//The Key To Mainstream Adoption Of Crypto Based Payments

The Key To Mainstream Adoption Of Crypto Based Payments

“Huge numbers of people are standing at store┬ácheckout counters every day and make a seemingly arbitrary choice: after scanning their debit card, they choose whether to punch in a code or sign their name. For most buyers, it’s a meaningless difference as the cost will be the same either way. There are however billions of dollars at stake behind the scenes.Trying to approach this odd twist, whereas existing payment transactions require fees just like a cent here or there but when anyone’s doing it all over the world, it adds up as million┬áor more. Not to forget, several merchants are infuriated with a different, higher fee, called an interchange, that ruling card issuers make them pay whenever a card is swiped.Regardless of where┬áthe subject falls, one thing’s for sure: As the┬áretail industry becomes more prominent, alternatives are well underway┬áthat could change the game and enhance the existing process. Though some market participants challenge blockchain’s value, they argue that┬átechnology was invented a decade earlier and has not yet significantly disrupted the financial system.The existing digital payment infrastructure may be saturated, but the future role of blockchain and digital currencies will further mitigate the bottlenecks in the field. As it is economically feasible, perhaps, integrating crypto payments with the credit/debit┬ácard approach can foster mainstream acceptance, conversant user experience, reduced investment infrastructure and compliance with current financial legal frameworks.”

"Huge numbers of people are standing at store checkout counters every day and make a seemingly arbitrary choice: after scanning their debit card, they choose whether to punch in a code or sign their name. For most buyers, it's a meaningless difference as the cost will be the same either way. There are however billions of dollars at stake behind the scenes.

Trying to approach this odd twist, whereas existing payment transactions require fees just like a cent here or there but when anyone's doing it all over the world, it adds up as million or more. Not to forget, several merchants are infuriated with a different, higher fee, called an interchange, that ruling card issuers make them pay whenever a card is swiped.

Regardless of where the subject falls, one thing's for sure: As the retail industry becomes more prominent, alternatives are well underway that could change the game and enhance the existing process. Though some market participants challenge blockchain's value, they argue that technology was invented a decade earlier and has not yet significantly disrupted the financial system.

The existing digital payment infrastructure may be saturated, but the future role of blockchain and digital currencies will further mitigate the bottlenecks in the field. As it is economically feasible, perhaps, integrating crypto payments with the credit/debit card approach can foster mainstream acceptance, conversant user experience, reduced investment infrastructure and compliance with current financial legal frameworks."