The modes of payment are evolving rapidly from physical money to
digital money to
cryptocurrency since the revolution brought
by blockchain in the payment industry.
Traditional payment methods due to their numerous limitations like
involvement of intermediaries, delay in cross border payment, etc
have faced major setbacks. This is where decentralized payment
gateways have emerged to resolve the issues related to traditional
payment methods by quickly validating the transactions and
removing third parties from the payment system.
A
crypto currency payment gateway is an innovative payment system
which is powered by the blockchain technology which allows users
to make transactions in multiple cryptocurrencies directly from
their digital wallet without much hassle.;
It is
basically a transaction facilitator between merchants and
customers. An example of a typical crypto payment flow is as
follows.
A user buys an item in a crypto-friendly online shop and makes crypto payments from their crypto wallets at check-out. Once the user has selected their choice of payment, the crypto payment is instantly sent to merchants. Then, merchants can receive, process and use the received crypto payment, all with the help of an efficient crypto payment gateway.Whenever a block containing data is added to the chain, blockchain keeps the transaction details saved and ensures that the transaction is immutable. Hence, a crypto payment gateway allows people to send crypto coins for a particular product or service through a decentralized payment model. The decentralized nature of blockchain eliminates intermediaries such as banks from the payment procedure, which improves the transaction speed and shortens the payment processing steps.
These payment gateways also bear the responsibility to safely transfer the payer’s sensitive wallet-related data to the merchant’s software. Owing to the high volatility of the crypto-market, these payment gateways allow the users to convert coins into fiat anytime at the real-time value of the currency.
Decentralized payment gateways are fully compatible with different operating systems; Android, iOS, and Windows. Users don't need to configure their device or application specifications to integrate the payment gateway into it. With its benefits, such as instant transaction, multiple wallet integration, and high security, cryptocurrency payment gateways remove much of the anxiety, confusion and disinformation that comes along with a decentralized source of value
