What is the role of blockchain in payment processing?

11 Oct 2022

The role of blockchain in payment processing is that it enables banks to conduct international transactions. In the past, not only was an international transaction processed within 5 working days but transferring money on the weekend took nearly 7 days due to the day off. The advent of blockchain technology allows for budget optimization and time savings for both buyers and sellers. To complete the payment instantly, blockchain replaces almost all intermediate elements.

Know-your-customer (KYC) is an expensive service for banks. Every year, it costs between 40 and 300 million EURO to verify customer profiles. However, thanks to blockchain technology, banks and entrepreneurs can save money on this feature. Customers will upload their identification cards to the blockchain system, allowing the service provider to easily check and verify them

Hence, PayCEC is a blockchain-based payment gateway designed for international cryptocurrency transactions. The 3-D security function requires consumers to verify each transaction with an OTD code. Merchants can freely customize the digital gateway interface to match their design guidelines. This blockchain payment gateway has achieved PCI DSS certification in financial services, demonstrating that the system is stable and up to date. Furthermore, the PayCEC customer service team is available 24 hours a day, seven days a week.