Contactless Payment Solutions Using Cryptocurrency Exchange
April 27, 2020

Contactless Payment Solutions Using Cryptocurrency Exchange

In the 21st century, where almost everything is online people are finding ways to earn online too. The digital marketplace has a good scope in the future. Nowadays, from buying to paying, everything is done digitally. With this in mind, the cryptocurrency businessmen are showing keen interest in their exchanges. The crypto market through different cryptocurrency exchange is bringing new solutions for traders and investors. These unique solutions will help them increase traffic on their exchanges. Not just the crypto businessmen but everyone involved in the crypto marketplace can avail great benefits from new additions and inventions in the market. 

What Is A Contactless Payment? 

As it is clear from the word, that contactless payment means payments that are done without the involvement of contact with anything. As people pay using credit cards, debit cards, etc. involve physical involvement so do not count in contactless payments. Contactless payment involves the use of contactless cards, digital wallets, etc.

Contactless Payment is the best solution in times of crisis like the Corona Virus. The Corona epidemic is affecting everyone, even the cryptocurrencies. Also, such payment methods come with many benefits for both merchants and consumers. Not only is this but it a safe and convenient method for all. Furthermore, exchanges that play a part in the trading of cryptocurrencies have also taken this as an opportunity. This became a golden chance for the exchanges to showcase their value. These exchanges have one of the best payment solutions for the traders. This is one reason why cryptocurrencies are trusted and reliable. 

Cryptocurrency Exchange: A Modern Solution For Contactless Payments 

International commerce is speeding up at a fast pace. Be it blockchain or Artificial intelligence, there is a revolution in payment methods. Mostly sales were processed through credit and debit cards but new technologies are bringing new options for payment systems.

Cryptocurrency exchange software is the software that makes trading cryptocurrencies possible. It is a direct method of sending and receiving payments from anywhere at any time and by anyone. In general, these are wholly digital payment systems. 

To put it another way, the cryptocurrencies do not depend upon traditional payment systems. Despite using physical money, these exchanges use digital coins. As has been noted the crypto business is increasing rapidly day-by-day, so is its value and demand in the market. The digital marketplaces have digital currencies that can be traded without involving any physical involvement. 

Exchange software enables the trading of crypto coins online. It also transfers the value from one person to another digitally. Not only this, but the coins can be used for trading of goods and services now. 

Where crypto exchanges come with different solutions, one is contactless payment. These exchanges come with developed payment systems. Not only this, but they also have digital wallets and ledger for the transactions. To regulate the transactions they have built-in wallets and ledgers. The digital wallets help in storing the cryptocurrencies and the public ledger helps in recording all the transactions.

Payment Solutions Of Cryptocurrency Exchange: 

To make digital transactions easy and secure, the crypto exchange software has introduced certain payment solutions. One can use different ways to pay quickly when you build your own wallet. Payment can be placed with the help of scanning the QR Code or by your laptop. Some solutions like:

Email invoice: Using the browser, you can send email invoices to request payment. 

  • Website: The website should have the ability to edit HTML. With this one can add the payment button, page, or 

     to your website. 

  • Custom Integration: With a good programming experience one can integrate with API. 

  • Ecommerce store: You can install a plug-in, like that of any shopping carts, etc.  

With the increase in demand, payment solutions have also been increasing. Few payment solutions are provided using:

• Crypto Payment Processors 

New electronic systems have ways to process cryptocurrencies. The Crypto payment processors help in the simple transferring of cryptocurrencies. Moreover, allows the merchants to accept payments in crypto coins rather than paper money. These gateways allow immediate conversion of crypto coins into the fiat currencies. Few of those payment gateways are mentioned below: 

• Blockconomics

This is a payment processing system mainly for the merchants. It enables online merchants to accept crypto coins as payment for any item as easily just as they would accept other methods of payment for trading. It is a decentralized payment gateway and does not require any third party authentications or permissions to support the transactions. Simply scanning the QR code from digital wallets or the page directly will help in making the payments.  

Coinpayments

It is one of the most popular cryptocurrency payment gateways. Also, it offers a pre-made shopping cart plug-in. This makes it easy for the merchants to use the plug-in for their store or can even code it themselves as well. Along with that, it has a multi-cryptocurrency wallet which helps in storing multiple currencies in a secure wallet. 

B2BinPay

It is a global payment solution for Merchants. B2BinPay allows businesses to send, receive, store, exchange, and accept crypto payments online, safely and securely. The processing fees of cryptocurrencies is very low here. The transactions are quick and easy. 

Coinbase

It is Cryptocurrency exchange software, also has a merchant application. This application is used for accepting the Bitcoin instead of payments in and instantly converting it into fiat currency to save you from fluctuating prices. For the ease of the merchants, Coinbase is associated with different shopping cart plug-ins. Furthermore, it also provides API integration, email invoices, and payment buttons on websites.

• Triple-A Bitcoin

This gateway offers a setup that is fast and user-friendly. It only takes a few minutes to start without the need for any technical knowledge. The gateway also has an eCommerce plug-in, along with API for custom integration. It is important to realize that the payment is direct, from the customer to the merchant. There is no involvement of additional charges.

This is an all in one blockchain payment gateway and works with a click. Its application is available for both Android and Apple users. Also, it supports all major fiat currencies like USD, etc. Additionally, makes the exchange of funds extremely simple for the merchants. The site involves a synchronized debit card that anyone can use anywhere. 

• Point Of Sale Platforms 

Point of Sale (POS) platforms allows merchants to get payments from clients through an integrated terminal. This Point of Sale terminal is used to process cryptocurrencies. There are POS providers and terminals. Some points of sale systems have integrated a cryptocurrency payment gateway. This helps them to make cryptocurrency transactions quickly, securely, and with transparency. For instance: 

Stripe: This technology company individuals and businesses to receive payments online. Stripe Terminal extends payments to Point Of Sale and provides a technical, fraud less, and banking structure required in running online payment systems. It accepts cryptocurrencies as a medium for an exchange like fiat currency. 

PayPal: PayPal is a known online payment system. With PayPal’s Venmo, users can purchase and send coins. Resultantly, the need for transaction ID eliminates. 

There are numerous cryptocurrency POS providers. Some are: 

Bitpay: This has a POS system to make possible the processing of cryptocurrencies. It also has an API to add the payment processor, when planning on how do cryptocurrency exchanges work and how to add payment solutions for clients in the exchange. 

Coin of Sale: This application comes with an electrum wallet. The merchant needs to launch the app and enter the amount which is needed to be paid to get the payments. The clients should then scan the code displayed on the merchant's screen from the application installed on their phones. This will then complete the payment procedure. 

BitXatm: This is a point of sale platform that has a Sumo pro system. It has a system like that of ATM. Hence, it provides users with not both point of sale solutions and ATM capabilities. To put it together in a different way, it is a one-stop solution. 

• Near Field Communication (NFC) 

It is the technology that uses a type of radio frequency identification to make the payments. These transactions take place with the help of a specific radiofrequency. This frequency then enables the card or phone to communicate with the payment reader when they are 1-10 cm close to each other. There are contactless NFC payment cards. All the customer has to do is tap or wave their card above the payments reader to pay for items. 

Reliability Of Cryptocurrency Exchange:

But where it had numerous benefits people questioned its reliability.

Where on one side cryptocurrencies came with solutions for all, its reliability was yet questioned by some people. The crypto market is based on blockchain technologies. It is like a digital ledger that is used to store transactions. Additionally, it has encryption that helps in transferring securely. Surprisingly, it is not easy for the hackers to hack a digital ledger of transactions. 

When we discuss the cryptocurrency pros and cons, its most important pro is two-factor authentication. One cannot simply log in with the username and password, another way of verification is a must to access the account. 

Conclusion: 

The cryptocurrency business is growing. The cryptocurrency exchange is coming with new features and solutions for its clients. With new inventions, payments also seem to be shifting completely online. With time, we can expect digital payment as the only way to make payments. Contactless payment solutions using these exchanges are something that is making lives easier. Now with this feature, more people are looking towards joining the digital marketplace. Resultantly, the cryptocurrency market will keep expanding at an exponential rate.