HOW PAYACCEPT IS ENABLING WORLDWIDE PAYMENTS IN SECONDS
INTRODUCTION
It is no news that PayPal is fast losing its grip on the global financial scene where it has played the lead role of one of the leading cross-border payment systems. It is the increment in the fees and the centralized control that triggered cryptocurrency enthusiasts to look the other way.
After many decades of dominance in the global cross-border remittance industry, it looks like PayPal is set to relinquish the position it holds to another service provider – PayAccept.
WHAT IS PAYACCEPT?
PayAccept is a blockchain-backed network that leverages cryptocurrencies and the Distributed Ledger Technology (DLT) to facilitate cross-border transactions. At the core of it all is the use of digital wallets to store the assets of the users.
There may nothing as innovative as the globalized undertone that seeks to transcend the cryptocurrency industry. Rather, PayAccept is looking at extending its frontiers to the areas where fiat payment processors had hitherto flexed their powers.
HOLISTIC CROSS-BORDER PAYMENT SOLUTION
PayAccept isn’t limiting its functionalities to the crypto-sphere alone. It is also looking for how to create the needed ecosystem that includes the fiat users too.
The holistic cross-border payment solution it provides includes the delegation of blockchain technology, use of the Smart Contract Technology to underwrite transactions, and enablement of crypto-to-fiat transactions.
By and large, PayAccept will allow the users to freely exchange their assets without having to worry about lag time, high transaction fees, and conversion rate complexities.
SECURITY
A cryptocurrency project may have the best team and outstanding features. But, if it lacks security, every other thing it offers wouldn’t be meaningful.
In terms of security, PayAccept has two ways of enabling that. The first is by using Cold Storage, which is the same as offline storage. A good number of digital assets on PayAccept will be securely stored offline as a preventive measure to stop hackers from getting to them.
On the other hand, the users are allowed to have full control over their private keys. As you know, the private key is one of the most important elements of a cryptocurrency and digital wallet. Losing it or allowing a third-party to handle it may lead to compromise.
REGULATION COMPLIANCE
At the time of launch, cryptocurrencies were kicked against because of the perceived overthrow of the traditional paper money/fiat currencies.
It wasn’t until a few years later before cryptocurrencies were subtly allowed to be used in some places. At the same time, there are many regulatory compliances and checks meant to check for the possibility of using digital assets in some use cases.
PayAccept already obtained and fulfilled the relevant regulatory compliances required for the seamless interchangeability of digital assets and fiat currencies.
DECENTRALIZED AND GLOBALIZED PAYMENTS BEGINS ON PAYACCEPT
All things being equal, the chemistry of the broader PayAccept ecosystem is something of interest to the major players in the cross-border remittance industry.
If the payment tool created by PayAccept were to be deployed, I am confident that globalizing transactions and payments for everyone (including the unbanked) will be possible.
USEFUL LINKS
Website: https://www.payaccept.net/
Telegram: https://t.me/payaccept
Twitter: https://www.twitter.com/payaccept
Btt Bounty Thread: https://bitcointalk.org/index.php?topic=5255787.0
AUTHOR
Bitcointalk Username: Bbbuyax
Bitcointalk Profile Link: https://bitcointalk.org/index.php?action=profile;u=2846159;sa=summary