Online commerce has registered a huge growth in the past few years. Nowadays, people can purchase virtually anything over the internet and get them delivered to their doorstep.
With increased adoption and rising online payments, a new set of challenges emerge, which brings us to questions like;
How do online marketplaces using traditional currency protect the interest of the buyers from online fraud?
The answer for this will be — through buyer protection policies and guarantees which do less to prevent fraud, account hacking, malicious chargeback, while charging high fees and slowing down transactions.
The rise of cryptocurrency platform in the recent days has come as a godsend, with the potential to solve a range of problems faced by the conventional payment methods. The cryptocurrency platforms offer a convenient way to prevent payment fraud. The crypto-systems are designed to use blockchain technology thereby preventing credit card fraud, and chargebacks, while improving account (wallet) security and transaction speed, and maintaining low fees.
Now, weighing both the options, the next question will be — which of the two has a better payment plan?
While traditional online payments are easy to use, mainly due to increased familiarity with the system, they are prone to failures, high transaction fees, chargebacks (a serious issue for merchants) and more. In comparision, cryptocurrencies offer a much better deal, except for the lag in adoption among masses, which can also be attributed to some of the features like – no chargebacks, lack of regulations and protections, volatility and lack of merchants’ resolve to include cryptocurrency payments.
In other words, Cryptocurrencies are popular due to the ability the users’ have, to send and receive funds in a secure unregulated environment. Cryptocurrencies have a wide variety of use, and thus its users come to expect a robust consumer protection system. Despite the technological advances in blockchain technology, it fails to protect both buyers and sellers. This creates the need for some sort of payment gateway where buyers and sellers can share mutual confidence in the services offered and payment thereof. And UTRUST offers exactly that. The cryptocurrency powered payments platform whose ICO is set for this month proposes a PayPal-like consumer protection and dispute resolution scheme for cryptocurrency transactions.
What is UTRUST?
UTRUST is a revolutionary payment platform that enables buyers to use their preferred cryptocurrency in order to pay sellers for goods and services with safety and convenience. The UTRUST platform aims to act as a mediator, resolver of payment disputes, and even enabling fund refunds while shielding the merchant from crypto-market volatilities. Under UTRUST, the buyer will pay with any major cryptocurrency with a low conversion fee or none at all if they are paying with UTRUST tokens, and are immediately converted to fiat currency to protect the seller.
The funds are then held and later released under a performance-based timeframe, in fiat currency.
By definition, UTRUST presents an innovative way to use the blockchain technology. It is the first of its kind and would be funded by venture capital firms. UTRUST tokens will act as a contributor’s stake for its backers, as a transactional token which they can use on the UTRUST platform alongside any major coins and as a financial mechanism linking the UTRUST token value to the platform value coupling mechanism. Pushing cryptocurrencies to facilitate transactions and serve as a frictionless and secure payment method with broad acceptance is the goal, and solution to drive a broad merchant and user adaptation.
More information about the platform is available on www.utrust.io