Introduction
In most business chains, some intermediaries link the business owners to the end-users. Some of these players that function as an intermediary between producers and consumers often have exorbitant charges, which are borne by the customers. Even in a digitalized world, we still witness certain platforms that allow third party interference with business transactions between owners and their clients. While others may argue that there are advantages and merits for having these players within the chain of businesses, they often pose as sources of huge losses, as well as other media through which other transaction inhibitors can emanate.
Effect of Intermediaries
This effect of intermediaries and third parties is also evident in digital payments. Based on research in 2019, by Mordor intelligence, the estimated value of all digital payments worldwide was at 3.88 trillion USD. Experts project that this value will double up over the next years, and there are predictions it may reach 8.68 trillion USD by 2025. With a closer observation and critical analysis of all digital payment platforms, we may observe that only a handful of actors, such as payment gateways and banks, control and supervise these financial activities. These players decide the terms and conditions of payments, the governing policies of payment platforms, and transaction fees charged when clients perform services.
Spanning through most of these payment platforms, we can identify that the average fee charged as a processing fee per transaction is about 1% - 5% of the total amount for each transaction. Intermediaries and third parties receive all these monies deducted for transactions charged for processing transactions and the total amount runs into billions of dollars, without any added advantage to the consumers or business owners.
Another issue caused by several digital payment platforms, which subsequently translates to losses on the end of merchants and customers, is their vulnerability to cyber thefts and hacking. Varied cyber-crimes that easily affect these platforms may include ransomware, identity theft, chargeback fraud, phishing, etc. With these eventualities on the digital payment and intermediary platforms, they often do not experience any financial loss of their assets. The brunt of all damages in the chain of business transactions is borne by the merchants and customers.
Amepay Solution
With the infrastructure and framework of Amepay, features within the network will remove the interference of third parties and eliminate risks common with most digital payments. Amepay payment platform creates a direct link between the merchant and customers, thereby excluding any case of extra charges as processing fees. Using the network’s cryptocurrency, the AME token, Amepay saves the merchant from paying processing fees and processes the payment procedure to the blockchain. The token does not bear extra transaction costs, only an infrastructure cost, which is much lesser than conventional transfer charges.
High level of security through a decentralized system, built on the blockchain technology, secures the financial transactions and clients’ information on the Amepay platform. This limits the occurrence of hacking and cyber frauds on the network.
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USEFUL LINKS
Website: https://amepay.io
Whitepaper: https://amepay.io/static/theme-assets/whitepaper/amepay-whitepaper.pdf
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AUTHOR'S DETAILS
Bitcointalk Username: Borderescape
Bitcointalk Profile Link: https://bitcointalk.org/index.php?action=profile;u=2768312