Design and implementation of a cryptocurrency-based payment gateway for online merchants
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Abstract
Online merchants always face challenges when it comes to receiving payments for their products. Such challenges increases when they need to accept multiple currencies through international transfers. These challenges can be attributed to the fluctuations between currencies, multiple intermediaries involved in international transfers which increases transaction costs and security risks. Traditional payments systems are often quite expensive due to these complexities involve in local and internal transfers. Start-ups and small businesses are greatly affected by these challenges. As such, they need payment systems with lower transaction costs without compromising security risks. Cutting-edge technologies like blockchain have made possible the existence of such systems. Blockchain powered payments systems using digital currencies (cryptocurrencies) can help reduce or even mitigate the need to accept multiple currencies for online merchants. This results to lower transaction costs and reduced security risks especially for international transfers. Hence, this paper focuses on designing and implementing a blockchain based payment system for online merchants.