Bill payment is being done in many forms such as cash, cheques, mobile, credit and debit cards etc. However in each of these payment options there are many draw backs that needs to be optimized. With that consideration block chain has emerged which is going to be the most usable and preferable method of bill payment in the future since it has many advantages that people could experience over the traditional methods.
If we take cash payment for an example, from a businessman’s point of view it would be something tempting for employees to steal. Therefor either safe need to be on site or bank deposits must be made frequently which more time and cost is consuming due to regular bank visits. Keeping cash also put people at a risk of being theft by criminals.
Even the check payment does not guarantee payment as there can be bounce cheques, customer could close their accounts before the payables get the money etc. Regular visits to the banks to convert checks to cash or depositing them is another timely and costly matter that is a barrier for focusing on the business or other important matters.
Using credit and debit cards are also has the risk of being theft or fraud and there are additional expenses attached to these services since it has third party involvement. Another drawback of credit card is that it would take about three days in the case of refunds. There are many other disadvantages attached to the traditional method of payment options.
As a result of issues that occur with the conventional payment methods, explorations begun on how block chain could be used to accelerate the payment processing. Currently block chain has become the most acceptable and preferable method of payment processing due to its intriguing advantages over the traditional payment methods.
Throughout the successful 4 years, PCCL has been operating its business in a way that enables its clients to get the best out of its services. The big change that PCCL is going to make in the near future would scale up its services further by facilitating its clients to make payments through block chain.
Other than normal payments, utility bill payments such as electricity, water, rent, insurance, loan installments and other bills like health care etc paying in no time using this block chain would be a huge benefit for its clients. Therefore PCCL is going to provide a platform for bill payment as part of its change that is going to be made in the near future.
This encrypted distributed ledger facilitates PCCL clients to do their bill payments fast, secure, low- cost and transparent manner without any need of a third party involvements such as banks and other financial institutions. If we take health care payment as for an example, making those payments via block chain improve cash flow due to faster transaction settlement, timely treatment of the patient, accurate payment to the provider, reduce administrative costs and do not require double record keeping.
Therefore be ready for the big change that would change the way of payments through block chain which makes your life much easier.
Ref : https://www.americanexpress.com/us/content/foreign-exchange/articles/blockchain-to-accelerate-payment-processing-services
By Sayuri Willorage