10 Companies Using Blockchain Payments to Send Your Money



In the finance world, blockchain began making its mark with the rise of cryptocurrency, however it has since branched out to create quite a few world cost methods with the same technology — known as blockchain payments.

What Are Blockchain Payments?

Blockchain payments, or blockchain payment methods, contain the processing of funds with the help of blockchain technology. With blockchain, funds are set to be low-cost, safe and processed shortly, total facilitating cash switch whatever the distance between the sender and receiver.

Plus, blockchain payments aren’t only restricted to cryptocurrency transactions, meaning the technology can assist funds from multiple currencies like U.S. dollars, Canadian dollars and more.

Blockchain Payment Processing

Blockchain is a promising technology for payment processing. Blockchain has been able to give underbanked teams access to money, allows people to make cross-border payments and makes use of smart contracts to behave as a way towards faster and safer payment processing.

Why Use Blockchain Payments?

For many, blockchain has become a preferable strategy to deal with cash, largely due to its efficiency. The core concept of utilizing distributed ledger technology for finance is to forego centralized establishments, like banks, permitting cost through a blockchain to be as easy as clicking “send.” No money transfer waiting periods or unnecessary third-party processing fees. Blockchain-based cryptocurrencies can be transferred — and recorded for auditing purposes — instantaneously the world over, growing liquidity and operation velocity within the markets.

Moreover, blockchain’s smart contract system can halt payments when agreed phrases are violated, whereas its use of cryptocurrencies can alleviate the regulatory red tape that always ensnares international payment processing. Hurdles like day-long waiting periods and excessive charges for cross-border transactions change into alleviated with many crypto payment methods. American Express even believes blockchain can clear up these issues, and “will assist real-time domestic and cross-border payments at lower prices versus traditional services.”

Check out these 10 companies using blockchain payment options to revolutionize the best way we pay and switch cash.  

10 Companies Using Blockchain Payments

Coinbase

One of the most-used blockchain payment platforms, Coinbase permits customers to buy, sell and store over 150 cryptocurrencies and convert their earnings into fiat currency. As well as, the platform houses a wide range of tools for individuals and companies to develop their attain into the crypto sphere. Just some embody options for earning curiosity and rewards on cryptocurrency, creating crypto wallets in addition to creating and connecting NFTs.

Paypal

PayPal, an online platform for global transactions, helps the transfer of Bitcoin, Bitcoin Cash, Ethereum and Litecoin. U.S. users are able to move their cryptocurrency between PayPal’s platform and external crypto wallets and exchanges, in addition to ship and switch their currency to different Paypal customers. PayPal additionally doesn’t charge fees for transferring cryptocurrency onto or within the platform, and permits checkout with crypto at millions of merchant locations.

Circle

Circle Pay blockchain permits for the protected switch of cash between different individuals, currencies and countries. The Circle Pay function is available in over 30 countries and in U.S. dollars, euros and British pounds. Every money transfer or payment is encrypted on a blockchain to make sure a protected transaction. The Circle Pay app acts as a group messaging app with a payment function integration, so. you possibly can transfer cash cross-border and cross-currency in between sending your friends selfies and memes.

Ripple

Ripple’s blockchain lets users send money and make funds throughout the globe. Greater than 175 banks and commercial platforms that use the company’s RippleNet platform for cross-border payments. In 2018, Payment provider TransferGo introduced it was utilizing Ripple’s RippleNet cost platform to launch a remittance corridor to India. With Ripple’s platform, TransferGo is now in a position to velocity up its world payment processing from days to some minutes.

BitPay

With BitPay’s platform, users can store and swap cryptocurrency for personal or business transactions. The service additionally provides world cost support, an in-app crypto wallet and personal website integration capabilities. One of BitPay’s staple merchandise, a prepaid crypto debit card, even permits the conversion of cryptocurrency into cash to spend on purchases with cashback.

Zcash

Zcash is a cryptocurrency exchange platform using its own cryptocurrency (Zcash) to assist people pay for items and companies. You need to use the company’s crypto to buy a house, purchase electronics and even to donate to a nonprofit.  Zcash already boasts a large record of corporations that accept its cryptocurrency. Companies accepting the digital currency as payment are in industries like apparel, web services, medical, restaurants/coffee outlets and nonprofit. 

Veem

Veem is a blockchain-backed payment platform for small companies to ship and obtain money in local currency. The company’s ledger technology secures, tracks and reconciles payments, so small companies have a clear history of all incoming and outgoing payments. Veem is ready to combine with accounting software from Intuit, Oracle and Xero to sync records in real time, in addition to allows payments to be sent via email in over 100 international locations.

Gluwa

Gluwa uses blockchain for their borderless financial platform. The corporate combines a cost function with a digital wallet to assist customers handle and simply switch cash to folks everywhere in the world. Gluwa customers can trade the company’s Gluwacoin for fiat currency at a 1:1 fixed rate. The stablecoin acts as a bridge between the crypto and fiat worlds due to its compatibility with real-world currencies.

Stellar

Stellar’s blockchain payment platform fights poverty by connecting folks and low-cost monetary establishments. The Stellar community features lower remittance prices, mobile banking, real-time settlements (in two to five seconds) and an automatic currency exchange. Consulting giant Deloitte makes use of Stellar to check out different cost strategies for banking purchasers outside North America.

Abra

Abra’s peer-to-peer platform lets customers transfer digital currencies to different customers using blockchain. Abra customers can fund their digital wallets with over 50 different fiat currencies or over 80 different cryptocurrencies, including Bitcoin, Litecoin, Zcash, Augur and Stellar. Residents within the Single Euro Payments Area (SEPA), as well as European Union nations, can transfer euros or other national currencies into their digital wallets on Abra.

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