Ternion Payments
Ternion payments serves as a key contributor towards increasing cryptocurrency access and usability. Ternion payments is a payment processing system that will be integrated directly into the Ternion Exchange for maximum efficiency. In addition to enhancing accessibility of cryptocurrency for consumers and merchants alike, Ternion Payments generate revenue through a small transaction fee on each transaction.
What is the problem that Ternion Payments seeks to address?
According to Boston Consulting Group, mobile payments as a share of total ecommerce are expected to increase to 48.5% by 2020, growing from 23.6% in 2015. Experts believe that a significant portion of this growth will be comprised of cryptocurrencies. However, at current merchants are unwilling
to receive their revenue in crypto due to at an unpredictable future rate. On the other end of the equation, buyers are reluctant to spend in a currency that may see positive price movement in the near future, Bitcoin as an example seeing 800% increase in price during 2017. In order for cryptocurrencies to see widespread adoption and become an integral part of the mobile payments ecosystem it is necessary to find ways to eliminate the volatility risk. This can be approached in two ways; creating a stable cryptocurrency (Stablecoin) or involving a payment processor to fix the exchange rate at point of sale. The latter solution provides solace only for the merchant since the buyer continues to spend a (potentially) appreciating asset.
How does Ternion Payments support the Ternion Ecosystem?
Ternion Payments will handle transactions from various channels, converting the cryptocurrency to FIAT directly through our in-house exchange, securing the best rates through a reliable service. Through providing both the exchange function and payment process function, the Ternion Ecosystem is able to: • Enact fixed cryptocurrency rates for the duration of transactions. • Implement a transaction confirmation system that will prevent fraudulent interactions between merchants utilizing the Ternion Payments API and their clients.
As an example of how Ternion Payments will serve the Cryptocurrency community. Customers holding their funds in Bitcoin (BTC) can go to a store and use them to purchase an item that is priced in USD. Ternion payments will enable this by exchanging BTC for USD at point of sale, leveraging the Ternion Exchange. The customer will pay with cryptocurrency, Ternion payments will convert it and the merchant will receive fiat currency, all in one smooth transaction, comparable to any other FX transaction. The customer is able to utilize their cryptocurrency holdings and the merchants can increase their market shares without carrying any of the volatility risk that comes with cryptocurrencies.
Ternion Payment Processor Fees
The Ternion payment processor function will charge competitive market rates for the services provided. The pricing is straightforward, transparent and competitive:
Transaction Cancellation
In the event of cancelled transactions, Ternion Payments will absorb the cost. To facilitate this functionality, Ternion Payments will need to have a considerable store of cryptocurrencies. As such, a large portion of the funds raised through Ternion Payments will go towards the purchase of various cryptocurrencies at favourable rates over the course of the payment system’s development process.
Regulation of Ternion Payments
As with the Ternion Exchange, the Ternion Payments entity will be a regulated financial institution, cultivating an aura of trust and security unmatched by many of our competitors. Ultimately, regulatory oversight along with the aforementioned measures will grant the Ternion Ecosystem a reputation of reliability to rival traditional institutions like VISA and PayPal.
FOR MORE INFORMATION :
Website: https://ternion.io
White Paper: https://ternion.io/TernionWhitepaper_en.pdf
Facebook: https://www.facebook.com/ternionofficial
Twitter: https://twitter.com / ternionofficial
Telegram: https://t.me/TernionOfficial
ANN: https://bitcointalk.org/index.php?topic=4623236.msg41743899#msg41743899
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ARTICLE BY : ginobitcoiner
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