Bitcoin for International Payments Is Changing Online eCommerce
When we buy a product or service from a company we make payment to them. There are different ways to make payments these days. Bitcoin for International Payments is one of the digital methods to make such payment. However, these are the modes of payment through which firms carry out daily transactions:
- Cash – The payment for the service or product is made using the most popular method i.e. paper currency.
- Bitcoin – It is a new kind of money which is a ground-breaking payment network.
- Net Banking – One selects the bank one has an account with and makes the payment.
- Credit Card – The credit cards number is entered apart from the card type and expiration date.
- Debit Card – The details of the debit card are entered and the money is transferred or credited to the merchants account.
- Amazon Pay – The payment is made using Amazon.
- Paypal – It is an online payments system across the globe that supports online money transfers.
- Wallets – The payment is made via popular e-wallets like Paytm, Airtel Money, MobiKwik and free charge.
Here are some of the benefits of Cross-Border Retail Payments:
Zero price volatility: The price instability of Bitcoin and Bitcoin Cash. One can get Euro, Yen, Dollars, Dinar or Rupiah of what one charges minus 1%.
Bitcoin Mining: It is the process where the computer confirms that the transaction takes place through the network. It has the capability of turning into a big business.
Easy cross-border wire transfers: If I am exporting garments to China, I can accept the payment in the form of this currency. My client does not have to go through any hassle and I would receive it in a timely manner. This in turn would allow me to deliver my product faster and gain his trust. I would be able to offer excellent services and keep the business relationship intact.
A firm can send and receive block chain payments to numerous countries. It takes almost a few minutes to make the transfer.
Low Risk of Fraud: This kind of currency makes it possible that buyers do not release any sensitive financial details to the seller. This in turn reduces the risk of fraud. Moreover, it cannot be intercepted by hackers as it is digital cash. The end result is that preventing targeted data breaches such as UPS Store breach.
Cost Effective: It is a cost effective method in the cross-border retail payment market. These new arrangements include links between companies as well as national payment infrastructures that involves both payers and receivers to hold accounts.
A Safer Ecosystem – Before a bit coin wallet transaction is sent to a block chain it is validated through an authentic digital signature. This entire process makes the app a safe place for exchanging as well as storing cryptocurrencies.
Quick payment: One of the biggest advantages of paying or receiving payments through Bitcoins is that it is the one of the quickest modes of making secure financial transactions. Bitcoin settlements take place within a time frame of 48 business hours.
Therefore, Bitcoin for Cross-Border Payments is one of the safest, easiest and fastest ways.