Despite not being mainstream payment solutions yet, cryptocurrency-based payments (also known as Web3 payments) already bring benefits such as lower transaction fees, Robert Miller, the vice president of growth at Fuse, a layer 1, EVM-compatible blockchain for launching dapps, has asserted. For merchants, Web3 payments come with the added benefit of what Miller called protection from “fraudulent chargebacks.”
Crypto Payments Trump Traditional Payment Methods
To back his assertions, Miller claimed many of the merchants that are presently experimenting with or encouraging their customers to use Web3 payments are doing so because they are seeking a better deal than what they are getting from traditional payment providers.
Miller, however, conceded that Web3 payments are still at their infancy stages and as such they come with certain limitations which hinder their adoption. In his written responses to questions from Bitcoin.com News, Miller also highlighted the security challenges that users of Web3 payment methods must expect. In addition, the Fuse senior executive also reiterated the argument that self custody of private keys is the most ideal and safe method of storing one’s digital assets.
Bitcoin.com News (BCN): What are Web3 payments and why should online merchants care about Web3 payments at all?
Robert Miller (RM): Web3 payments refer to payments made using cryptocurrencies and blockchain technology. Online merchants should care about Web3 payments because they offer several benefits over traditional payment methods.
Firstly, cryptocurrency payments are faster and more secure due to the immutable nature of blockchain technology. Secondly, they have lower transaction fees, which can significantly increase a merchant’s profit margins. Thirdly, they allow for global reach and expand the customer base beyond geographic locations. Fourthly, accepting cryptocurrency payments can increase customer loyalty, as cryptocurrency enthusiasts prefer to support merchants who accept their preferred form of payment. Finally, in a world where money is being reinvented, accepting Web3 payments can enhance a merchant’s brand image as an innovative business that values cutting-edge technology and customer privacy.
Using a Web3 payments solution, we’re cutting off the middleman to our transactions – the banks, the payment processors, and the brokers. Web3 payments are entirely peer-to-peer and are built on trustless logical systems, meaning no one…
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