Cryptocurrencies Could Cut Costs For Retailers, Afterpay Tells Senate By CoinQuora

Cryptocurrencies Could Cut Costs For Retailers, Afterpay Tells Senate
  • Afterpay told the Australian Senate that cryptocurrencies could help retailers cut down on costs.
  • It also said that the government should “create a framework for an AUD-backed stablecoin.”
  • Afterpay emphasized cryptos could also cut fees on traditional payment methods like card issuer and banking fees.

The Australian firm, Afterpay, told the Senate in a submission that cryptos could cut costs for retailers and merchants. The firm said that using blockchain-based transactions would also cut other fees in the common payment methods. This includes card issuer, network operator, as well as banking fees.

Merchants stand to benefit considerably from the cryptocurrency model, as card network fees are entirely removed from the equation and the customer/payer bears the transaction costs.

Afterpay says this crypto model will allow cust…

Continue reading on CoinQuora

Disclaimer: Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. All CFDs (stocks, indexes, futures) and Forex prices are not provided by exchanges but rather by market makers, and so prices may not be accurate and may differ from the actual market price, meaning prices are indicative and not appropriate for trading purposes. Therefore Fusion Media doesn`t bear any responsibility for any trading losses you might incur as a result of using this data.

Fusion Media or anyone involved with Fusion Media will not accept any liability for loss or damage as a result of reliance on the information including data, quotes, charts and buy/sell signals contained within this website. Please be fully informed regarding the risks and costs associated with trading the financial markets, it is one of the riskiest investment forms possible.