THE BANKS WILL FALL BY THE WAYSIDE IN THE COMING YEARS
Now more and more people experience problems with opening bank accounts, which is particularly acute for immigrants and foreigners. For instance, most countries require many documents to open an account.
Some banks even ask for a deposit of up to 500 euros with no guarantees that the opening of a bank account is going to be successful. So, there is a considerable risk of wasting money on the attempt to open a bank account.
Those who are lucky enough to have international bank accounts sometimes pay exorbitant fees for that service, this provides another proof that doing business with a foreign bank is neither quick nor efficient.
Special note must be made of the current situation caused by the war in Ukraine. Together with traditional warfare, we experience alternative versions of the attacks like cyber and economic ones.
In this regard, many pro-Russian media support the idea of total banking system destruction, which is supposed to represent a profound loss of human livelihoods. Even now, fewer options exist for people who left the countries to preserve their savings within European banks.
On the other hand, it is risky to store your assets in domestic banks because the norms of humanity do not constrain Russia from attacking the critical infrastructure of Ukraine.
So the way out is pretty obvious; it is cryptocurrency.
This industry is rolling out across the world, and crypto will be a huge trend for a few years before it reaches the point of becoming the “hidden plumbing” that now exists.
Crypto providers and payment gateways are now here to help solve a broader range of payments, from subscriptions to frictionless e-commerce to business-to-business payments.
For people, crypto platforms like 1TN mean simple and ready-to-use solutions that do not need to be comprehended, everything will be done for them with no limitations and with the lowest transaction fees.
Disclaimer: The author of this story is the CEO at 1TN
When it comes to business, due to:
- high transaction costs
- conversion of payments
- abandoned carts by consumers
- transaction limits
- tough KYC verification
- fragmented payment channels,
- and many more issues;
the traditional payment system massively limits e-commerce platforms and merchants.
Cryptocurrencies offer a way for businesses to unlock the total value of their services and expand beyond their local areas.
A payment gateway is a more convenient solution to mitigate these problems and help businesses accept payments using a fast and reliable system.
Crypto in Retail: E-Commerce without Borders and Upcoming Trends
One of the most exciting technologies today is a cryptocurrency payment processor that offers a bitcoin POS system for companies to accept cryptocurrencies. It’s very easy to use for the client and the payment receiver alike.
However, I do not consider POS terminals to be in demand in the longer run – crypto-innovations will make the need for POS devices obsolete.
Through a simple and user-friendly dashboard, you can create payment pages for one-time use that allow you to pay for goods in crypto.
It can also be a game-changer for people traveling from the USA or Asian regions.
It is common knowledge that European banks accept cards from neither American express nor UnionPay.
Tourists experience dozens of declined transactions, and every attempted purchase is a crapshoot.
Crypto payment pages are one of the few convenient ways out of this situation.
E-commerce is about to imply services that are really and seamlessly integrated into a customer experience rather than forcing the client to go to the financial services provider and then return to their previous activity.
2023 is about delivering payments at the right place, at the right time, and in the proper context.
Borderless and easy payments are win-win situations for both customers and businesses. Everything that will make payment processes more straightforward and shorten the distance between customer and provider will allow crypto to be more embedded in day-to-day experiences.
With the advent of services such as Chainanysis and the formalization of regulation in different jurisdictions, cryptocurrency will become more transparent than the banking system.
The move from opening bank accounts to crypto will involve businesses and people changing their mindset in 2023, seeing a new transformative stage of receiving and accepting payments.
Disclaimer: The author of this story is the CEO at 1TN
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From Borderless Banking To Fewer Declined Transactions: Crypto-Payment Processors Are The Future
Source: Trends Pinoy
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