Blockchain Payments Systems
Worldpay, now from FIS (acquired July, 2019) is a solution designed to simplify payment acceptance and improve the user's bottom line by accepting traditional and alternative payment types anywhere, any time, on any device and across channels. Worldpay from FIS also guides crypto…
MetaMask, fro ConsenSys, is available as a browser extension and as a mobile app, and equips users with a key vault, secure login, token wallet, and token exchange; it is designed to be everything needed to manage digital assets.
Veem, headquartered in San Francisco, offers payment tools to enable businesses to streamline their processes and build business relationships with suppliers and partners all over the world. Through integrations with popular business applications. Veem Local is an online and fee-…
TripleA, headquartered in Singapore, helps businesses increase their revenue by enabling crypto payments and payouts, leveraging on the fast-growing 300m+ people using cryptocurrencies. With its white-label, instant confirmation, locked-in exchange rate, real-time fiat conversion,…
Oguz is a Fintech focused on cross-border payments and international banking solutions. We currently offer our services for over 15+ countries, including several member states of the Single Euro Payments Area (SEPA) and Mainland China. If you are tired of the same solutions to old…
XREX is a neo fintech that bridges the gap between the traditional banking system and innovative financial solutions. XREX’s suite of blockchain-driven solutions offers fiat gateways, crypto-fiat conversion, and online payment guarantee BitCheck.Backed by the Taiwan government, banks,…
IoCash is a B2B platform that enables companies and their users to work with fiat money on blockchain, from the company of the same name in Madrid. Using the ethereum blockchain capabilities, and plugging into the traditional monetary system, wthe solution makes it possible for the…
Request Finance is a suite of financial apps helping businesses manage their crypto invoices, payroll, expenses, and other payment requests in a compliant, professional and secured way. Freelancers, SMBs, companies and DAOs can use Request Finance to send and receive payments in…
Crypto.com Pay is a solution that enables businesses to start accepting crypto payments. Users can tap into the global cryptocurrency economy and start accepting Bitcoin and other popular cryptocurrencies on a website.
CoinGate is a payment gateway that allows customers to pay with Bitcoin ⚡, Litecoin, Ether and 70 other cryptocurrencies. Users can receive payouts in crypto as well as real-time settlements in Euros, safeguarding the merchant from crypto price volatility. The automated gateway…
Coinsbank is a financial institution, as well as a secure online platform for buying, selling, transferring, and storing cryptocurrencies. It offers an option for both buyers and sellers of bitcoin. Using bitcoin in whatever way is as simple as tapping on a button. CoinsBank is aiming…
Stellar is an open network for storing and moving money, designed to make it possible to create, send, and trade digital representations of all forms of money: dollars, pesos, or bitcoin. It’s designed so all the world’s financial systems can work together on a single network.
Xion Global has created an e-commerce and DeFi ecosystem by combining 3 decentralized applications. The cross-chain token called XGT, can be used for yield farming, processing e-commerce payments, minting rewards and simple value transfers.
Airfox, now from banQi headquartered in Sao Paulo, is on a mission to provide inclusive financial services and access to capital to emerging markets, and provides mobile financial services made for everyone with digital banking solutions & access to capital for emerging markets.
Founded in 2019, Plisio in Manchester is a cryptocurrency gateway allowing businesses to start accepting crypto-payments in a matter of a few minutes. The vendor states connection won’t take long and the most popular integrations like Opencart, WHMCS, VirtueMart, and WooCommerce…
Coinbase Commerce is a platform that helps merchants anywhere in the world accept cryptocurrency payments in a fully decentralized way that displays instructions on how to send funds directly to merchants, and monitors the blockchain for the transaction. After a valid payment is…
In February 2021 Mastercard announced it is preparing to enable stablecoins directly on its network. Through partnerships with Paxos and Circle, among others, Mastercard aims to provide simplified digital currency solutions by making it simpler to convert cryptocurrency to traditional…
Ripple boasts a frictionless experience to send money globally using the power of blockchain technology. By joining Ripple’s growing global network, financial institutions can process their customers’ payments anywhere. Banks and payment providers can use the digital asset XRP to…
SpicePay is a technology solution that enables users to integrate blockchain payment functionality on a website in order to bring a business into the future, securely and affordably.
ConsenSys presents Codefi as a blockchain application suite for next-generation commerce and finance. Codefi Orchestrate enables users to manage blockchain components through a single API—including blockchain nodes, networks, Ethereum transactions, account, private keys, blockchain…
Threely, a blockchain infrastructure company is designed to bridge the gap between layman end-users and the perplexing technology—blockchain. Threely Identifier can be understood as DNS for blockchain. Threely condenses long addresses & produces short three-word addresses containing…
Everchain White Label Wallet makes it possible for businesses to launch a turnkey non-custodial crypto wallet. It is a fully branded solution for those who want to get a hi-status branded product with the full list of advanced features, including: iOS / Android appMore than 600…
Velmie is a financial technology provider that has been on the market for more than 10 years delivering back end, mobile and web solutions to enterprise financial institutions and entrepreneurs, headquartered in Vilnius, Lithuania. Focusing on finance technology and the biggest problems…
Circle, headquartered in Boston, is a financial technology firm that enables businesses of all sizes to harness stablecoins and public blockchains for payments, commerce and financial applications worldwide. The vendor states Circle's platform has supported over 100 million transactions…
What is a Blockchain Payments System?
Blockchain payment systems process, verify, and enforce transactions using blockchain technology. Blockchain is also referred to as Decentralized Ledger Technology (DLT).
Blockchain payment systems facilitate fast, secure, low-cost, and transparent payment processing services without the need for the involvement of financial institutions. This efficiency eliminates money transfer waiting periods and third-party processing fees. It simplifies and expedites international, cross-border payments, effectively making money borderless.
When used in tandem with smart contract platforms (self-executing contracts based upon the blockchain), it automates payments and can halt payments when contract agreement terms are violated.These systems are used by individuals, businesses, and financial institutions.
How Blockchain Payments Work
A blockchain functions as a distributed ledger. When this term is used in the context of payments, it refers to information related to accounts, account balances and transactions. It is secured, replicated, and synchronized across countries, sites, or institutions. Anyone on the network has a real-time copy of the data and can view any changes instantly.
A block contains timestamped digital records of transaction data. Each block has its own unique id, cryptographic hash, along with the hash of the previous block, which connects the blocks, producing the chain. Once a block is added, it cannot be changed. This makes blockchain a series of immutable records.
If two parties are part of a secure blockchain and hold a distributed ledger, making a payment is done by adding a new transaction to the chain with the payment details. It is then validated by each participant. The whole process can be completed in seconds.
Related categories include cryptocurrency payment gateways, which are used by businesses to accept, process, and manage cryptocurrency transaction payments from customers in exchange for products or services. They are also related to cryptocurrency exchanges, which are used to buy and sell cryptocurrencies.
Blockchain Payments System Features
Leading blockchain payments systems should include most or all of these features:
Digital Identity Verification
Automated Know-Your-Customer (KYC) processing
Peer to Peer Transactions
Facilitates Cross-Border Transactions
Eliminates the need for third-party processors - reduced processing fees
Cyber Crime Prevention
Blockchain Payments System Comparison
Point to consider before deploying a blockchain payments system include:
Integration: How do blockchain payments and blockchain payment systems integrate with your existing financial systems?
Governance: Blockchain payments are immutable, resulting in the inability to reverse transactions or cancel payments. How will your teams and other systems interact with that environment?
Regulatory Compliance: Ensure the payment system complies with the regulations for your government and geographical location. Some products are regionally-focused due to these needs.
Implementation: There are different approaches when implementing a blockchain payment system. Some of the most common include add-on implementation platforms, building a new blockchain network in-house, building a new token on an existing network, or using an existing cryptocurrency gateway.
Blockchain Payments System Pricing Information
Blockchain payment systems range from free, open source platforms to those that charge transaction fees starting at .0001 % and go up to 1.0 % of the transaction amount. The fees are significantly lower than those charged by traditional financial institutions and credit card processors. Free trials are available for some systems.
Frequently Asked Questions
The primary benefits of blockchain payments systems include:
- Real-time processing – payments can be completed in seconds, providing early access to funds
- Reduces or eliminates intermediaries - expediting transfers and lowering costs
- Transparency and security – the transactions are immutable, tamperproof, and visible to everyone
- Cross-border payments - enables fast, safe, and secure cross-border payments
- Automation with smart contracts – automates payment flows and reduces payment time
- Reduces trade finance costs – reducing operational and compliance costs
- Fosters trust between parties