As the debate over the use of Bitcoin as a valid way to make transactions continues, blockchain payment gateway steadily advances into the world of payments to change the transaction landscape.
The blockchain is now making more advancements to penetrate the payment scene and potentially make it a more accepted payment method. As a result, Gartner Inc.'s blockchain business value adds forecast growth of $176 billion by 2025.
Today, blockchain has many more advancements as it penetrates the payment scene and potentially makes it a much more accepted technology. Technologies like blockchain create disruptions to drive financial changes across multiple environments and satisfy the end-user.
If you're a business owner, here's why you should consider integrating a blockchain payment gateway into their financial operations.
Seamless Cross-Border Payments
In a traditional banking landscape, international transactions through official financial channels are an intricate, multi-layer process involving several intermediaries.
Blockchain payment app addresses the cross-border challenges by streamlining the payment process and manages each step in a secure, organized ledger. With Xion's blockchain payment technology, there are no geographical or industry limitations.
In a recent report, Deloitte projects that B2B and person-to-person financial exchanges with blockchain result in a 40%-80% reduction in payment costs. Moreover, once the user registers the payment, you can reverse or change the lodger, propelling overall security and accountability.
In addition, a blockchain payment platform allows you to instantaneously transfer money, helping businesses be agile and responsive with action on new projects with security.
Transparency in Operations
Blockchain payment apps eliminate the vulnerability of inconsistency in transcript recording. A decentralized archive catalyzes and manages an irrevocable record of each transaction for all authorized users.
With Xion blockchain payment gateway, business owners can customize follow-up checkout buttons for upselling, high priced, and relatable products to increase the customer cart size. Moreover, if one user images with the Xion platform for payments, he can administer the current orders and future order transactions.
Furthermore, VISA and Mastercard transactions in Xion are run through a secure and fraud prevention process. Then, the users receive an SMS validation to approve the payment. However, this is a 1-time process. The 2nd time, the checkout process automatically allows the user to bypass the process.
Payment gateway Security
Central authorities that maintain financial records and subscription service records are often vulnerable to the platform interface. In addition, security breaches, damage, or user information theft often leads to malpractice of user information.
According to CIO magazine, global financial institutions and banks rigorously test blockchain solutions at scale and find the getaways remarkably secure.
Blockchain payment apps are secure with cryptography, integrated with transactional history, and distributed among users over a ledge. For example, merchants receive payment in the DAI payment stable coin for security and transparency with the Xion blockchain payment platform.
Since 1 DAI = 1 USD, you don't have to worry about any data volatility.
Furthermore, DAI in Xion eliminates fraud, no middlemen, and puts the user incharge of their transactions, allowing a direct link between you and your customers.
Conclusion
The blockchain payment gateway is increasingly paving new ways for a new ecosystem, including a structured and collaborative environment of digital banking services. In addition, the blockchain technology disruption across multiple financial channels is making users financially independent.
According to an ACI Worldwide analysis, consumers expect real-time payment processing to be easy, seamless, and available across an array of gateways. Moreover, they are looking for digitized banking processes to keep track of their transactions. And so far, blockchain payment platforms are the only financial gateways to get us all there.
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