, supported by the Onto Wallet for enhanced security and efficiency.

Andy: Yes, and besides highlighting the exclusive rewards in Binance Hot Deals, as we have mentioned, the AMA also reflected on Uquid and Ontology’s collaboration, expressing enthusiasm for future initiatives to enhance the e-commerce landscape through blockchain technology.

Hinnie: Thanks, Andy for recapping on the AMA and the Binance Hot Deals. Another deal that is still going on is the Binance Africa Discount for our African users. Uquid and Binance Africa teamed up for an exclusive up to 10% discount on Mobile Top Up for our African users.

Andy: That’s right. We have also launched the Custom Value feature that allows you to personalize and tailor their top-up plans according to your preferences and needs.

Hinnie: Another thing to remind you all is the Photo Contest! Make sure to follow uquidcard and binanceafrica on X, quote tweet our contest announcement and tag three of your friends. Then share a photo/video featuring Alpha Mobile top-up on Binance Marketplace in a comment with the hashtag #Uquid #BinanceAfrica. We’re giving away a total of $200 in prizes to 20 lucky winners! That’s right, $200 just for showing off your creativity and joining in the fun.

Andy: Another key point to highlight is that Uquid just put out our 2023 Crypto Shopping Report, available to download now on our website. Hinnie, can you tell us a bit about this report?

Hinnie: Sure, Andy! This report aims to offer a comprehensive and insightful overview of the crypto shopping market, crafted and made possible by virtue of deep industry engagement and proprietary methodologies that have been applied in the collection and analysis of data.

Andy: This report is founded upon the analysis of transaction data on Uquid Shop (shop.uquid.com & uquid.com) in 2023 and the Crypto Shopping 2023 survey with the sample size of 3,000 crypto shoppers, all of which are available on Uquid database, and collected through primary and secondary research. This approach ensures that the report captures a substantial portion of the crypto shopping activities that have shaped the market during this critical timeframe.

Hinnie: Here are some key points that we found out! The crypto shopping market is becoming more mature and attractive with a rising number of projects as well as the number of crypto shoppers, transaction numbers and volume throughout the dull market.

Andy: Over 50% of respondents choose crypto shopping because of the lower transaction fees and faster transaction processing

Hinnie: And three-quarters of respondents primarily use cryptos to shop for Digital products (game cards, gift cards, mobile top-ups, payment cards, etc.). Nearly 50% of the respondents choose Binance Pay as the payment method, followed by DeFi tokens (BTC, ETH, XRP, TRX, etc.) and stablecoins (USDT, USDC, USDD, TUSD, BUSD, etc.)

Andy: Yes, I am sure that this is such a helpful report for all of us to know more about the prospects and future of e-commerce and Web3 Shopping. With the future in our hands, us at Uquid will do our best to make your shopping experience as seamlessly as possible!

Hinnie: You can view and download our report now on Uquid’s website, and we will also cover and analyze the data on our blogs and our social media. So make sure you don’t miss them!

Today we will also talk about our report and some interesting facts and features.

Andy: Yes! Let’s move on to the next part of the weekly talk today!

Andy: So, today, we will discuss the information in the report on the crypto shopping market in 2023, which just published by UQUID on our website. .

Hinnie: Yes, I’m excited to share our findings with our community and discuss the implications for the future of shopping with crypto.

Andy: Before we get into the findings, could you tell us about the methodology behind the report?

Hinnie: Certainly, Andy. As we have mentioned a bit before, to bring our audience the most accurate insights, we analyzed transaction data from UQUID Shop and surveyed over 3,000 crypto shoppers. We combined this with primary and secondary research to capture a clear market picture during the past year.

Andy: That sounds like a robust approach. What unique perspectives did this methodology provide?

Hinnie: Our approach allowed us to dive deep into user behavior and preferences, providing a transparent and data-driven perspective in this research.

Andy: Awesome! So, first, let’s discuss what the report reveals about the current state of crypto shopping. Hinnie, what information do you receive from the report on this topic?

Hinnie: Well, the report describes a vibrant market with a significant lean towards digital products. It’s a sector driven by the youth, with an overwhelming majority of users under 35 who value the immediacy and innovation that crypto shopping offers.

Andy: Does the report address why these shoppers choose crypto over traditional currencies?

Hinnie: Yes, it does. The key factors are lower transaction fees, enhanced security, and eliminating geographical barriers. These benefits align perfectly with the values of our primary user base. So Andy, what about the benefits? Please give more details on those for our listeners.

Andy: Of course. Our findings show that users are not just looking for cost savings but are also drawn to transparency and control over their transactions. These are aspects where crypto naturally excels.

Hinnie: Thanks for that comprehensive overview, Andy. It’s clear that UQUID is at the forefront of harnessing crypto for a better shopping experience. As you can see, we’re constantly seeking ways to innovate and provide value to our users.

Andy: Yeah I totally agree with that, Hinnie. As we delve into the details of the report, let’s turn our spotlight on a pivotal trend: the surge in the adoption of crypto payments.

It’s a transformative time for both businesses and consumers. Hinnie, we’ve seen a substantial uptake in crypto transactions. What’s driving this change?

Hinnie: Andy, it’s the blend of convenience, security, and innovation that crypto offers. There’s a tangible enthusiasm for the efficiency it brings to transactions, especially cross-border ones.

Andy: Indeed, Hinnie. And UQUID is at the forefront, facilitating this shift. But we’re also aware of the volatility in the crypto market. To address this, we’ve implemented stablecoin support and real-time price adjustments to ensure users feel confident in their transactions.

Hinnie: That’s a smart move. Stability is key.

Andy: Absolutely. Moreover, we recognize that adoption hinges on understanding. So, we’ve ramped up our educational resources, making it easier for users to get on board. UQUID believes that informed users are empowered users.

Hinnie: Education is crucial, I agree.

Andy: And on the regulatory front, we’re actively engaging with policymakers to help shape a conducive environment for crypto’s growth. We aim to build a trustworthy ecosystem for our users by advocating for clear regulations.

Hinnie: Oh, so clear regulations would indeed be a game-changer, I guess?

Andy: They would, Hinnie. And as we continue to push boundaries, UQUID is committed to overcoming these barriers. Our aim is not just to adapt to the current landscape but to redefine it, making crypto shopping an everyday reality.

Hinnie: It’s an exciting future, Andy, and we’re all eager to see where UQUID leads us.

Andy: As are we, Hinnie. And let’s move into the final part of our Weekly Talk. I want to explore more on the horizon of crypto shopping. The landscape is evolving rapidly, and UQUID plays a pivotal role in shaping the future. Hinnie, what trends should we be on the lookout for in crypto e-commerce?

Hinnie: Andy, the future is bright and filled with innovation. One of the most exciting developments is the integration of DeFi (Decentralized Finance) into e-commerce. This not only opens up new avenues for financing and loyalty programs but also offers unprecedented transparency and security for users.

Andy: Absolutely, Hinnie. And speaking of security, blockchain technology’s role in verifying product authenticity and supply chain transparency cannot be overstated. At UQUID, we’re exploring how these technologies can provide a safer and more trustworthy shopping experience for our customers.

Hinnie: That’s groundbreaking, Andy. The potential for reducing fraud and ensuring product quality is huge.

Andy: Indeed, it is. And let’s remember the expansion of payment options. UQUID is actively working on incorporating “Buy Now, Pay Later” features with cryptocurrency, making it easier for customers to manage their finances while enjoying the benefits of crypto shopping.

Hinnie: Oh, that’s a nice feature and idea for sure. Making shopping more accessible while maintaining financial flexibility is key to wider adoption.

Andy: It certainly is, Hinnie. And as we tackle the challenges ahead, UQUID remains committed to innovation, seeking always to enhance the user experience.

We believe the future of shopping is not just digital but decentralized, offering greater control and options to consumers worldwide.

Hinnie: It’s an exciting future, and I’m thrilled to be part of this journey with UQUID.

Andy: Thank you, Hinnie, for sharing your insights, and a huge thank you to our audience for joining us today. The journey into crypto shopping is just beginning, and UQUID is here to guide you every step of the way.

Andy: As we conclude today’s enlightening Weekly Talk session on the transformative power of cryptocurrency in the shopping and e-commerce landscape,

For those eager to dive even deeper into the insights and findings we’ve discussed, we invite you to explore the full “UQUID Crypto Shopping Market Report 2023” on the UQUID website at shop.uquid.com. This comprehensive report is packed with detailed analyses, trends, and forward-looking perspectives that underline the growing significance of cryptocurrency in the global market.

Hinnie: Yeah Andy. Whether you’re a seasoned crypto enthusiast or new to the space, the “UQUID Crypto Shopping Market Report 2023” offers valuable insights that can help shape your understanding and strategies in the evolving digital marketplace.

Andy: That’s right, Hinnie. We would also love it if you could provide feedback on the report. Again, thank you for joining us today. We look forward to continuing the conversation and exploring the future of e-commerce together. Stay tuned to UQUID for more updates, and don’t hesitate to reach out with your thoughts, questions, and ideas. Together, let’s embrace the future of shopping with cryptocurrency.




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