Digital banking has revolutionized people’s payment habits in the past few decades. To stay caught up with consumers’ changing habits, businesses should rethink the purchasing options they have offered.

 

Some proactive organizations that have realized the need for change are viewing the current circumstances as an opportunity to reevaluate the payment options they offer. Indeed, offering more payment options means they can avoid losing customers for whom previous billing options are no longer viable. Web3 payments are coming out to be a viable option for businesses in their effort to offer safer, smarter, and simpler payment options to their customers.

 

Then, can Web3 payments completely replace traditional banking?

 

The features of Web3 payments.

Web3 is considered the future of payments because it allows for decentralized financial transactions that are secure, transparent, and autonomous.

 

◆ Financial inclusion: The decentralized nature of Web3 payments enables easy access to financial services, even for those who are unbanked or underbanked. Users can participate in the global financial ecosystem without the need for traditional banking infrastructure.

 

◆ Security: Decentralized transactions on the blockchain are secure because they are recorded on a tamper-proof public ledger resistant to hacking and fraud.

 

◆ Transparency: All transactions on the blockchain are recorded on a public ledger, which allows for transparency and traceability. It can help reduce fraud and increase trust in the financial system.

 

◆ Cross-border transactions: Web3 payments eliminate the need for intermediaries like correspondent banks and currency exchanges, lowering the cost and simplifying the process of sending money across borders.

 

◆ Autonomy: With web3, transactions can be made directly between individuals without the need for intermediaries such as banks or credit card companies. It allows for more autonomy and control over one’s financial transactions.

 

◆ Fast processing: Web3 financial services are available around the clock, with less friction, and with near-instantaneous processing times to keep up with changing consumer behaviour.

 

◆ Lower Fees: Transactions on the blockchain are cheaper than traditional financial transactions because they don’t require intermediaries who charge high fees for their services.

 

How to make payments in web3?

 

There are several main ways to make payments in Web3:

 

Web3 wallets are a form of digital storage for non-fungible tokens, cryptocurrencies and other digital assets. A Web3 wallet also opens the door to the crypto realm, allowing you to interact with dApps on various blockchains. In turn, wallets help you access an extensive ecosystem of dApps.

 

Web3 wallets can be used for different blockchains as -

▷Browser wallet

▷Browser extension

▷Mobile wallets (Android and iOS dApps)

 

Crypto wallets often have a non-custodial characteristic, which means that a wallet owner can store digital assets without the need for an intermediary or middleman. The user remains in complete control of all assets as no one else has access to the tokens.

 

iPeakoin: Digital banking for Web3

iPeakoin is an innovative core platform that narrows the gap between traditional and digital finance, helping entrepreneurs remove the complexity of payment flows and tap into a new market share, with crypto and fiat payment processing.

 

Crypto Wallet for corporations to manage large-volume digital asset trades seamlessly.

 

Global Account, which provides a straightforward “Know Your Business” process to access fiat use for settlement, exchange and payment, as well as interconnection with Crypto Wallet from a single interface.

 

Quantum Virtual Card is a virtual multi-currency business credit card that enables businesses to easily make online payments anywhere that Visa or Mastercard is accepted.

 

CaaS: a modular API-driven solution enabling non-banking partners to launch their own bespoke card program that is built on iPeakoin infrastructure.

 

Particle Treasury, offering above-average yield potential for idle funds with flexible terms.

 

As the world continues to embrace digital transformation, Web3 payments are poised to reshape the financial landscape, offering a more inclusive, efficient, and secure alternative to traditional banking. While challenges still exist, such as regulatory concerns and technology adoption, the potential benefits are significant, and it’s only a matter of time before Web3 payments become a mainstream aspect of our financial lives.

 

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For more details, or just want to say hi, feel free to send us a note at marketing@ipeakoin.com or https://t.me/ipeakoin (Telegram).

 

iPeakoin, a fintech company that builds an institution-grade global cash management platform, is committed to bridging the gap between traditional finance and crypto, and to providing a one-stop shop for diversified and globalized cash management with technology.