@WalletConnect #WalletConnect $WCT
Day 25: The Crypto Checkout: How WalletConnect is Powering the Next Wave of E-commerce
For the last quarter of a century, the online checkout process has remained largely unchanged. We browse, we add items to a cart, and we arrive at a payment page where we are asked to entrust a series of intermediaries with our most sensitive financial information. We type our credit card numbers into a form, trusting the merchant, the payment gateway, and a host of other unseen players to handle the transaction securely and efficiently. This system works, but it is a relic of a bygone era of centralized trust.
This traditional model is laden with friction for both sides of the transaction. Merchants are forced to pay hefty processing fees, typically between two and three percent of every sale, to the credit card companies and payment processors. They must also contend with the persistent and costly problem of chargeback fraud, and often wait for days for funds to settle in their accounts. Consumers, on the other hand, are required to share their personal data repeatedly, increasing their exposure to the risk of data breaches with every new site they shop on.
Day 25: The Crypto Checkout: How WalletConnect is Powering the Next Wave of E-commerce
For the last quarter of a century, the online checkout process has remained largely unchanged. We browse, we add items to a cart, and we arrive at a payment page where we are asked to entrust a series of intermediaries with our most sensitive financial information. We type our credit card numbers into a form, trusting the merchant, the payment gateway, and a host of other unseen players to handle the transaction securely and efficiently. This system works, but it is a relic of a bygone era of centralized trust.
This traditional model is laden with friction for both sides of the transaction. Merchants are forced to pay hefty processing fees, typically between two and three percent of every sale, to the credit card companies and payment processors. They must also contend with the persistent and costly problem of chargeback fraud, and often wait for days for funds to settle in their accounts. Consumers, on the other hand, are required to share their personal data repeatedly, increasing their exposure to the risk of data breaches with every new site they shop on.
