Stable Cryptocurrencies for Ultra Low-Cost Cross-Border Payments
Updated: Sep 21, 2020
Payments is one of the largest industries on the planet, especially today with increased demand for domestic and international cross-border payments. You have card network giants like Visa, payment processors like Stripe and new comers like TransferWise all looking to get a piece of this multi-trillion-dollar industry. Being an intermediary for payment transactions is an extremely lucrative business. There are a lot of exciting emerging Fintechs and technologies looking to disrupt this. These emerging companies are leveraging Blockchain and smart contracts to eliminate the intermediaries in a typical payment transaction and at the same time significantly reduce the cost. Digital stable coin assets are an emerging trend in this space. These assets are either based on algorithmic stability models or pegged to existing fiat currencies, like the dollar or euro. These assets are a potential game changer. Having a stable asset now pegged to an immutable Blockchain, you can now how have any two entities, anywhere in the world transact, in a fast, low cost and reliable way. Typically, in a cross-border payment it could take days for a transaction with very high fees, but with stable coin payments you reduce these fees down to extremely low fixed costs and these payments can settle in minutes or even seconds. A company located in Boston MA, called Bleumi takes this to the next level. Bleumi provides a simple to use environment were payments can be made using stable coins. Bleumi does all the hard work for the either the merchant, business or payee. A simple to use interface and API enables ulra-low cost cross-border payments using cryptocurrency stable coins. These payments are part of a smart contract platform providing the highest levels of security and trust between any two parties executing a payment transaction. There are others in this space as well including Circle and most recently Facebook with Libra. The future is now and we can use these payment methods today to simplify the way we transact domestically and globally. All someone needs, is a smartphone and they can send or receive payments from anywhere in the world. Banking the unbanked in most cases and providing a sustainable payment solution for years to come. If you want to learn more about this please listen to the Disruption Everywhere Podcast at disruptioneverywhere.com and visit Bleumi.com.
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