What Payment Processors are being used Globally?

Welsh

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Quote from: Hamphser on September 15, 2022, 03:35:43 PM

and it would really vary out on very corners of the world and if ever if the vast or majority of countries wouldnt really be having any problems on accepting bitcoin then we might possibly able to see
its name in together with those common or universal payment processors.

There's still a very long way to go, and at the moment despite a lot of Bitcoin users thinking the claims are unfounded, the perception of Bitcoin using a lot of energy, unnecessarily is going to hinder our growth in the short term. That's just something that VISA, and Mastercard don't have, despite them probably using a decent amount of electricity themselves, but it's just not documented nearly as much as Bitcoin. Probably because Bitcoin is very alternative in terms of adopting it, the concepts are completely new.

Mastercard, and VISA likely have the monopoly for the next decade. When Bitcoin becomes a little bit more stable, and has sorted out its perceived perception over the years, we might some day somewhat compete.

joniboini

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There are tons of payment processors in my country, the competition is intense. From mobile-only payment processors to e-shops like Shopee (yes they offer payment processing too). It is kinda weird to see at first, but understandable since the market is huge. I don't see any crypto though.

I agree with others, Bitcoin on its own is just a currency or investment (depends on how you see it), we still need a framework like BTCPay to process it. I don't think it is going to change anytime soon, at least in my country.

traderethereum

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Visa and MasterCard are still more frequently used by people and the strategy of Visa and MasterCard is to work with local banks so that users can use them when they are travelling abroad.
But if you mean that we can send and receive money with fellow users, I think maybe every country already has an application that helps its users make transactions like that.
The government and the private sector are working together to solve this problem and it seems that since the COVID-19 case yesterday, they have launched an application that every people can use online.
But for bitcoin or other coins, I think it still needs more time to be used as a payment processor.

Despairo

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Quote from: Kakmakr on September 16, 2022, 02:08:17 AM

There are many payment processors that are accepting Bitcoin as a payment option and then they add some fees to convert it to Fiat currencies, so that businesses can accept Bitcoin as a payment option. We as a Bitcoin community does not want these intermediaries to add themselves in between the customer and the business, because they slow down transactions and they make the payment more expensive. Angry

We want Bitcoin to be an alternative "Currency" on it's own... and for people to make transactions with Bitcoin directly, without the need of centralized intermediaries.

BTCPay is a Bitcoin payment processors that doesn't charge fees and convert to fiat, of course your worried will be solved easily if they use this payment processors. It doesn't become a third party, but it's work like P2P transaction.

But since I don't live on El Salvador and Central African Republic, I don't know which payment processors they've used. Maybe they're using the processors that convert to fiat since the stuffs are calculated based on fiat equivalent, it's hard to calculate based on Bitcoin equivalent due to volatility.

xSkylarx

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Here in our country, these 2 are the mostly used payment processors. Their platform offers many services that we need in our daily lives like paying the utility bills, insurance, or buying credits for mobile phones.

People here can also use Gcash to fund their binance account. It's one of the payment methods accepted in our country via binance's p2p. They plan to add more features soon which involves blockchain technology.

Maya also offers crypto-services where its users can directly buy and sell on their platform some popular crypto like bitcoin, ethereum, polygon matic. Though what I don't like on that service is you don't own personally the crypto, you can't withdraw it if you want to put it on a different crypto wallet.

Though many people here are already aware about what is bitcoin, no one use it as a currency to pay since it's very volatile. They see it to be more of an investment because of its appreciating value.

Kakmakr

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There are many payment processors that are accepting Bitcoin as a payment option and then they add some fees to convert it to Fiat currencies, so that businesses can accept Bitcoin as a payment option. We as a Bitcoin community does not want these intermediaries to add themselves in between the customer and the business, because they slow down transactions and they make the payment more expensive. Angry

We want Bitcoin to be an alternative "Currency" on it's own... and for people to make transactions with Bitcoin directly, without the need of centralized intermediaries.

Darker45

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In my country, there is MegaLink and BancNet in addition to the likes of Visa, Mastercard, American Express, Paypal, and others. BancNet also opened the way for UnionPay users to be able to make withdrawals in most automated machines in the country. Moreover, BancNet also partnered with JCB International as well as Diner's Club, Discover, and others. These two local companies just had a merger years ago.

I guess it's just a matter of time before Bitcoin will be included in the list.

davis196

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Bitcoin is NOT a payment processor. Bitcoin is a currency.
Saying that Bitcoin is a payment processor would be the same as saying that the US dollar is a payment processor. Grin

The Bitcoin blockchain might be viewed as a payment processor, but I don't think that this term is correct.
A payment processor is a company that processes payments for it's customers(both individuals and businesses).
Crypto companies like Bitpay and Coinpayments are actual payment processors and they are using both Bitcoin and altcoins.
I'm not an expert in this field, but I think that the credit/debit card companies like VISA, Mastercard, American Express and Discover aren't actual payment processors. They just provide the plastic cards and the technology behind them.

Techkoy407

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in the country where I live, many people still use direct or cash payments, maybe even almost 80% because many parents or people aged 40 years and over do not understand about payments such as transfers or online so they are more inclined to pay online. direct, maybe young people are the most dominant and understand about payments via transfers, credit cards and applications, maybe that's a fact that happened in the country where I live, but in the future maybe more people will understand and understand about online payments or something else.

sheenshane

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Quote from: pakhitheboss on September 15, 2022, 09:12:19 AM

The sole purpose was to defeat the financial institution and now Bitcoin has become a commodity. Credit and source can be found in the image bottom.

No, that wasn't the purpose of Bitcoin, even of the Bitcoin roadmap, it wasn't there to defeat the financial institution system instead, it's an alternative to fiat.
We can't compare Bitcoin to any centralized payment processors, they are centralized which means under control and monitored by the government, they are also can be linked to the bank or to your bank account and while Bitcoin can't. They're helping e-commerce companies more easily accept online transactions, though Bitcoin did that, but since it's not regulated it can't compete with any payment processor.

I didn't doubt Visa and Mastercard were the leading Payment Processor.

CryptoHeadlineNews

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Quote from: pakhitheboss on September 15, 2022, 09:12:19 AM

As my belief is on Bitcoin and I know it was meant to be a payment processor as incepted still I do not know why it is not listed on that list. Which made me also question other blockchains that are known for instant payment and less fee.

The reason why Bitcoin isn't mentioned on the list above is simply because these are generally centralized payment gateways (medium of payment) which transact fiat currencies, licensed and controlled by the government and its operating body, which on the other hand, Bitcoin is a decentralized digital currency, and also a medium of payment, used by a few due to its ban in most countries which on that note not a general means of transacting among customers unlike VISA, MASTERCARD, PAYPAL and GOOGLE PAY used all around the world

Mr.right85

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The above comes with a list of companies that manages payment but most of these companies are seen to use quickteller as the gateway. I originally viewed quickteller to be the processors but, I now know better after a little research to the topic.
If we were to view bitcoin for a processor and the blockchains as its gateway, where do we place the miners. Maybe the miners would fit better but that's not it anyway.

Processors are meant to send and receive transactions and where we see that happen is between sent and change address.
Isn't that the job of miners?

Technically, can we classify them to fit in as the processors in bitcoin payment as verifiers of transactions.

teosanru

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Quote from: pakhitheboss on September 15, 2022, 09:12:19 AM

As per my understanding, every country has a payment processing system (both within the country and globally). One of the biggest examples is the SWIFT payment system.

For example in India, National Payment of India owns UPI-based payments which came into existence a few years back and inforced UPI-based transactions which at the moment is a great success in a country where cash based economy still exists as they are instant and do not require any transaction fee.

An example:

If you did not have a penny or you were short of cash UPI was a rescuer as you can add a decimal and pay to the merchant or friend without paying a single penny as a fee, as it is a free service provided by the government.

In the same manner in other countries, there is VISA, MasterCard, or something else but every transaction takes a few days and you need to pay the transaction fee for within and abroad transactions.

As my belief is on Bitcoin and I know it was meant to be a payment processor as incepted still I do not know why it is not listed on that list. Which made me also question other blockchains that are known for instant payment and less fee.

The below showed image is not mine and I do not hod

The sole purpose was to defeat the financial institution and now Bitcoin has become a commodity. Credit and source can be found in the image bottom.

UPI is great actually and TBH there is none other such centralized system working on fiat which can transfer money this easily and is absolutely free. Obviously, only the process is digitized and revolutionary and the underlying currency is still fiat. But trust me when you use it you feel this can be the easiest mode of the payment absolutely hazzle free and absolutely safe as no one can make payment unless they have access to your phone and UPI Pin. It more or less feels like a mycelium wallet with immediate payment and zero fees and I doubt any other country has such a spectacular system. But obviously bitcoin and blockchain are something absolutely different and can't be intermingled with UPI.

Sandra_hakeem

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Goodnight, ohh Leo!!! 🦅

I don't think you understand the whole process, seriously...

All these payments system you have mentioned above transact the same legal tender, FIAT, which has been right from the inception of trading. Dude, Bitcoin is a DIGITAL currency --though it has spent a decade trying to gain a space,it is not a legal tender and that where the confusion begins. Don't you understand when something is acceptable by everyone as a medium of exchange?? that no matter how conspicuous and digitally encrafted the process might look-- in as much as it is processed and the bucks are confirmed-- it is tolerable to the government?

Paypal,visa, MasterCard etc are all serving protocols for THE SAME transaction in different entrepreneurships. The whole process only makes FIAT credible at the tail-end.
Your aspirations are gonna be possible if it's adopted.
Cheers
Sandra👩‍🦱

Hamphser

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Quote from: Welsh on September 15, 2022, 02:55:11 PM

To be fair, there's even lesser known payment processors in every single one of those countries listed. Bitcoin hasn't really been adopted by the mainstream yet. Whereas, Visa, Mastercard, Paypal, and Venmo are pretty much universal at this point. Bitcoin isn't there yet. Mastercard, and Visa especially, basically available in every shop that accepts card. Whereas, Bitcoin isn't even adopted by every one in ten shops yet.

So, I don't think it's a massive issue it wasn't included on the list, it depends on what their qualifying metrics were.

We do understand that there are indeed people whose really that too optimistic when it comes to Bitcoin adoption which it isnt really that bad to have those hopes or expectation for it to be included as one of the

main global payment method or options we do have but just as mentioned that we arent still on that situation yet which we could see it everywhere.Of course we do really have that regulations and recognition

and it would really vary out on very corners of the world and if ever if the vast or majority of countries wouldnt really be having any problems on accepting bitcoin then we might possibly able to see
its name in together with those common or universal payment processors.

Welsh

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To be fair, there's even lesser known payment processors in every single one of those countries listed. Bitcoin hasn't really been adopted by the mainstream yet. Whereas, Visa, Mastercard, Paypal, and Venmo are pretty much universal at this point. Bitcoin isn't there yet. Mastercard, and Visa especially, basically available in every shop that accepts card. Whereas, Bitcoin isn't even adopted by every one in ten shops yet.

So, I don't think it's a massive issue it wasn't included on the list, it depends on what their qualifying metrics were.

so98nn

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Yeah UPI is amazing but bitcoin can never compete it and it does not run on free money from Government. In fact it’s exactly opposite of that. Since bitcoin is solely based on miners energy and every computer that registered the nodes it’s highly impossible it will become completely free of cost and be instant Like UPI. There are many applications though which claim instant payment transfer but as we know bitcoins transfer can only be confirmed if it has at least one network confirmation. That contributes to its “confidence”. So nothings instant here. However, its being valued for its border less transfers which is for sure instant and cheap as compared to SWIFT and other services.

isaac_clarke22

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Quote from: pakhitheboss on September 15, 2022, 09:12:19 AM

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Love the image, however like Upgrade00 mentioned, Bitcoin was not made that way. Bitcoin alone cannot offer payment protection unlike those you mentioned which surely is being maintained and regulated by a third-party.
If we're going to talk about payment processors that are crypto-related, we can mention Coinbase, Coinpayments, and Bitpay. I had not used those payment processors yet, but those were what I can recall "payment processors" that we're talking about in this thread.

Bitcoin has been part of many payment processors, but Bitcoin alone cannot be a payment processor since it is decentralized.

Tytanowy Janusz

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Quote from: pakhitheboss on September 15, 2022, 09:12:19 AM

In the same manner in other countries, there is VISA, MasterCard, or something else but every transaction takes a few days and you need to pay the transaction fee for within and abroad transactions.

visa or Mastercard payments does not take few days and you dont need to pay for every transaction. For end user transactions are instant and free. Fee is taken from merchants and "range from 1.15% + $0.05 to 3.15% + $0.10 in interchange fees plus an additional 0.14% to 0.17% in assessment fees." - https://www.fool.com/the-ascent/research/average-credit-card-processing-fees-costs-america/

just like " without paying a single penny as a fee, as it is a free service provided by the government." looks free for end user but nothing is free in real life. Costs of this transactions are most likely paid by government from your taxes or by merchants.

Z-tight

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Quote from: pakhitheboss on September 15, 2022, 09:12:19 AM

As my belief is on Bitcoin and I know it was meant to be a payment processor as incepted still I do not know why it is not listed on that list. Which made me also question other blockchains that are known for instant payment and less fee.

Nope, bitcoin was not meant to be a payment processor, bitcoin is a currency like the $ or £ that can be used to make payment, you can't find any currency on that list can you, so surely you can't find bitcoin. Bitcoin like other currencies can be used by merchants to collect payment through payment processors sometimes, that is if the merchant doesn't want to hold bitcoin, so the payment processor converts the bitcoin to fiat for them immediately, that alone lets you know that it isn't a payment processor in itself, but a payment option.

Topic: What Payment Processors are being used Globally? (Read 282 times)