Solving Major Challenges with a Simple Solution
As they currently stand, both traditional cards and crypto payment solutions leave a lot to be desired. Transaction fees of over 3% for some cards can add up to substantial losses over time for businesses of all sizes. For even small businesses, it’s normal for more than $50,000 a year to be lost in processing fees.
In addition to this, both buyers and sellers must have access to major banks and their services in order to facilitate these types of transactions; a major problem in many parts of the world. Also, traditional services inherently have long confirmation times of up to several days, which can themselves lead to other issues. Cryptocurrencies have indeed proposed solutions to many of these challenges, as it is easy to find many projects today that offer instant transactions and virtually no fees. But, this doesn’t change the fact that using this new technology in its current form is like trying to send an email in the 80s – too time-consuming to setup and operate to be practical for most everyday applications.
Using their new feature called the SmartCard, the developers of SmartCash are looking to improve upon and/or eliminate entirely the present limitations of payment cards. SmartCard is the crypto alternative to the debit card which uses the SmartCash blockchain to easily initiate and verify transactions of any size and frequency. As with many other cryptocurrencies, the fees are right around 0%; it costs just fractions of a cent to process a transaction, regardless of the amount. The payments will be instantly confirmed at the time of purchase, meaning there is no delay between authorization of the payment and the transfer of the actual funds.
In a way, the purchases made with SmartCard combine the best of cash, card, and crypto payments. The funds are moved between parties instantly, like cash, but the transaction is authorized by the buyer with a simple code that can be either digitally stored on a smartphone or printed and carried separately as a physical QR code. This makes the payment process just as convenient as regular card payments, and far easier than having to send cryptocurrency manually from a mobile app.