We Trust Blockchain Says the Card Payment Industry — But Why Still the Struggle

The New Players in the New Blockchain Ecosystem

Problems Faced by the Finance Industry — Card Payments

  • High fees are being charged to facilitate transactions.
  • Apart from the merchant and the cardholder, there are two other parties involved for a typical card transaction.
  • Merchants have lost nearly 3% of every sale, thus, allowing consumers to get the full convenience of using their cards.

Blockchain — Empower and Transform the Payment Industry

Blockchain to Lower the Cost of Trade Finance

  • For Brighann Cotton, the transaction involved a workflow that could track the shipment as well as payment for the shipment of cotton between the two Brighann units in China and Texas.
  • Let us quote another example, the financing unit of IBM is working on a blockchain system to free up capital by reducing the disputes that are taking place between customers. The tests show that the resolution time reduces the timeframe from 44 days to 10.

Speed Up the International Payment Processing Services

  • Payer’s local currency is received by the provider.
  • The provider then converts this currency into Bitcoin.
  • Bitcoin gets converted into the receiver’s local currency.
  • The process of delivering international process often takes place within one to three days.

Self-Executing Contracts

Card Payment Industry and Blockchain — Future Perspective

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