Online Payment Issues in E-commerce

Author: Utrust

Compiled by: ChainCatcher

Adoption is a concern for everyone. It will make the true potential of cryptocurrency and blockchain technology a reality for people all over the world. In this series, we will explore why adoption is not only a fascinating prospect but also a genuine necessity for humanity to achieve unprecedented levels of progress.

You can find the third part of this series here (along with links to other parts) in case you missed them.

However, today, we will introduce you to an important aspect of adoption that is very close to us.

E-commerce is one of the most important ways of doing business today. We have been studying it for decades, but the global pandemic has given us a whole new perspective. To protect our health and lives, we were forced to stay indoors. We could not go to the stores we used to visit. Even supermarkets felt dangerous. So what did we do? We turned to the internet.

The United Nations called it a "turning point," and most of us felt it, just as we felt the immense power of the internet to save us during such difficult and challenging times. Our entertainment activities migrated online, but our shopping also increasingly moved there.

Businesses had to adapt.

Stores of all sizes began selling online. Everyone started shipping everywhere. E-commerce became a savior for various businesses, from multinational corporations to small family-run shops. From May 2020 to July 2020, businesses invested over $10 billion in e-commerce strategies.

This means we have no reason to shop only locally. Even if we do not live in big cities, we can now access the largest stores and the most niche, specific businesses. 26% of people actually plan to move to areas with lower population density.

Global e-commerce is increasingly becoming a reality.

However, one thing that brands quickly discovered when they started shipping everywhere is that money does not seem to be so fortunate.

We wrote an article about this in May 2020, as the world suddenly realized what we had known for a long time: payment processors do not like global commerce. If you suddenly decide to ship from the EU to the US or from the EU to the US, payment processing fees can increase tenfold.

Is there a reason for this?

No.

Is there any reason to be so insecure that you have to share your personal details online?

No.

And there is no reason for it to take so long.

The first three parts of this series are about how cryptocurrencies serve as better alternatives to traditional forms of currency in various sectors.

Now, it is time to look at a very specific use case, namely payments, especially online payments, which have become a key aspect of our lifestyle.

We know some things about online payments, so let’s clarify:

E-commerce is the cornerstone of our modern lives.

There is no reason for it to be shackled by outdated technological rules.

It is time for a change.