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Author Topic: What payment processor are being used globally?  (Read 144 times)
pakhitheboss (OP)
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September 15, 2022, 01:47:18 PM
Last edit: September 15, 2022, 02:33:55 PM by pakhitheboss
 #1

As per my understanding, every country has a payment processing subsidy. For example in India, National Payment of India owns UPI based payment. In the same manner in other countries, there is VISA, MasterCard, or something else.

Still, we do not see Bitcoin or any other Blockchain on this list. What do you think or what might be the reason those cheap transaction-based blockchains are not on it?



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September 17, 2022, 02:01:32 PM
Merited by pakhitheboss (1)
 #2


Still, we do not see Bitcoin or any other Blockchain on this list. What do you think or what might be the reason those cheap transaction-based blockchains are not on it?


Isn't it obvious that most countries are still skeptical on using crypto based payment methods.
In fact most of the countries haven't even regulated cryptocurrencies yet and so none of them are using crypto as a legal tender.
Only a few countries like El Salvador are using bitcoin as a payment but even then the number of transactions are more in traditional payment methods than in cryptocurrencies.
The fact that even after declaring bitcoin as a legal payment method people are hesitant when using it.
So we can say that crypto will take a good amount of time to be on the list you have posted.

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September 19, 2022, 06:29:53 AM
Merited by pakhitheboss (1)
 #3

The answer is simple: Due to volatility.
This is why Tesla and other big conglomerates stopped accepting cryptos. When your business runs on slim margins then can't afford to accept a currency whose price fluctuates every second, thus messing up the revenue and projections.

We do have stable coins, but they all come with a shadow of doubt. No wall street company is going to endorse a stable coin. They can endorse Bitcoin or ETH itself. But again, the problem will stay: Volatility.
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September 25, 2022, 05:33:32 AM
 #4

The answer is simple: Due to volatility.
This is why Tesla and other big conglomerates stopped accepting cryptos. When your business runs on slim margins then can't afford to accept a currency whose price fluctuates every second, thus messing up the revenue and projections.

We do have stable coins, but they all come with a shadow of doubt. No wall street company is going to endorse a stable coin. They can endorse Bitcoin or ETH itself. But again, the problem will stay: Volatility.
In my opinion there are mainly two reasons. The first one you have correctly stated volatility. The second one according to me is unable to handle large volume of transactions. There are some crypto that claim that they can but they haven't been tested on a nationwide level.

Whereas most payment processors have invested huge funds in maintaining and improving their ecosystem and therefore they are able to handle as well as process millions of transactions per second. I am sure in the future these payment processor would get stiff competition from one of the cryptocurrency.

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September 26, 2022, 10:48:08 AM
 #5

Still, we do not see Bitcoin or any other Blockchain on this list. What do you think or what might be the reason those cheap transaction-based blockchains are not on it?

Blockchain transactions are cheap? Were you hiding under the cave all these years?

The only difference of blockchain transactions with the traditional card payment is that in blockchain sender pays the fee and in traditional, receiver pays the fee.

Bitcoin has not yet reached to that stage where it can be named as a dominant payment processor. We still have a long way to go to be honest!

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September 29, 2022, 06:47:05 PM
 #6

As everyone has told about it. Bitcoin is cheaper alternative only when you use it in cross border transactions as Western union/ PayPal / credit cards etc. are charging too much. Also the transaction times also are quick if you compare them with these methods. But once it comes to within the border payments there are many sources which are very easy and better and bitcoin then makes no sense as an easy method of transferring money which is why it's not being used.

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October 03, 2022, 12:32:23 PM
Merited by pakhitheboss (3)
 #7

As everyone has told about it. Bitcoin is cheaper alternative only when you use it in cross border transactions as Western union/ PayPal / credit cards etc. are charging too much. Also the transaction times also are quick if you compare them with these methods. But once it comes to within the border payments there are many sources which are very easy and better and bitcoin then makes no sense as an easy method of transferring money which is why it's not being used.

Absolutely correct Bitcoin is a good option when you are transferring money Globally. The transaction can be made faster if you pay more fees which is still cheaper than the fees paid when doing a transaction with fiat currency. It will take a lot of time for it to become a global payment processor. Bitcoin came into existence in 2009 and it is too early for it to become a payment processor. Bitcoin lightning network is still being under work and in the furture it might help Bitcoin to come on that list.
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October 03, 2022, 12:59:55 PM
Merited by elevates (1)
 #8

As everyone has told about it. Bitcoin is cheaper alternative only when you use it in cross border transactions as Western union/ PayPal / credit cards etc. are charging too much. Also the transaction times also are quick if you compare them with these methods. But once it comes to within the border payments there are many sources which are very easy and better and bitcoin then makes no sense as an easy method of transferring money which is why it's not being used.

Absolutely correct Bitcoin is a good option when you are transferring money Globally. The transaction can be made faster if you pay more fees which is still cheaper than the fees paid when doing a transaction with fiat currency. It will take a lot of time for it to become a global payment processor. Bitcoin came into existence in 2009 and it is too early for it to become a payment processor. Bitcoin lightning network is still being under work and in the furture it might help Bitcoin to come on that list.

I am not sure whether Bitcoin would become part of that list in the future but I am confident Bitcoin lightning network would become a major player as an instant payment system within the border and outside it. It is still early as it is still being worked on. I still would like to see a blockchain that doesn't charge a fee for transactions within or outside.

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