How We Are Disrupting The Payment Processing Industry

 Trillions of dollars in transactions are moving worldwide through payment systems in today's market. The conventional procedures are time-consuming and a way expensive. The added fee and slow transaction processing times are significant drawbacks when it comes to payments transferred to foreign countries using conventional services. Furthermore, the process of completing these transactions necessitates the use of intermediary services, which incur additional fees.

This is where blockchain technology comes in to help mitigate the problems that the present payment industry is experiencing.

 The payment processing industry is shifting to crypto for its perks

Bitcoin and other cryptocurrencies promote simple, fast, and anonymous transactions. It merely needs the recipient's crypto address, and the transactions are efficiently completed. These transaction costs are negligible, beginning from a few cents, and highly secure due to using private and public keys to ensure authenticity and integrity.

Sending money internationally via traditional means can be inconvenient compared to sending money internationally via blockchain technology. High fees are not appealing to anybody anymore.

Many innovative ideas and projects are born when the payment structure is combined with blockchain technology.

For example, RocketFuel has emerged as a one-click payment solution for e-commerce websites, SaaS platforms, invoiced, and in store businesses. Credit card companies charge merchants upwards of 7-12%+ in fees per transaction. RocketFuel's payment solution allows shoppers pay with Bitcoin and +120 cryptocurrencies while merchants receive dollars.

You might ask, what if the shopper doesn’t have crypto? RocketFuel can help shoppers acquire crypto using traditional payments methods, use that crypto to immediately fund the merchant, and then settle to the merchant in fiat. We are crypto agnostic, risk adverse and guarantee next business day settlement. With RocketFuel’s alternative payment methods, you won't leave money on the table: no declines, no charge backs, and no more high fees. Our solution focuses on enhanced customer privacy protection, eliminating the risk of a data breach while improving speed, security, and usability.

 On top of that, RocketFuel has launched the world’s first crypto loyalty program where both merchants and shoppers will benefit. Shoppers earn blockchain-based tokens instead of points. It's a better system for both customers and merchants because it allows shoppers to earn rewards that work at every merchant participating in the program, while merchants can use NFTs (non-fungible tokens) to enhance their loyalty experiences. To read more about our loyalty program and token, click here.

 According to Markets and Markets, the payment processing solutions market will grow from $90.9 billion in 2022 to $147.4 billion by 2027, at a compound annual growth rate of 10.1%, during the forecast period. Similarly, the cryptocurrency market size is expected to grow from $1.6 billion in 2021 to $2.2 billion by 2026, at a CAGR of 7.1%. The perks of using crypto as a mode of payment and the increasing volumes of payment processing solutions depict that the businesses (including e-commerce) that adopts crypto as a mode of payment will be way ahead of those who keep the conservative cart approach.

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