Cashaa reviving Payment Industry Cashaa kumar gaurav
Money and the idea of its exchange through payments have evolved from a barter system (exchange of goods for grains) to the token system (exchange of coins and cash on paper) to cash pooling (bank accounts and deposits) to cashless payments (credit cards, checks, e-wallets). Payments industry is now evolving at a rapid pace with new providers, new platforms, and new payment tools launching on a near daily basis.
There is an ongoing war among various payment channels, each one bringing up its own framework assuring faster, secured and compatible platform of payment. Some of them are as follows:-
Paper-Based systems such as cheque or draft. Payments are initiated when one party writes an instruction on paper to pay another. These systems are one of the oldest forms of non-cash payment systems.
RTGS (Real Time Gross Settlement) or High-Value Payments, commonly called wire transfer.
RTNS, or Real Time Net Settlement systems or Automated Clearing House (ACH) Unlike wires, which are processed individually, ACH payments are processed in batches and were originally intended for small payments under $100,000 such as payroll and consumer transactions.
Cards are a payment channel that includes credit, debit and stored value cards. They are a fast growing segment of the methods for making and receiving payments.
Mobile payment is defined as the use of mobile phone to pay for the purchase of goods and services at a retail POS terminal or on the Internet. Payment may be initiated via SMS text message, mobile browser, downloadable app, contactless near-field communication (NFC), or quick response (QR) code. As more and more smartphone owners use their devices to pay for products online, mobile payment services are predicted to grow rapidly. At the same time, the emergence of one-touch checkout buttons, P2P payments and the rise of sharing economies have created new opportunities for remote mobile payments.
In these sets of payment methods, Blockchain giant, Cashaa has been successful in establishing itself as the brand name in the payment industry. It has influenced billions with its state-of-art payment methodology, which is inspired by “Distributed Ledger Technology (DLT)”, commonly known as “Blockchain technology” that is very effective in making an impact on each of the four parts comprising the global payments structure: relationship investment, funds transfer, funds delivery, and proof of payment. Many of you might be pondering over how this system works? Let’s get into it!
Cashaa wallet provides global payment solution which basically works very differently from credit cards and other online transfers. Instead of the payment being authorized by the owner and then taken from the account by the recipient, the owner transfers the coins directly to the recipient via a “push” model, rather than an “authorize and pull” model. It thereby offers better speed and security of the international payments while reducing transaction costs. The owner keeps their alt-coins in the digital wallet to which only he/she has the “key” — a digital signature that only the owner knows. The wallet can receive payments without being opened, but to make a payment the owner must open the wallet with the key.
Further, Distributed Ledger Technology (DLT)/Blockchain technology has the potential to completely change the financial transaction processing cost model amongst its various applications. It also enables all processing to be done over a distributed system network or in the cloud, avoiding the usage of costly data centers or mainframes. This mode of payment typically clears much faster than today’s international B2B payments, since there are no intermediaries. Since the wallet contains enough coins for the payment to be made at all, in theory, the payment cannot fail.
Summing up to these aspects, Cashaa has been striving to bring a better bank for people all over the globe, by building industry-leading financial infrastructure with enhanced layer of blockchain technology. Their systems are equipped to detect fraud, device verification, and card management tools to give its users complete control to all the tools and features. Thereby, enhancing user-end experience!