Reducing Friction and Freeing Capital
The huge and influential population of India is ready for cryptocurrency adoption. People left unbanked or wary of the current financial system will be especially able to benefit from the recent leaps in technology brought about by cryptocurrencies like Rupee Coin. Remittances, problems with opening and using bank accounts, and the often-high fees and cost of doing business digitally or over the internet are many of the roadblocks restricting the growth of efficient digital solutions for the average Indian or South Asian person. Our Rupee Coin development team is set to disrupt these problems and show that they have effective and innovative solutions.
Years of efforts to bring the unbanked or more financially vulnerable people into the marketplace and give them a fair shot has had mixed results. Along with some of the chaos related to cash troubles in India in 2016, the nightmare scenario of losing important savings is one commonly held across India and around the world. Luckily for those still unbanked or avoiding heavy use of the current system of financial services, cryptocurrency is coming along to bridge the gap and finally bring an advanced and stable platform to those who have stayed away.
Don’t Forget Merchants and Exchanges
Users and small income consumers are not the only ones ready to benefit from the cryptocurrency boom. For merchants, one of the biggest costs and headaches is the lack of security brought by current payment systems. Not only are fees high simply to process sales, often reaching 5% or more of the sale price, the concerns brought by international payments and currency fluctuations can cause an otherwise intelligent business decision to become a complex, money-losing situation.
We are aware of these difficulties and are acting to develop a system based on Rupee Coin that addresses these concerns. Not only is our team supporting the coin itself and all the technical aspects of the cryptocurrency, we are bringing broader support to potential institutional and commercial users. By implementing a point-of-sale (POS) application, the development team will ensure that merchants can receive fiat currency for normal use immediately upon receiving payment in Rupee Coin. This system of payment processing will allow merchants and others to directly interface with the blockchain in an intuitive and safe way, cheaply, and with far less cost and worry than by other methods.
The reasons for the POS application is simple but critical. The fees for this service are 1%, a tiny amount compared to other payment processors and bank transfer methods.
When merchants use a service like Alibaba, they are paying fees not only to Alibaba but to payment processing companies that are transferring the money from the user to the Alibaba account. Thus, they are paying fees to banks, companies like Visa, and Alibaba all together, causing the profit from their sale to be hampered considerably. By cutting out this burdensome process, our POS system will make transactions between users and merchants more like being in a store and less like working through a giant company like Alibaba. Along with connections to major exchanges based around the world, and the future e-commerce portal Rupeebase.com, Rupee Coin will have the infrastructure needed to make payments inexpensive and fast for the huge and expanding South Asian market.
A Growing Future
As the ecosystem supporting Rupee Coin grows and expands, our team’s ambitions have increased. The vision of a lone cryptocurrency or even one supported by a handful of exchanges is already in the past; we are working on systems to simplify and provide secure interfacing with the fiat market, other cryptocurrencies, and merchants all over South Asia and especially India. This high level of support is just one of the reasons to keep a close eye on Rupee Coin and its groundbreaking efforts to innovate within the cryptocurrency market.