SHENZHEN, CHINA – Media OutReach – 20 October 2021 – Recently, HambitPay, a crypo payment platform from Singapore, announced the launch of its global partnership program.
Unlike coinbase, binance, etc., which initially centered on exchange business and only later derived payment business, HambitPay has been focusing on the research and development of crypto payment technology since its establishment, capitalising Singapore’s geographical advantages as an international financial center, and promoting a new payment ecosystem in Southeast Asia and the world beyond. The global partnership program launched this time is also a leap forward towards this goal.
Blockchain is an emerging industry that aggregates many tracks, and HambitPay choose to go all in on crypto payments for good reasons. A spokesperson of Hambitpay said that HambitPay values the huge market potential that is about to explode for crypto payments. According to the report “Digital Assets Primer: Only the first inning” released by Bank of America, the cryptocurrency and decentralised financial services industry has grown “too large to ignore.” With a market capitalisation of $2 trillion and nearly 220 million users, the crypto sector alone is a spectacular size among digital assets. When we look at the digital asset market as a whole, the global digital asset management market is expected to reach $102.2 billion by 2026, according to a report by Indian market research firm Valuates Reports.
Hambitpay believes that digital payment has roughly gone through three stages of development:
1. Birth stage: With the development of the Internet, the first “online banking” payment initiated by traditional banks is the 1.0 stage of digital asset payment. People first need to have a bank account before they can open the corresponding online banking account. At the same time, in order to ensure the security of network assets, security hardware (such as network shields, etc.) is also required.
At this stage, online digital assets are linked to real assets in centralised financial institutions such as banks, and are characterised by slow transaction processing, small cross-platform transaction scope, the need to be linked to a bank account, and high fees.
2. Mobile payment stage: With the development of the mobile Internet, the payment 2.0 stage arrived with applications backed by a large user base, such as PayPal and Alipay. At this stage, people only need to have an application account, then they can make transactions and payments online, offline, and between different platforms.
The payment 2.0 stage is still under continuous development and improvement. People can not only conduct transactions in payment applications, but also through the API interface in various applications and mini programs.
Payment 2.0 has brought great convenience to people’s lives, but with the development of the market and the changing needs of users, Payment 2.0 is also facing some problems.
- Due to the centralising trend of payment platforms, transaction and payment fees are increasing, which affects the free flow and further development of digital assets.
- Payment 2.0 is still based on real bank accounts for transactions, so in an environment where cross-border payment and fiat currency payment are of limited capacity, it still cannot meet the needs of global payment of today.
Payment 3.0: Payment 3.0 marks the future direction of the financial and payments sector. The problems that arose in 1.0 and 2.0 will be solved in Payment 3.0. The solution is to establish a decentralised, digital financial native, and global payment platform.
Platforms of Payments 3.0 must meet the need for security, equality, and globalisation of digital assets. While enabling fast payments, the platform must also have fees low enough to facilitate the inclusion of financially underdeveloped countries and meet the requirements of financial fairness.
From the perspective of digital assets globalisation and financial fairness, decentralised and fair crypto payments have become the prototype for the Payment 3.0. HambitPay has already completed its in-depth layout in terms of technology, products, resources, etc. in this arena.
The prospect which HambitPay brings to users in the era of Payment 3.0
A Higher Degree of Business Globalisation
The last wave of information globalisation, marked by the rise of the Internet, greatly contributed to the development of economic globalisation. The advent of a new era of digital economy, marked by the free flow of capital, is bound to bring about an even greater globalisation of commerce. Through crypto payment platforms such as HambitPay, merchants can receive orders and payments from customers anywhere anytime, expanding their business footprints to any corner of the globe.
Enterprise-Level Commercial Crypto Payment Solution
Unlike the previous peer-to-peer transfer method of cryptocurrencies, HambitPay provides users with an enterprise-level commercial crypto payment solution that supports the simultaneous processing of multiple transactions initiated by different users in different regions, ensuring a smooth transaction experience in just a few minutes. It systematically solves many of the problems previously faced by industries such as cross-border e-commerce, cross-border online gaming, and global social networking, such as long billing periods for cross-border transactions, cumbersome settlement processes, and volatile exchange rates.
Lower Payment Costs Compared to Traditional Methods
For businesses, traditional cross-border payment methods have an average rate of no less than 3%, which has a significant impact on their profits. Crypto payment platforms such as HambitPay, on the other hand, can significantly reduce rates, helping businesses to save on payment costs and secure a more flexible profit margin.
The decentralised blockchain technology is currently the best way to achieve financial fairness, and Hambitpay has always been committed to achieving this end. Through HambitPay, qualified individuals or merchants from anywhere in the world can conduct cross-border business activities and enjoy the financial equality and openness brought by crypto payments.
Emerging crypto payment platforms such as HambitPay may help the market make the leap from the early stages of payments to Payment 3.0, helping users to capture more business opportunities through advanced payment methods.
This content was prepared by Media OutReach. The opinions expressed in this article are the author’s own and do not reflect the view of Siam News.