Overcoming Challenges in Digital Payments with Elite Cash Payment Token

"Dive deep into the future of cryptocurrency"

Two things trending globally in the last quarter of 2021 are the new Omicron variant of COVID-19 and cryptocurrencies. The pandemic has encouraged people to go cashless and accept digitization. Banking and payments are among the main sectors that have seen a boom in digital contributions and adoption.

Though the digital payment system advances the older methods, it has some flaws. There is room for improvement in this sector. Cryptocurrency is the innovation that the world needs to make transactions faster, safer, and reliable.

Today, let’s glance at the problems with the current payment system and see how cryptocurrency solves them.

Problems with Current Digital Payment Systems

For decades, people have been using centralized methods to send or receive money. The system is functional, but it has many flaws. Take a glimpse of some of those problems.

Lack of Financial Support for Small Businesses

When people start a small business, they need monetary support from commercial institutions like banks or investors. Having a fear of losing money in small companies, investors do not risk investing in them.

Many companies fail to get financial services due to a lack of credit history, collateralized assets, and large deposits.

Lack of Coverage Leads to Rejection

Do you know that nearly two billion people do not have or have less access to personal financial services?

The reason?

Because such people cannot meet the norms and conditions of the traditional financial institutions, such organizations prefer projects with visible profit. Because of such discrimination, many small businesses cannot access financial services.

Foreign Transactions are Still Not as Easy as Pie

Even if we can send and receive money anywhere in the world nowadays, it is costly and requires strict KYC verifications. Moreover, there’s no control over privacy and security. Therefore, it is still a challenging task.

On top of everything, finding a platform to make global transactions is not easy and requires a lot of time and effort.

Control and Protection of Consumer Data is Still in the Hands of Financial Institutions

Everyone wants their data to be secured privately. What if I tell you that your financial institution can control your information, including your transactions!

Yes, in the centralized financial system, your banks or financial organizations control your private data and transaction history, making it more vulnerable to fraud and security attacks.

Digital Revolution Has Not Made the Payment Process Easier Yet

When we say digitization, everyone thinks of faster and safer transactions around the globe.

Even after the payment revolution, sending and receiving money has not become more accessible. The transaction process is very lengthy and not simple as it should be.

Users need to add recipients, wait for approval and confirmation before making any transaction. It costs lots of amount of patience and time.

The Centralized System is Vulnerable to Fraudulent Actors

Cybercriminals and malicious players wait for the opportunity to trick people through digital businesses. Conventional banking and payment systems pay less attention to cyber security and sometimes end up getting defrauded.

Traditional systems need to focus on such issues and take strict actions against the scamsters.

Limited Access to Crypto Transactions

The global cryptocurrency market cap touched $3 Trillion in November 2021.

Even though merchants around the globe have started accepting cryptocurrencies, they face some limitations and strict regulations of financial institutions. They can only provide limited payment options like Card, Mobile Banking, and Internet Banking.

Due to that, they miss the opportunity to reach global consumers that help them grow their business.

What Kind of Solutions can Elite Cash Provide?

As mentioned before, cryptocurrency is a revolutionary change to the payment space. It reduces the transaction fees while increasing the speed.

Elite Cash (ELC), being one of the most advanced cryptocurrencies, holds the merit to promote decentralization, peer-to-peer human engagement, and commerce while de-industrialize the powerful centralization of the internet.

Here are some of the most suitable solutions by Elite Cash to the problems mentioned above.

Elite Cash Makes Payment Process Easy

Elite Cash promises to bring a revolution to the payment space. It all starts with making the payment process more straightforward.

Customers can scan the QR code with ELC or any other compatible crypto wallet and pay in more than 15 cryptocurrencies supported by Elite Cash.

For merchants, it’s effortless to install it into the existing PoS system, so there’s no need for them to purchase additional devices.

Elite Cash — Faster and More Reliable Blockchain Software Solution

Forget those days when you need to wait for minutes and hours to verify and confirm transactions!

With Elite Cash, the transaction takes place within seconds. Moreover, you don’t have to pay hefty transaction fees to do so. It is a risk-free business since it works on the EtherLite (ETL) blockchain.

You can use ELC to make payments globally with maximum security and minimum gas fees.

Secure Yet Transparent System of ELC Protects Data Privacy

Elite Cash is based on blockchain technology, and that’s why every transaction on the system stays safe from frauds, and customer data is ensured with maximum security.

Customers can remove their data upon request following the latest data privacy laws.

Even if your transactions are secure, it is open to all. Everything is transparent and secured so that there’s the least risk of online theft.

Get More Convenience While Paying with ELC

As we mentioned earlier, integrating Elite Cash is as easy as pie! Merchants can quickly adopt this new payment option by installing it into their existing Point of Sale system.

The customer needs to scan a QR code, enter the payable amount, and click on the Send button. It’s that painless!

Moreover, Elite Cas supports more than 15 cryptocurrencies while making any transaction. What more do you want?

Do the Greater Good with Elite Cash

Since Elite Cash works on the Proof of Stake (PoS) mechanism, it does less harm to the ecosystem than the Proof of Work (PoW) mechanism.

Participants will significantly benefit from the upcoming ELC referral program as they spread the word about ELC. It can ultimately create more awareness and lead towards mass adoption.

ELC Proof of Stake (PoS) Staking — BUY. STAKE. EARN.

Elite Cash offers pool staking where you can stake your ELC tokens and earn exciting rewards in the form of interest. To participate in the pool, you need to stake a minimum of 100 ELC tokens. You can remove your tokens any time after you’re satisfied with your interest.

Here’s how you can benefit from the PoS staking with Elite Cash:

The first 1,000,000 users will earn 33% monthly interest in ELC tokens. Users between 1,000,000 to 2,000,000 will get 16% monthly interest. Stakeholders between 2,000,000 to 3,000,000 will receive 8% monthly interest. At last, users between 3,000,000 to 30,000,000 will get 4% monthly interest in ELC tokens as rewards.

Get Inspired

Cryptocurrency brings a revolutionary change in the world of digital payment. You can be a part of this revolution by adopting Elite Cash. With ELC, transactions have gone faster, cheaper, and more secure. To join the Elite Cash community and earn amazing rewards via PoS staking, visit elitecash.io NOW!

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This article does not constitute any financial advice, and all suggestions/recommendations in this post are for informational purposes only. Elite Cash does not bear any responsibility for your loss. Please consult your financial advisors before investing in cryptocurrencies.