SINGAPORE – Rate3 aims to create a new global e-commerce ecosystem that ties consumers, merchants, suppliers and other intermediaries together with a native cryptocurrency that facilitates all transactions efficiently, cheaply and quickly.
The cross-borders e-commerce payment space today is far from perfect. Firstly, transaction costs and time - especially for cross-border payments - are excessive and inefficient. Secondly, there is no fully transparent and tamper-free reputation systems to assess the trustworthiness of buyers and sellers. Card fraud, which remains as a main concern for online retailers, is costing online retail merchants billions of dollars today and is expected to rise to US$31.7 billion by 2020. Lastly, there is selective and deliberate exclusion from our financial systems today. This is especially prevalent and obvious in Southeast Asia (SEA): 73% of the 600 million SEA residents have no formal access to financial institutions.
The post PR: Rate3 Wants to Empower a Truly Global Payment and E-Commerce Network by Making It Fair, Transparent and Cheap appeared first on Bitcoin News.
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