Technology has indeed revolutionized the way we engage in commerce. Traditional online payment platforms have been fueling the growth of e-commerce until now. However, the traditional online payment platforms have their own shortcomings, affecting both customers as well as merchants in various occasions.
Some of these issues include instances of card frauds, chargebacks, etc., combined with high processing fees and security threats faced by centralized systems. When cryptocurrencies came into the market, all these challenges were dealt with in a comprehensive manner. Cryptocurrencies allow for no chargebacks, they are not regulated by any central authority, and the security mechanisms put in place are stringent. The transactions are also quite fast and cheap. However, with cryptocurrencies what seems to lack is buyer protection, due to the lack of chargebacks.
UTRUST, the latest cryptocurrency payments platform is on its way to solve the problem by introducing customer protection feature for the very first time in a digital currency ecosystem. At the same time, the platform is also packing enough features to make it easier for the merchants to accept cryptocurrencies from customers worldwide, without worrying about conversion rates or volatility issues.
UTRUST Aims to Provide Consumer Protection
UTRUST aims to introduce cryptocurrency as a mainstream medium of value exchange in the online commerce segment by addressing the shortcomings of cryptocurrency payments. It will be offering buyer protection, along the lines of popular mainstream payment processors like PayPal, while enabling the merchants to accept a variety of cryptocurrencies from their customers. While buyers have a peace of mind using UTRUST’s payment solution to purchase goods and services, sellers don’t have to worry about the volatility associated with various cryptocurrencies, and they can receive settlement in good old fiat. As a part of its buyer protection program, UTRUST will be serving as mediators and resolve any disputes that arise between customers and merchants.
In order to support the platform development, UTRUST organized a pre-ICO campaign in August, which received an overwhelming response from the cryptocurrency community. Following the success, the platform is now organizing the main ICO in October 2017, which is expected to run for a period of no more than a week, or maybe even less if the tokens are sold out. With one billion UTRUST tokens in the offering, participants in the crowdsale will be able to purchase them against Bitcoin or Ether payments.
More information about the platform and crowdsale is available on the website.