Topic: What Payment Processors are being used Globally? - page 2. (Read 239 times)

We can see that certain firms are very dominant. People don't know, but these few companies are strong enough to rule the world in my opinion. But they are also aware that bitcoin is an imminent danger.

In my country still, the people keep using the peso as their payment and with the upper classes using the card like Visa and Mastercard for their mode of payment recently there's first adaptation of the bitcoin atm in the Philippines which is a partnership with one of the bank supported and cryptocurrency friendly most of the people who uses crypto uses this bank for their transaction because it is not too much restricted with the incoming and outgoing funds.

In the technical definition of a payment processor (PP), Bitcoin was not meant or designed to act that way.
A payment processor, although described a bit differently by different website, has some similar terms across all definitions, in how it mediates between buyers and sellers, or in a more basic term credit and debit (cards).
PP acts as a middle man or intermediary, enabling user A, to send funds to user B, more easily and efficiently, despite barriers like banks, currency or border. It's effectively a third party.

Bitcoin is not a third party, infact it eliminates the need for one and allows users transact P2P, so it's not meant to be on that list.

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.