Encrypted Payment Gateway Development-A Secure Payment Solution in a Decentralized Network | By Linda John | The Capital | June 2021
A completely decentralized currency outside of the banking and government ecosystem may seem like a utopian dream, which will only appear in science fiction, but with the launch of Bitcoin in 2009, a decentralized digital currency become true.Aptly named Cryptocurrency, Its value and popularity have begun to grow. The increasing popularity and benefits of the underlying technology called blockchain has even led many countries to consider adopting mainstream cryptocurrencies.
The acceptance of cryptocurrency as a mainstream payment method or transaction tool is largely an obscure legal field. On the one hand, governments like Malta and Gibraltar support this new technological revolution because it provides the benefits of fast global transactions at a very low cost. On the other hand, countries like China have been opposed to various manifestations of cryptocurrency and blockchain because it shifts funds beyond the scope of censorship and supervision.
It is undeniable that cryptocurrencies are becoming more and more popular. In some cases, Lamborghini is ready to accept Bitcoin as a payment method. Recently, although the statement was withdrawn after a short shelf life, even Tesla is ready to accept Bitcoin as a payment. Soon, cryptocurrency will be considered a suitable payment method.
In order to facilitate these payments, just like we have a fiat currency payment gateway, we also need a Cryptocurrency payment gateway.
What is a cryptocurrency payment gateway?
A cryptocurrency payment gateway, as the name suggests, is a platform that can promote the use of cryptocurrency to pay for products or services. On the other hand, it also interfaces with the business wallet to ensure that the transaction is completed normally.
Many cryptocurrency payment gateways emerged on the left, right, and center. Considering that cryptocurrencies are becoming popular and more and more accepted, cryptocurrency payment gateways may be quite competitive, which is correct because it is a lucrative business area.
If you want to be part of this revolution and launch your own cryptocurrency payment gateway, one of the best ways is to adopt a white label solution. The white label cryptocurrency payment gateway is easy to start, and because it provides customization options, it can use your brand language. It also ensures that you can start the gateway easily and quickly, and that there are no errors that might interfere with the basic functionality expected by the platform.
Why use an encrypted payment gateway?
Cryptocurrency payment gateways have many advantages.
- Since cryptocurrency transactions are refined and approved according to consensus protocols, payments can never be reversed. This completely eliminates the possibility of unwanted refunds.
- The transaction is confirmed quickly because the transaction is managed by the community. There are no hierarchical structures or linear processes that cause delays in traditional currency transactions today.
- Since the entire transaction takes place within the blockchain ecosystem, the entire transaction is completely safe. The possibility of repeated transactions is almost zero.
- By default, the blockchain is global and it does not involve any intermediaries. On the one hand, this makes transactions very cheap, on the other hand, it can facilitate the easy acceptance and reception of global payments.
- There is no delay in the transaction. Even from one corner of the world to another, most transactions can be confirmed within minutes, even if it is not a few seconds.
Features of white label cryptocurrency payment gateways
A company specializing in the development of encrypted payment gateways will definitely give you a perfect solution. However, it is important that you have a clear understanding of the functions necessary for any appropriate cryptocurrency payment gateway.
Your cryptocurrency payment gateway should support multiple currencies.It’s important to remember that there are More than 2500 different cryptocurrencies It is running now, and although each may have a different value, your payment gateway should be able to accept at least some of the most prominent cryptocurrencies.
Confirmation should be as fast as possible and almost in real time. This helps to improve customer satisfaction because there will be no delay in payment confirmation.
Cryptocurrency payment gateways should be equipped with intuitive and interactive user-friendly interfaces.It’s important to note that users Encrypted payment gateway Most likely they are business owners, who may not have been exposed to the technical complexity of the blockchain world. Keeping these people in mind, the interface should be designed to be interactive and intuitive to ensure smooth completion or delays in the process.
The payment gateway should ensure first-class security. It should use two-factor authentication for enhanced security for gate control. In addition, the gateway should be protected from database injection attacks and denial of service attacks.
Our white label solution
Creating an encrypted payment gateway from scratch can be demanding in terms of time, money, resources, and effort. Alternatively, you can consider using a white label cryptocurrency payment gateway solution. You don’t need to build everything from scratch, you can buy a white label solution as a product and customize it to your requirements.
As you can infer, the white label cryptocurrency payment gateway solution ensures that you can start your payment gateway solution in the shortest possible time. In addition, you don’t have to pay for the resources involved in building the product. The final product will not have any malfunctions or errors that may interfere with the expected basic functions.
Now that we know that launching an encrypted payment gateway for your business is simple and easy, all that remains to do is to contact a company that specializes in White label cryptocurrency payment gateway developmentThey will carefully understand your needs and provide you with a perfect and appropriate encrypted payment gateway solution, which will help your business develop on a global scale and keep your business in sync with the latest technology, thereby changing transactions and Keeping records.