The digital revolutions and the modern technologies have made huge indentations in the centralized banking systems. The online payments and credit/debit cards have helped in boosting business revenue and performance. It has made financial transactions easier for all.
The next big challenge that the centralized banking systems are facing is from the cryptobanks. These self-made banks are integrating the cryptocurrency payments and banking services to make it an accessible bank for all users.
There is a serious threat to the brick and mortar banks with the increase in the dependence of decentralized e-commerce. These contactless banking technologies are offering greater ease to customers and retailers. It is the day and age of mobile payments. Many cryptobanks are now integrating with mobile payment technologies. The block-chain based cryptobanks can be operated and controlled through a mobile or computer app from anywhere.
The cryptobanks offers many benefits to business owners. It allows contactless payment options, thanks to integration with the retail POS software. The services of cryptobanks can be tailored to meet the needs of the business. This enables customers to make payments online or in a brick and mortar store. So, customers get to enjoy both worlds. There is no doubt that cryptobanks offer more competitive and tailored business solution for businessmen than the centralized banking.