Financial technology and digital payments are gaining traction with each month passing. Cashless payments are swirling in West already and they are covering a lot of new technologies. Digital wallets, mobile apps and physical cards are few popular options.
Blockchain enabled payments, and cryptocurrencies are emerging trends in digital payments. You can use digital wallets for keeping cryptocurrencies like Bitcoin, Ethereum etc.
One of the public polls say that only 24% of the Americans use cash, whereas 62% think that cash will die soon. And blockchain is causing the major disruption in the financial sector.
No third party involvement, decentralized peer-to-peer transactions
Cryptocurrency is bringing revolution in cash system by eliminating third parties. There is no central authority involved for disbursing the cash or digital payments. There is a complete peer-to-peer transaction system on blockchain where smart contracts are prepared.
Crypto data prevents one party taking the control, hence a decentralized mechanism is what catching the most of the attraction.
One fine example which we witnessed recently is of Japan. They have declared cryptocurrency Bitcoin legal. And the famous Marui retail brand is accepting payments in Bitcoin.
Mobile wallets, payment gateways
Payment gateway companies such as PayPal, Apple Pay, and Android Pay are funded mainly through debit or credit cards. Blockchain still has to change this. However, in case of cryptocurrencies backed digital wallets, there is no need for a linked account. Add or transfer funds with ease, lesser number of checkout steps as compared to card funded wallets.
CryptoPay offers mobile wallet. It let users store and manage their Bitcoins. They can send and receive Bitcoins through this digital mobile wallet. Also, user can exchange Bitcoin for Euros and pounds, that is amazing.
Cross-border payment transactions
Cryptocurrencies are becoming more and more popular for cross-border transactions. The blockchain powered platform can process transactions in real-time. No need for central authority, hence less of an effort and time. Traditional transactions go through payment processors of banks and clearing houses. Such payments/transactions take 5 working days, the blockchain, on the contrary, is quicker.