Merchants and customers both stand to benefit from the increasing popularity of decentralized finance (DeFi). With the new financial technology, merchants can enjoy faster, cheaper, and more secure transactions using DeFi platforms, Dan Schatt and Domenic Carosa, executives of DeFi startup Earnity. Consumers can rely on it for its enhanced security and transparency.
The benefits of DeFi and crypto payments are too hard to pass up, and governments and centralized financial institutions are becoming more welcoming to the adoption of digital currencies. Small to medium-sized enterprises (SMEs) should also jump onboard the DeFi and crypto payments train. With DeFi and crypto payments, businesses can enjoy <b>more options for international payments</b>. Transacting with suppliers and clients from different parts of the globe often comes with unfair fees and long processing times. Crypto and DeFi products follow a peer-to-peer approach, <b>SMEs can pay their suppliers without intermediaries and unnecessary fees</b>.
Safe Transactions and More
Businesses can also capture the younger market by offering options for DeFi and crypto payments. It is highly likely for youth to frequent online and physical stores that welcome payments through digital currencies as they have a good grasp of the technology.
Improved security for both merchant and consumer are also a promise that DeFi can deliver. The decentralized characteristic of the technology ensures safe crypto transactions. Blockchain technology prevents fraudsters from committing financial crimes and suspends customers from making payments with insufficient funds.
Earnity’s Domenic Carosa and Dan Schatt want business owners to integrate cryptocurrency into their operations. As the world becomes more and more digital with every passing day, global users must get into DeFi now than later. However, before diving into digital currencies, it would be best to do their research to be better equipped for its adoption.