Crypto Payment : The new payment revolution
Payment businesses are experiencing revolution continuously. From Fintech, API, blockchain and AI and cryptocurrencies, the world of international trade is moving faster than ever.The payment industry of the future is influenced by mobile devices. So that client can pay any time any amount to anyone.
As per global data, In 2019, E-commerce was responsible for around $3.53 trillion in sales, increasing from $2.92 trillion in 2018. By 2022, global e-commerce is expected to increase to $5.69 trillion. This represents expected growth of 61% over the next three years. The digital marketplace is expanding, so the businesses which are ready to adopt it as soon as possible will stay ahead of others.
Customers like to pay for their purchases from their mobile phones or tablets. A whopping 72 percent of E-commerce transactions will be conducted on a mobile device by 2021. This is crucial for a couple of reasons to complete the transaction sitting at home.
We are living in an era, where sales can happen anywhere anytime, a consumer can purchase a dress sitting in a restaurant at midnight, while the dress is closed. It means, even after closure of the shop, sales can be processed.
While business has changed fast, it appears that online and offline payments have stayed relatively stationary. Maximum sales are handled through traditional techniques like credit and debit cards. These have been the modest medium of exchange for several years; new technologies are delivering new alternatives from additional payment systems.
Cryptocurrencies are the powerful financial tools which can transfer wealth within a minute. As they are decentralized, merchants and shopkeepers can easily transfer their wealth between one another. They neither need to go to banks nor carry the cash. But blockchain related payment is not as fast as it should be, so adoption is quite low right now. The innovation will take place in that stage for the crypto payments market to go faster.
A cryptocurrency is a digital currency which is kept on a digital ledger called a blockchain. It cannot be altered, that means that money and goods can be moved trustfully. It increases clarity and reduces the possibility of fraud.
It is not shocking that both merchants and consumers are considering cryptocurrency payments as a cheaper and more efficient payment solution. We have already seen major online merchants start onboarding crypto payments. This crypto payment solution platform supports fast and easy online and offline payments, trading and real-time market information. Blending with AML compliance, clarity, fast payment, and safety, they are extending multi-cryptocurrency wallets, which are accessible anytime, anywhere on your hand like laptop or mobile devices alike.
Human Plus Inc, the founders of HUPAYX, which provides crypto payment solutions along with storage of crypto currencies, is establishing a new global paradigm in the blockchain-based E-commerce market. As per Aibek Amandanov , the human plus head of the global marketing team, “Traditional payment infrastructure is not suitable to utilize cryptocurrencies in our everyday lives nor does it help us to eradicate the existing cash ecosystem as a whole.” They are also dedicated to building an infrastructure where national governments, solution providers, SMEs, businesses, and the public can gain through making transactions with cryptocurrencies in their regular commercial activities.
Cryptocurrency payments have the capability of creating a more cross border and globalized economy, as well as combating financial inequality by creating fast and secured financial services to individuals without access to a bank. This is a big success for everyone in online and offline payments.