Have you ever wondered how many means of payment are available to us?
The twenty-first century internet technology has offered various means through which we can make payments such as; PayPal, Apple Pay — cheques, payments cards (MasterCard, Visa etc) and other assortments of new products like smartphone payment mechanisms.
As modern technology becomes increasingly integrated into our daily lives, methods like cheques and cash are becoming obsolete — while novel, smarter and faster payment cards are becoming increasingly common means of payment. In many countries across the world, these cards are the dominant channels of payment. In fact companies like MasterCard, Visa and American Express have seen their annual revenues multiply in geometric pattern in the past 5 years.
Despite the obvious popularity of payment cards, the charges of using them is quite high, and it is rather strange that there has been little technological advancement to replace them.
Anytime you use a payment card, a host of middlemen are involved to process the transaction . Ordinarily, what is supposed to be a simple transfer of give and take becomes a very long process of validations through several intermediaries.
Typically, issuing banks are the entities that provide a customer with a payment card and are responsible for disbursing your funds to the receiver when a payment transaction is done.
Below are the steps involved in getting your payment processed when you go to get a gallon of milk in a nearby grocery store
- The issuing bank verifies your financial data and either proves or reject the transaction request made by your card.
- The payment card network provide the medium through which your financial data flows between the acquiring bank and your bank
- Acquiring banks receive the funds on behalf of the store.
- Merchant account processors, as the name suggests, process the payment on behalf of the merchant.
- Merchant's commercial bank account provider allows the acquiring bank to deposit the received payment.
- The Payment gateways provide a safe connection between the merchant and the merchant account processors.
There are just too many middlemen involved in the processing of simple transaction through payment cards.
The Payment Industry Could Use Some Blockchain
AIGO is a revolutionary payment network that goes beyond the contemporary benefits of a blockchain-based payment methods which is transparency
AIGO utilises an advanced first-to-market AIGO AIPayment Chain protocol which will offer reduced processing costs for payment transactions, protect against chargebacks, and also provide customizable payment formats. AIGO product successfully satisfy the needs of both consumers and merchants.
AIGO is revolutionising the payment industry — and this project doing a lot more than just making the payment process more efficient.
First and foremost, AIGO is leveraging blockchain technology to bring transparency to the market and that eliminates the need for so many intermediary companies that serve to maintain the credibility of payment cards. With blockchain technology, AIGO project brings real transparency to the payment market and that means middleman companies are completely removed — this create a means for much cheaper and efficient payments.
However, AIGO isn't only targeting the payments market by offering the most basic benefit of the technology. Instead the project is bringing the bitcoin which is the largest cryptocurrency to daily utility.
Currently, major payment processing companies have no means of penetrating into the huge cryptocurrency market.
AIGO project is prepared to break in not the market
AIGO is utilizing a novel cutting edge payment protocol called AIGOPay which will enable merchants to effectively receive payments from consumers. AIGO is focused on integrating the payment industry together with blockchain technology — this will allow the company to provide users to utilise cryptocurrency in their day-to-day transactions. AIGOPay is designed with both on-chain and off-chain components. The functionality of AIGOpay will be present in on-chain components, while the Off-chain components will be designed to make userfriendly user interaction
Benefits Of AIGO AI-Payment Chain And AIGOPay
- Credibility: By bringing complete transparency to the payment market, PumaPay enhances the degree of trust in the world of business.
- Cheap: AIGO removes intermediary companies and makes the payment process very affordable.
- Security: AIGO protect businesses from fradulent payments that lead to chargeback costs.
- Growth: A huge pool of revenue is being untapped by current payment channels. AIGO aims to offer individuals and businesses a new outlet of revenue: crypto holders.
- Versatile: While aiming to provide worldscale blockchain solution, AIGO is not ignoring the value of fiat transactions. AIGO is a global product with the ability to transact all currencies both fiat and crypto.
Payment card technology has been in use prior to the existence of modern internet. And whole the technology has tried to develope to keep up with growth demands, it has failed to evolve into something aimed at price efficiency.
The payment markets is about to to be integrated with blockchain technology and existing payment channels are about to be prey to AIGO. Join the movement to bring payment market to the 21st century with the AIGO project .
For more information about this project, please check the links below:
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