boldFirst what are cross-border payment?
Cross-border payments has solve the problems (time delays, slow transaction and even transparency) of international transactions bringing the solution (fast transactions, 24/7 services, and full secured).
Traditional Cross-border Payments system has been in existence for years, but it wasn't and can't be perfect.
**Problems with traditional banking system
Slow processing speed, these delays have caused a lot of problems to businesses or to individuals. From the example I made, let's say the person in Nigeria wants to send money to his brother in Ghana for an urgent medical treatment, such money can be delayed, it may be because of time zone, sometimes verification issues, or network issues. (Typically the one we really face here in some location in Africa). With this context, the only solution to this is the use of cNGN to cGHS. Or transfer USDT or Bitcoin. This will make thr transaction faster and save the brother who is sick the stress of traditional banking.
How crypto solve the problems of traditional banking system
Crypto which is the worlds new banking technology has saved us from the stress of traditional banking through fast transactions, making payments fast through the Blockchain. With this people can do business without the delay of traditional banking system. It offers the fast transactions at a lower cost making it cheap to make any transactions, compared to the traditional banking system where taxes, levy and transactions cost are always deducted everytime transaction is done.
With the fast transactions, and lower cost that's why it's is sought by many, and can be accessed globally unlike the traditional Cross-border payments where you need to have a particular bank you apply with and transactions can not be made to every country. But crypto currency can be transferred anywhere anytime, making it more convenient than traditional Cross-border payments.
How the world has adopted this
El Salvador a North American Country was the first to adopt crypto currency as a legal tender making a striking move into that crypto world, and are currently holding approximately 6,300 BTCs. People can now make payments, buy and sell the goods and services using crypto currency.
Just like Nigeria, the introduction of cNGN helped solve the African long issue of intra Africa trade, which thanks thr crypto such problem is now solved using PAPSS, loca currencies can now be transferred from one African country to another and business can now be more effective making the crypto space more efficient than traditional banking system.
Ripple, Steller and other stable coins (stable coins are just like crypto but thr have same value as their traditional currency. Explain: USDT for Dollar cNGN for Naira and cGHS for Cedis) has help eradicate the B2B (business to business) transactions and the overall remittance issues has been solved.
Conclusion:
Crypto has made cross border payments easy and simple like ABCD...
making transactions fast, cheap and improved securities. These has help people from country which cannot make transactions using the traditional banking.
The future of money isn't in the banks anymore its now in your hands through the Blockchain.
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