How will FinTech Evolve under Blockchain Technology?

The catch-phrase “ PayTM Karo” or “Pay with Venmo”, used at  two sides of the world but with a peer emotion. That’s how FinTech revolutionized the face of finance and payment. Nevertheless, FinTech is  ripe for an upgrade internationally. At the moment, we are accustomed so much with FinTech in boundary payments, but are we  there yet when it comes to borderless payments? Afraid, that’ where again the complex banking comes into play and we need a solution built on top of that. 

It’s here where blockchain in  FinTech makes so much sense to establish hassle-free, revolutionary and state-of-the-art payment channels. 

What Will Blockchain in FinTech Bring for payment systems? 

Risk Management 

At the moment, money laundering, terrorist financing and cyber security are a few pressing challenges plaguing the payment network. With the existing infrastructure  which is heavily centralized, it is very hard for FinTech payment channels to monitor, manage and assure safety and satisfaction to  customers. Blockchain paves the way for the same by deploying multilayered security, decentralized servers and marginal service payment infrastructure. The immutable nature and peer-to-peer payment channels stimulate speed and cut out middlemen to ensure risk free and superior service experience. 

Optimizing KYC 

KYC or Know Your Customer verification process has been ripe for raid by hackers. In India, the KYC verification scam has been quite prevalent. When you bring blockchain payment infrastructure in the payment system, no ledger can get updated without the prior approval or consensus from the community. In this way, it will become difficult for scammers to dupe innocent citizens. On top of that, even international payments will be simpler and easy to administer and process. This brings a lot of leverage to build a scalable payment system of the future. 

Introduction to Coinwarp 

Coinwarp, as a lightning fast global payment system envisages such a dream by not only providing citizens with the convenience that FinTech startups did but also promising them lesser fees and faster transactions. We are not looking for long hours or days for settlement, rather real-time. With India, emerging as the largest hub for international remittance and a technology friendly country, there’s a lot to explore and exploit positively via blockchain to build a scalable payment system of the future.

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