The online mode of payment has enabled people across the world to pay and transfer funds easily, without the barrier of any geographical restriction. Within a digital transaction, consumers merely have to confirm the purchase and the payment is processed in no time. However, there are some critical pitfalls that keep people from harnessing optimum benefits out of electronic means of payment transfer.
Essential Setbacks Associated with Fiat Currency Transfers
- Instability in Value of Fund
With passing years, the value of fiat money tends to depreciate, leading to inflation pressure because of higher import prices and increased export demands. It generates a critical issue for businesses with small capital and restricts them to be a part of the global market.
- Lack of Exposure to Banking System
Even in this era of globalization, merely 41% of the global population own bank accounts. More than half of the world population still cannot transact or trade beyond their physical boundaries.
- Lack of Security
Fiat money transactions are always vulnerable to online fraud as the same card (debit or credit) can be used by anyone to make payment without adequate authorization. Additionally, to complete an online transaction, users have to submit their personal information, thereby increasing the chances of identity theft.
CITL- Aiming to Transform the Global Payment System
Cryptocurrency International Tanzania Limited (CITL) is a private limited liability company located in the United Republic of Tanzania. The company intends to transform the existing global payment system and money transfer by allowing users to make payments using a single dedicated cryptocurrency. Additionally, the company has also addressed the precariousness associated with cryptocurrencies as well as fiat currency and integrated blockchain technology to develop a decentralized and stable token known as Connect Coin (XCON).
Connect Coin (XCON)
Connect Coin is a standard ERC-20 Ethereum-based coin developed with an objective to ‘Connect the World’ by simplifying the online mode of payment and money transfer worldwide. XCON envisions empowering merchants by rendering them secure, efficient and blockchain-based payment system known as Connect Pay to showcase and advertise their products and services. The company has developed an extensive global Connect Marketplace that enables consumers and merchants from around the world to participate in trading activities using Connect Coin.
Connect Coin Solutions
Connect Coin offers the following solutions to its buyers and sellers:-
- Transfer at Lower Cost:
Blockchain technology enables Connect Coin to eliminate middlemen, who are primarily responsible for high transaction fees. With Connect Coin, users can transfer funds immediately at a lower cost.
- Multi-Currency Mobile Wallet:
CITL offers multi-currency wallet that allows cryptocurrency users to store crypto-tokens, exchange cryptocurrencies, and execute real-time fund transfer.
- Transparency in Transactions
Blockchain’s confirmation mechanism along with transaction recording system does not allow users to double book or double spend and ensures that the entire process is organized and transparent.
- Maximum Data Security
Within blockchain, transaction order is completed by dividing it into blocks and connecting those blocks into a chain. This helps in avoiding the chances of data tampering in the transaction process and guarantees optimum security.
Connect App enables users to deposit, send, and receive Connect Coin from other users in real-time. The app also facilitates users to pay for goods and services to merchants worldwide who accept Connect Coins. Through this app users will be able to:-
- Safely store their purchase coins
- Obtain flexible and easy way to use their acquired coins
- Enjoy low fee transactions
- Pay for goods and services seamlessly
Connect Coin – Making Online Payment Hassle-Free for Users
CITL is a private limited liability company that aims to revolutionise the global payment system and make it more efficient and secure for users. It has developed a dedicated token, denoted as Connect Coin that allows users to buy and sell products and services from any part of the world using this single coin. Additionally, the integration of blockchain further ensures that the fund transfers are executed efficiently, transparently, and securely.