How Does MargiX’s Payment Application Help the Customers?
Primarily, every feature that we offer on the main website is accessible from the application as well. However, since we are talking about the ‘payment’ aspect of our application, let’s just focus as to how it allows the end-users (i.e. lenders and borrowers) to access, utilize and withdraw the funds with an utmost level of ease.
The Payment Solution: A Fully Automated and Native Environment
It is worth noticing that we only make use of a third party tool at the time of withdrawal to your local account. Other than that, we have custom made solution, in order to guarantee prime security to our users and cut down the transaction cost. Let’s have a look as to how we facilitate such a dynamic use case.
See, everything starts and ends at the users and therefore, it is important to explore the stakeholders (aka players) before discussing the associated processes.
The Players
Whenever a payment transfer is required, the customers, MargiX wallets and their respective bank accounts come into direct contact.
The merchant or customer is responsible for initiating a transaction in any given scenario and just to set the perspective here and understand better, it must be remembered that when a service or product is purchased, money flows from customer to merchant.
Bank Accounts
In order to move the funds, you must have a bank account in order to transfer the money to your MargiX wallet and then elsewhere. Please note that account of a customer is hosted by the issuing bank, while the acquiring bank hosts the merchant account.
The Gateway and Payment Processor
This is where we beat the rest of the competitors. While most of the ventures utilize 3rd party solutions for providing gateway and processor services, MargiX has built its very own tools in this regard.
Since users are not physically present to verify their ownership, a gateway is put in place to validate an incoming transaction. Once the request is validated and verified, it is forwarded to the payment processor for pulling the amount out of the customer’s wallet and depositing it in the respective account.
The Working…
In order to offer a comprehensive payment solution in our app, nesting all of the stakeholders and processes, let’s consider a sequence of actions, specifically designed for MargiX.
Following is a breakdown of the steps shown in the above sequence diagram:
- A customer initiates the transaction by sending a request to the payment gateway
- Payment gateway verifies the details submitted by the customer and authenticates the transaction if all the prerequisites are met
- This transaction request is then forwarded to the issuing bank by the payment gateway
- The issuing bank is responsible for approving the transaction and sending it back to the payment gateway for authentication. If there is an error due to which the process cannot continue, the transaction is returned to the payment gateway, which then notifies the customer regarding the error
- Now the payment gateway forwards the transaction details to the payment processor, which has the authority to actually transfer the funds between different accounts
- The amount is transferred from to the acquiring bank and the respective account is deposited
Associating the Wallet
Of course, wherever payments are involved, the presence of digitally encrypted wallets is mandatory. Since MargiX facilitates both lenders and borrowers and their interaction is controlled by smart contracts, our wallets are secured with multiple layers of encryption.
When lenders place their ads (or requests) for attracting the potential buyers, we ensure that their wallet contains the stated balance. Furthermore, as soon as the trade between a borrower and lender is finalized, the respective accounts are credited and debited automatically with the help of smart contacts. Thus, achieving a greater level of transparency, security, and automation.
It should also be noted that whenever you need to view the account balance, it can be done pretty easily from the interface of the mobile app.
What’s the Future Plan?
Now that you have read the article and developed a sense of our payment platform, it will be easier for you to understand the future plans more easily.
MargiX is planning to provide feasibility where every user (lender or borrower) will be able to integrate wallets from a variety of exchanges in the market. Please be advised that they will be accessible from a single interface, hence allowing you to move the funds, monitor transactions and cashflow much easily.
The hassle will also be cut down to a great extent since only one account will be required to access the interface of each wallet. However, at the time of executing transactions for any wallet other than MargiX, you might be asked to verify the identity (please note that ‘an exact’ feasibility is still in process and we will publish the update when it is launched).
Find us on social media:
- Official Website: https://margix.org
- Channel: https://t.me/MargiXchannel
- Group EN: https://t.me/MargiXglobal
- Group KR: https://t.me/MargiXkorea
- Group TR: https://t.me/MargiXturkey
- Medium: https://medium.com/margix
- Github: https://github.com/margix
- Twitter: https://twitter.com/MargixMGX
- Youtube: https://www.youtube.com/c/Margix
