Two things that are trending globally right now are the Covid-19 pandemic and digitization. Situation rises with Covid-19 may not have started this revolution, but it has encouraged people all around the world to use digital services. It is catalyzing digital transformation across business models, channels, and touch points.

Banking and payments, pillars of the economy, are among the key sectors that have seen a huge boom in digital offerings and adoption. However, digital payment is one field that still needs some major and innovative improvement. Today, in this article let’s talk about all the problems and how Elite Cash is solving all of them.

# Current Problems of the Digital Payments Industry

The traditional banking and payment systems are centralized and require mediators. It is functional but there are many problems that need solutions. Some of them are listed below.

Lack of Financial services: Starting a business requires finance and if it is a small business, they will need financial support from financial institutions like bankers and investors. However, large commercial bankers do not provide financial services to these small businesses because of the risk involved. Lack of credit history, collateralized assets, and large deposits are also some of the major reasons that businesses fail to get financial services.

Coverage: Traditional financial institutions always keep an eye on their profits, so they ignore a wide range of people where the profit is not visible. Additionally, these financial institutions have certain norms and rules that not everyone can meet. Because of all this, nearly two billion people do not have a bank and have little or no access to personal financial services.

Foreign Transaction is still a pain: Foreign transactions or cross-border payments are still costly, require strict KYC limits, and virtually no privacy controls. Additionally, it still requires a lot of time and effort to find a working platform to make those transactions.

Control and Protection of Consumer Data: Since the data and transactions are being handled by financial institutions, personal as well as financial details are somehow being managed by them. Additionally, these financial institutions also have control over transactions.

Complex Process: Even after the digital revolution, making transactions is still not as easy as it should be. Users have to add beneficiaries then wait for approval and verification and only then they can make transactions.

Fraudulent actors: There are various bad actors and cybercriminals out there who are always on the lookout for opportunities to defraud users financially and through digital businesses. Traditional banking and payment systems have to focus on fraud detection and protection and also take strict action against them.

Crypto transactions: The global cryptocurrency market cap exceeded USD 1.6 trillion as of July 2021. But at the present time, merchants are not able to accept payments in crypto due to the limitation and strict rules of financial institutions. They are only providing options like Card, Internet Banking, and Mobile Banking.

# Solutions by Elite Cash

Elite Cash is a blockchain-based software solution used by hundreds of merchants and businesses to accept crypto payments. Here are the solutions, users can avail of using Elite Cash.

Easy Payment Process: For the customer, it is as easy as scanning a QR code with our or any other compatible crypto wallet and paying in one of the 15+ cryptocurrencies currently supported by Elite Cash. For the merchant, free enrollment and app-based work save a lot of effort.

Fast and Risk-Free: Elite Cash integrates into existing point-of-sale systems or provides a standalone solution without the need to purchase additional hardware. We reduce risks, speed up and streamline payments across multiple cryptocurrencies.

Security: Since Elite Cash is based on blockchain technology thus every transaction in the system is secure and customer data is protected.

Transparent and open to all: With blockchain and cryptocurrency everything is transparent as well as highly secure to all our customers. Anyone with a smartphone can join our ecosystem to add more value to our ecosystem. It will increase trust, transparency, fairness, and scalability.

Privacy: Elite Cash cares about user privacy while keeping the system open. All personal data required to transact properties will be kept secure. Customers will be able to delete their personal data upon request in accordance with the latest data privacy laws.

Convenience: It has minimal barriers to merchant adoption, so businesses don’t have to put much effort just to adopt a new payment option. Our goal is to create a seamless customer-to-merchant payment process that is easy, understandable, and secure.

Greater Good: All the participants in the ecosystem will receive good benefits from time to time to motivate them to spread the word, which will lead to mass adoption and greater traction.

Elite Cash is one of the revolutionary blockchain-based projects that will upgrade the way people are making payments. The project is having lots of benefits to the user and with the increase in use, the value of the ELC token will rise. Help the project to grow and make a profit with it by investing in ELC token now at elitecash.io.



Originally published at https://www.publish0x.com/lordcrypto/current-problems-of-the-digital-payments-industry-and-soluti-xrnpqoy.