Web 3.0 payments is a term used to describe the next generation of online payments, which are based on the principles of the decentralized web.
Web 3.0 payments are designed to be more secure, efficient and transparent than traditional online payments.
They are based on the use of blockchain technology, which allows for the decentralization of the payment process. This means that there is no central authority that controls the payment process, and it is instead controlled by a network of computers. This makes it more difficult for hackers to attack, and it also makes it more transparent, as all transactions are recorded on the blockchain.
Web 3.0 payments are also designed to be more efficient than traditional payments. This is because they do not require the use of intermediaries, such as banks, to process the payment. Instead, the payment is processed directly between the sender and the receiver. This can result in lower fees and faster transactions.
Beniamin Mincu (CEO of Elrond Network) said when Elrond Network acquired UTRUST:
“At their best, payments should happen near-instantly, globally, and at a trivial cost. Enabling this for merchants worldwide is our primary goal. The second product we will be working on together with the newest member of the Elrond family is Merchant Yield, a Web3 payment processing solution that will provide yield for merchants, instead of requiring them to pay a percentage of the transacted value. The implications are hard to overstate.” said Beniamin Mincu, Elrond Network CEO.
We are still in the early stages of development, and it will likely be some time before they are widely adopted. However, the principles of the decentralized web are gaining traction, and it is likely that Web 3.0 payments will become more prevalent in the future.
Our goal is not only to increase settlement times and significantly reduce the costs associated with receiving a payment by using state-of-the-art blockchain technology, but also to make payments fully and natively digital using state-of-the-art blockchain technology. The merchants can use it to generate a scalable revenue stream, allowing them to bring a large portion of the multi-trillion dollar crypto market into their business and earn on every transaction they receive, instead of having to pay for it.
DeFi payments are coming! Catch the wave with Elrond & UTRUST