How much do you know about OTC payment?

2021-01-05 News

In the past, most of the traditional payment methods were based on third-party and fourth-party payment, but the subsequent problems also appeared frequently, such as unstable interfaces and high charges. It may be turned off in the afternoon after the docking is completed in the morning; for cross-border In terms of payment, the fee is also abnormally high. These have seriously affected the development of certain industries, so it is urgent to solve this problem. Therefore, the OTC payment system has entered people's lives.

What are the main components of the OTC payment system?

  1. Merchant: Mainly provide order management, order settlement, currency refund and other services for franchised merchants.
  2. Acceptor side: mainly provide users with functions such as collection, payment, transfer, and C2C digital currency transactions in digital wallets.
  3. Operation background: It mainly provides functions such as registration management, C2C transaction management, digital currency exchange, and merchant settlement management for users and merchants.

What are the advantages of OTC payment system?

  1. Peer-to-peer payment: Using blockchain technology, direct remittance and settlement between two user accounts can be realized, eliminating the need for international banks and some agency companies to clear and settle accounts.
  2. Safe and convenient: The above-mentioned point-to-point payment realizes the real-time nature of cross-border payment. Cross-border payment has been used as an open system to realize the convenience of financial institution transactions.
  3. Low process cost: The use of decentralization saves many third-party payment platforms and international bank clearing and settlement processes, reduces intermediate costs, and saves international transaction fees.
  4. Free exchange: In the network system, currencies can be exchanged into multiple currencies, realizing RMB against Euro, USD and other legal currencies of other countries. In addition, it can also exchange numerical currencies, which is not available in other payment systems. Advantage.

For OTC payment, the programmable property of digital currency realizes the function of digital currency conditional payment. The digital currency system programmatically executes the payment contract set by both parties in the transaction, which can replace the secured transaction service provided by traditional third-party payment, and It can weaken the problems of credit risk and capital risk in its secured transactions. At the same time, the OTC payment contract is customized by both parties to the transaction, which is more flexible and has a wider scope of application. Third-party payment is now in a freezing period due to the direct connection between the bank and the third-party payment platform and limit transfers.

OTC payment system is a comprehensive digital currency usdt payment system based on blockchain technology, providing a full range of software solutions to help merchants build their own digital asset payment platform. The OTC payment system can not only solve the above problems for users, but also better guarantee the security and stability of the system.

As a company that is deeply involved in the blockchain field, Weichen Software provides exclusive blockchain product customization and related services for corporate users. Weichen Software has always promoted the product innovation and development process of the Internet and mobile Internet with excellent market foresight and technological innovation, pursuing to provide customers with excellent product quality and perfect user experience!