Qitmeers Idea of Cross-border Payment

Change is constant, and digitalization is the driving force behind business development. Unlike the stone Age, where things were almost impossible, evolution has made a spectacular turnaround and accomplishment to human society. The financial quest for effective and efficient exchange methods has brought about the emergence of cryptocurrency(digital money) and decentralized financial networks.

Comprehending Cross-border Payment

Exchange has been in existence much more extended than civilization. It has been a way of life paramount to the human race. The evolution from the trade by barter system (6000 BC) to the usage of cowries, to the gold standard, and now to the present day of the fiat currency system(paper money). Cross-border payment extends the advancement to international means of exchange and e-commerce. The 2020 pandemic has shown individuals, companies, and investors the necessity of scaling up their payment methods to be steps ahead and attract more customers to their businesses across territories.

Qitmeer Serving As A Bridge To Cross-border Payments

The value of completed transactions executed yearly using cross-border payments is estimated at $2 trillion. Although several cross-border payment methods or payment service providers have sprung up over the years, most have struggled to live up to expectations and conquer the critical challenges of cross-border payments.

Qitmeer is a public blockchain network that seeks to use its innovative ideas to serve as a bridge between a payer and the recipient of payment involving international transactions. Qitmeer employs the transformative power of blockchain to easily connect parties involved in B2C and P2P payments, enabling fast and smooth large-scale transactions of varying international payments without hiccups, transparently and efficiently. It hopes to be the perfect alternative and outshine other cross-border payment methods that have failed to satisfy users. Qitmeer will bridge the gap by bringing about an accessible platform to all, regardless of the country, to enable smooth and fast international payments with increased profitability.

Challenges Qitmeer Aims To Solve

Here are some popular challenges encountered while using cross-border payments which Qitmeer seeks to address.

High costs and currency diversity -

The expenditures made on international transactions have been more challenging than it seems. Most cross-border transactions have been expensive as numerous costs are attached to each transaction. They include high currency exchange fees and intermediary fees. Moreso, diversity in fiat currencies has always been a significant challenge from the get-go. Those who participate in international payments always have to worry about fiat currency conversation, which can sometimes be burdensome.

Qitmeer addresses the inefficiencies in the existing cross-border payment systems by providing access to cross-border payment with meager charges. Also, it overcomes the fiat currency conversion by providing participants with the ultimate digital currency solution, the Meer token. The Meer token can efficiently serve as a payment method to transfer value for peer-to-peer transactions from one wallet address to another, quickly making cross-border payments less burdensome.

Delayed execution of transactions -

As businesses grow due to sales in key markets internationally, transactions are also projected on a larger scale. So many businesses have fallen victim to the inability to unlock the potential of maximizing sales revenue across borders due to delays and the slow execution of transactions. On the other hand, transactions conducted on the Qitmeer network are super fast and accurate without delay, therefore helping with time management and helping businesses yield results immensely.

Lack of transparency and insecurity -

lack of transparency influences distrust and a deep sense of insecurity." Cross-border transactions are often taken advantage of by regulatory bodies and intermediaries used. They inflate fees and give absurd charges for services rendered on each transaction. Most payment methods fail to give out a proper breakdown of fees charged due to their selfish gains, seeking only profits for themselves rather than their users. Unfortunately, most of these payment methods could be more reliable and secure, as institutions or individuals who leverage them risk encountering weak security protocols or inferior cyber protections.

Conversely, Qitmeer, as an alternative cross-border payment method, provides a viable and conducive environment for institutions or individuals to carry out transactions at cheaper rates with high transparency and accountability. It is a very secure network that uses cryptographic techniques and its consensus algorithm to keep out of the reach of security breaches and protect users' privacy.

Conclusion

Numerous inadequacies regarding payment across borders plague the world, so Qitmeer has come to the rescue. It is at the forefront of the cross-border payment method by making the application and experience of digitalization worthwhile by offering efficiency, low fees, availability, and an eco-friendly environment for conducting exchanges for goods and services offered.