Furthermore, to receive the payments, they need to reach platform defined minimum sales thresholds and they incur the costs of wire transfers which can be significant especially in
case of international payments.
We have a genuine desire to increase imports and achieve greater
balance of international payments under the current account,» Xi said, according to a translation of the speech.
Combining payment cards and wireless technology, financial technology companies like Paypal, Stripe and Wirecard are connecting the
world of international payment networks.
While bitcoin could take the
role of international payments from banks, he argues ethereum, and its native token, ether, are better suited to provide a cheap and easy way to escrow funds in the form of the platform's more sophisticated self - executing smart contracts.
This may be disappointing for naysayers such as Taavet Hinrikus,
CEO of international payments app TransferWise who recently pronounced «Bitcoin is Dead» saying, «The bitcoin experiment, I think we can say, is over.»
Align Commerce announced yesterday that the public
beta of its international payments platform had launched, which could cut the cost and time of transactions in a $ 24 trillion market.