Coinstirs: Say Goodbye to Cross-Border Payment Delays

International payments can take a long time to process due to an endless stream of intermediaries that have different rates and degrees in their approval procedures. The current scenario allows banks to have a crucial role. Some charge fees to make international payments! The process of making cross-border payments isn’t simple; intermediaries create their own bureaucracy and red tape to make things more difficult. The result is that a straightforward payment across borders becomes a complicated process that is prone to delay and stress.

Coinstirs’ payment system is here for you. The platform offers quick, free of charge and no-cost transactions. We offer access to financial services to the unbanked majority by employing an open-source monetary system like blockchain to facilitate our procedures. The challenge isn’t the blockchain platforms but rather the legacy banks that have enjoyed unfair advantages because of their status quo for far too long . We’re in the business of forming the necessary support to fight the old system.

Why does cross-border trade require so much time?

If payments are sent across-border or internationally it involves a series of steps. In the beginning, an intermediary, such as banks can delay the payment for a few days or weeks before finally delivering it fully in accordance to the specific conditions that were set at the time of making the payment. However, the payment can be refused if it is deemed to be in violation of the banking regulations in the region. There are a lot of delays for a successful transfer, from the supervision of government banks, financial institutions, and other support services like platform for exchange of currencies.

Transparency across borders can be frustrating due to many reasons. One of the most annoying is incorrect payment information. Contrary to local bank transfers which instantly reject transactions in the event of incorrect details for receiving input, for transactions that are cross-border this can be evident after a few days or many days of a lengthy journey through paperwork before finally getting your cash back!

Time zones and currencies can also contribute in delays. If currency conversion is needed to facilitate cross-border transfers it will likely prolong the time frame. One of the most difficult issues in cross-border transfer of funds is making sure the parties involved are in sync in terms of time zones. If a payment is made around noon time in London the time could have been midnight in Hong Kong, so the time of the recipient’s work hours must be aligned with theirs to get the money at the right time!

Payments across borders are the beating heart of a globalized economy

The world is interconnected than it has ever been. Recent years have seen the increase in cross-border payments greatly contributed to the global interconnectivity as well as the movement of capital and goods as well as other items making it possible for people all over the world to be connected through these advancements. The economic value of cross-border payments will keep growing in the coming years and is projected to see cross-border payment value reaching $250 trillion in 2027!

Recent trends that have increased in the last few years include:

  • E-commerce and international trade
  • Transfers of money from migrants
  • Manufacturers expanding operations cross-borders
  • A more integrated approach to management of cash flow and investment management

The need for cross-border payment has grown more global and many consumers are looking for these services. This has led to an increase in demand to meet these demands with safe and effective systems that can work both internationally and within the country, which is the service we’ll provide!

The Coinstirs Standard

The issue with traditional cross-border transactions is that they’re extremely costly and take a lot of time. Coinstirs is a company that has a unique approach to cross-border payments. At Coinstirs, we’ve come up with an innovative solution with two main goals, which are to make P2P transactions simple and free while also ensuring that crypto transactions can be smooth and without any hassle. No waiting for international wires to clear the bank accounts!

We aim to make P2P transactions simple and easy as well as making transactions with crypto a breeze. We utilize blockchain technology for eliminating the obstacles that come when it comes to cross-border transactions, which are restricted by borders in the current world, but not with Coinstirs! Furthermore, our decentralized system allows for instant speed when purchasing or selling goods or services, and withdrawals from your account, with minimum waiting time.

The market for P2P is expected to expand by 2023, in accordance with eMarketer. But the market has its own challenges, indicating the absence of optimal consumer solutions. This is even more challenging due to its high growth rate. We suggest a model in which both the participants and the platforms benefit from improvements, such as more efficient payment services for those who use our system.

About Coinstirs

Coinstirs is a cryptocurrency alternative to mobile payment solutions. Coinstirs’ platform lets P2P payments simple, straightforward and easily accessible. As we move to an economy based on cryptocurrency, Coinstirs provides the market convenience required to facilitate cross-border payments globally. With our platform, we seek to facilitate global adoption of crypto and enhance the performance in financial transactions.

For the latest Coinstirs news and developments as they arrive, visit our: Website | Twitter | Facebook

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