Financial institutions nowadays join hands with other banks across the border to provide customers with quality financial services. On other occasions, banks may also bring onboard payment systems. The main objective of collaborating with other domestic payment systems is to facilitate the movement of funds across nations.
However, despite bringing so much efficiency to the economy, cross-border payments encounter several obstacles. It eventually leaves users unsatisfied with the kind of services they receive.
Introducing Knox World Pay to the financial sector will ultimately mitigate the current ills faced by international payment providers. The brilliant invention by Apollo Fintech brings a lot of convenience in terms of sending/receiving funds from other countries.
Examples of Global Cross-Border Payment Providers
According to a study, cross-border payments’ value continues to increase, indicating the rising demand for international funds transfer. The survey further estimates that global transfers will level up from $1.95 trillion to $3.56 trillion in 2016 to 2022. However, it is critical to evaluate the kind of global payment providers available today and the challenges experienced. After that, we can examine what Knox World Pay plans to do on their part. Below are a few types of cross-border ecosystems:
A UK-based transfer company that enables its customers to send and receive funds across 50+ countries globally. TransferGo is a legitimate and regulated cross-border payment institution offering a 30-minute time frame for sending money. Besides, the platform contains minimal transfer fees and no hidden charges for the services they render.
Remitr is another type of international payment platform operating in more than 150 countries. It offers a fee of $5 to transfer funds within 1-2 working days. The platform also supports relatively cheaper exchange services. Their advanced technology enables everyone to join the ecosystem for an efficient payment experience quickly.
Functioning in over 150 countries, Remit allows its users to send funds to banks across major banking institutions worldwide. Users on this platform pay a small fee for transferring money and exchange services at reasonable rates.
The Obstacles Faced by Global Payment Services
As the payment sector continues to grow, it still goes through a lot of pressure from users to provide even better services. Therefore, it becomes the task of trying to meet the requirements of its customers.
The lack of a common global understanding of financial systems makes the financial bodies fail to leverage each other and provide cross-border payments. Among other similar problems, the payment sector receives concerns like high transfer fees, delay in transaction operations, transparency issues, etc.
Re-Shaping the Current Cross-Border Systems with Knox World Pay
Knox World Pay, a brilliant innovation from Apollo Fintech, presents everyone with a new advanced way to send and receive funds. It is a mobile payment system that focuses on achieving mass adoption of virtual payments worldwide. How Knox plans to outstand the existing global payment providers is something we shall highlight below:
Offline Transaction Services
We live in a world where not everyone can afford to purchase a smartphone or a computer. Moreover, the majority of people don’t have a good internet connection.
At Knox World Pay, users have the opportunity to send and receive digital payments through QR codes, physical blockchain bills, and mobile SMS. For that reason, there’s no need to rely on the internet or own a smartphone to make digital payments.
Availability of Agents Worldwide
Knox World Pay has a plan to locate agents across the globe. The agents will speed up the mass adoption process since they interact with users on the ground, helping them out with financial services.
Eventually, users will grow interests and join the revolutionizing payment platform. After deciding to become a part of Knox, individuals can deposit their accounts under the agents’ guidance. The good thing about Knox World Pay is that it permits anyone to become an agent.
Knox enables the existing agents to establish another network of sub-agents for anyone looking forward to earning an income. In the end, it creates job opportunities for people too.
Knox Utilizes Blockchain
Knox runs on the Apollo blockchain exploiting the most feature-rich blockchain in the world. Setting up the mobile payment platform brings along some merits. This factor means that the platform can enjoy speedy transactions without bloat thanks to Apollo database level sharding. Other lucrative elements include IP masking, adaptive forging, atomic swaps, node synchronization, to mention but a few.
All transaction data that displays on the immutable ledger strengthens the transparency level of Knox World Pay. Besides, anyone trading on Knox is guaranteed privacy courtesy of the blockchain technology. Every user can rest easy knowing that their funds and information are under excellent protection on Knox.
Apollo is a known innovator of real-world solutions, considering the necessity for efficient transfer modes in financial services. Knox presents itself as a way out for people who find it hard to sort their issues beyond their geographical locations. It enables seamless cross-border payments, including for people in the most remote areas of the world.
SMS payment options come in handy for those who lack smartphones, banking services, and internet connectivity. Furthermore, Knox World Pay assures everyone of identity protection regardless of what mode they choose. In time, the platform will be a significant driver for blockchain adoption globally while encouraging extensive crypto use.