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The Future of Digital Payment

Today’s world requires us to access our money instantly. Until recently, this has meant a reliance on traditional banking services despite their associated complexities and problems. The development of e-services has offered us a faster and far more sophisticated alternative to spending and/or transferring money and the process has indeed been simplified. But cryptocurrencies have taken this innovation ten steps further and in doing so, have highlighted a huge gap between the banking systems of old, and the efficiencies of the new.

Transferring money across the internet is crucial to our lives but it comes with associated concerns, the most obvious of which include transfer speed, flexibility and safety. How fast will the transaction take to get from my account to yours? Will my account be safe from theft? What if payment operations change? To solve these questions, we need a global economy that is safe, fast and reliable and cryptocurrencies are already proving effective at all three.

As alluded, there are notable frustrations with traditional banking. For one, opening a bank account with tons of paper no longer works in our fast-paced lives. Remittances face heavy restrictions and approvals which simply make no sense in a world where users are sending money overseas more than ever before. To put it plainly, traditional banking no longer meets the demands of the users. Knowing this, cryptocurrencies offer everything that the bank can’t. With minor conversion and transfer costs and lightning fast transfer speeds, they are not only challenging, but revolutionizing, the world economy. So much so, that we believe cryptocurrencies are the next world economy.

Medical mask with dollars on wooden table. Masks sold out during Coronavirus outbreak. Price speculation
Photo by Bermix Studio / Unsplash

Old Payment vs New Generation

Current payment methods which deliver on variables such as speed, flexibility and safety, are putting an end to classic payment methods. So much so, that within a few years, carrying cash or transferring money through the banks could be obsolete. Afterall, evolution is natural – we no longer deal in physical gold or silver in our everyday shopping do we? What we do now, is that we buy a cup of coffee or book an airline ticket via a simple and fast procedure on our mobile phone.

It’s simple. The world has already begun a major overhaul in payments and money-transfers. Now it is going further. We believe that those who are breaking into this field now, will be the nucleus of a new world economy in the not-too-distant future. When we look back, traditional banking started out with tangible coins and banknotes and, overtime, grew into giant economic entities. Cryptocurrency will do its respective same.

We at Chripment believe that change is coming and we aspire to be a nucleus in this new world economy.




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