The use of cryptocurrency as a form of payment is on the rise. Payment gateways are not new, but with the prominence of cryptocurrencies, it is important to take a closer look at these and how they will shape our future. The nature of cryptocurrency is useful as a form of payment because it gives people access to money they can store in a wallet and spend directly. This is not possible with fiat currency, which requires a bank account.
The other primary benefit of cryptocurrencies is that they have low transaction fees, making them ideal for micropayments.
Blockchain-based Payment Processors
Cryptocurrency has been around since 2008, when Satoshi Nakamoto wrote the white paper for bitcoin. However, it has only recently grown in popularity as more people adopt this new form of money. Ethereum took the crypto world by storm in 2017 and is now the second-largest cryptocurrency by market capitalization.
FinTech in cryptocurrency is emerging. Banks are collaborating with start-ups and incumbents such as Ripple to develop a blockchain-based payments system. In the process, they are also developing a new generation of FinTech companies that have developed novel services based on this technology.
Benefits of Finance Through Cryptocurrencies
Financial technology companies are beginning to rise in popularity due to the many advantages they bring. These innovative companies have designed and developed novel services that can help with just about any financial need. They offer everything from loans to bill payments and staking, and they provide them at a low cost without the need for a bank account.
Crypto Payment Gateway by Elite Cash
One such advanced FinTech ecosystem is in the roadmap of the Elite Cash cryptocurrency project. The team ELC is continuously utilizing the power of blockchain-based innovation to create state-of-the-art FinTech products, including a payment gateway.
Payment gateways are used by businesses to sell their products and services online through credit card payments or other types of payments like PayPal or ACH transfers. If a business wants to offer cryptocurrency as a payment option, then they need to have a payment gateway that can accept these types of transactions.
These payment gateways also help businesses avoid some fees associated with using non-cryptocurrency channels. Payment gateways provide the necessary infrastructure for businesses to accept cryptocurrency payments, but they can also be used by consumers who want to make a purchase using cryptocurrency.
Cryptocurrency has become too mainstream to ignore. Explore the world of Fintech with Elite Cash, which offers cost-effective and fast transactions. This is a game-changer for banks and other providers in the financial industry.