The need for a financial platform to integrate payment platforms
If you are reading this post I am sure that you have encountered the problem of having a different payment method than the one that is accepted on a certain e-commerce website. For instance, you might be having money in your PayPal wallet but the e-commerce site you want to purchase from does not take PayPal and accepts VISA and MasterCard only. In this instance, you can withdraw money from your PayPal to your bank account then use your credit card. However, this system is long and tiresome. It can take up to 10 days in some countries. This means that you will have to wait for a long time to purchase the item that you want.
Why we need a financial platform to exchange money from one platform to another
Financial platforms have increased in number over the past several years and depending on the country that you live in they are many payment methods used some popular than others. This has created a problem whereby a customer has a different payment method than the merchant. Most customers will actually abandon cart in this scenario. This problem is one of the largest causes of shopping cart abandonment. There are some money exchange sites that help at a very high cost. However, they don’t cater to most of the financial platforms.
Bitcoin as a financial platform to exchange online money
There is no doubt that you understand that this is one of the most important functions of bitcoin nowadays either than buying illegal contraband. Bitcoin serves as a middle currency for most people. There is that scenario whereby you can exchange virtually any type of money to bitcoins and then to your required financial platform. The problem with this process is that it has a lot of fees and it is expensive to use.