Payment solutions is one of the key areas that is being disrupted by Bitcoin and altcoins. Cryptocurrencies in general have arrived with a lot of promises towards addressing the existing deficiencies in the banking sector.
Despite the growth and expansion that has been seen in the cryptocurrency industry, in order to achieve its full potential, the technology must find ways of adapting with existing systems.
Card payments and electronic banking have become the most common avenues by which payments are settled. This has become the definition of modern banking, however, there still remains a lot of room for improvement within these systems.
Where Does Payment Settlements Take Place?
Beyond the parties that are directly involved in transactions, what happens at the backend is always of utmost importance. That is where the payment gateways introduce specific technologies and technicalities to ensure that transactions are properly settled.
Considering the various benefits of cryptocurrencies, implementation as a convenient payment system in retail transaction has not been very successful. A number of factors that are responsible for this situation include the absence of liquidity, varying exchange prices and the volatility of the cryptocurrency market.
To solve these problems, Gibraltar-based Tap N Go Limited has introduced an app and a card system that enhances a seamless trade between traditional currencies and cryptocurrencies. The platform uses its backend processes to ensure that users are able to convert their crypto assets for spending instantly using their tap cards.
What Issues Are Addressed By tap?
This is a new development that addresses the issue of delays in transactions which is making it difficult to use most cryptocurrencies, especially Bitcoin, for retail transactions. The platform, which is connected to all exchanges selects the best price for users during transactions and completes payment instantly on the user’s behalf while final settlements are handled at the backend, with the lowest fees.
The tap platform is robust and flexible with a variety of services for the crypto community. Users can easily top up their crypto portfolios using fiat through either bank transfers or with the use of debit cards.
This system introduces the missing link between cryptocurrencies and the mainstream by providing a user interface devoid of the often-confusing technicalities for regular fund users. Indeed, cryptocurrency is making inroads into the mainstream, and tap has taken a strategic standpoint to ensure that this happens without any form of stress.