In her keynote speech at the Singapore Fintech Festival in November 2023, head of the International Monetary Fund, Kristalina Georgieva, stated that traditional railways for international trade and cross-border payments are currently “expensive, slow, and available to few”. In order to move funds between nations, senders endure costly fees, delays, and potential invasions of privacy, especially for larger sums. With the value of cross-border payments estimated to rise to over $250 trillion by 2027, international businesses must start opting for more efficient and cost-effective ways to send their funds around the world.
ProperT, given its fungible nature as a digital utility token, is the ideal currency to conduct international trade or send cross-border payments. Executed over the blockchain, each payment is faster, more secure, transparent, and cost-effective than traditional payment railways. What’s more, given the token’s 5%-token back reward program, users will reduce their costs, potentially leading to thousands in savings.
Read on to learn more about ProperT, and how leveraging this digital asset will save senders 5% on all payments.
International trade in 2024
The exchange of goods and services within and across national borders is the foundation of our globalized economy today. Unfortunately, most payment railways are out-of-date and out-of-sync with current demand. Traditional cross-border payments can pose significant challenges, ranging from high transaction fees and lengthy processing times to currency conversion complexities and interference from banks. These challenges not only hinder efficiency and productivity, they also negatively affect the growth of businesses that rely on cross-border transactions to reach valuable customers and partners overseas.
As businesses endeavor to extend their market share and tap into new markets, the importance of a seamless and cost-effective payment solution is increasingly critical. Sending cross-border payments in ProperT using a crypto payment solution such as ForumPay addresses these needs by leveraging the benefits of blockchain technology. Blockchain cross-border payments sidestep the need to convert funds into the local currency, saving senders from unavoidable conversion fees. In addition, unlike traditional financial systems that need to clear funds before they leave the bank (often taking several weeks), sending ProperT requires no prior vetting, or clearing of funds. Once sent, they could reach their recipient within minutes.
5% token-back reward program
For every ProperT payment made through ForumPay, the sender will receive a 5% token-back reward sent directly to their crypto wallet. This 5% token-back reward program is the first of its kind, although it works much like a credit card; the more ProperT businesses send, the greater their reward. With an additional 5% in their wallet, businesses could invest in improvements sourced from any of the thousands of ForumPay-enabled merchants; hold the ProperT for investment purposes, or exchange their tokens for another cryptocurrency or stablecoin.
Security and speed for international trade
Security and speed are also critical considerations for businesses engaging in international trade. As a native token of the payment gateway ForumPay, ProperT leverages blockchain’s decentralized and immutable technology to securely send funds across borders. Transactions are recorded on distributed ledgers, ensuring all participants have a verified copy, making it almost impossible to manipulate data or alter transaction records. In sending funds around the world, ForumPay guarantees compliance with all local regulations and jurisdictions regarding cryptocurrency ownership and transactions.
Payments sent using blockchain technology also benefit from near real-time processing. Unlike traditional payment railways, which are inactive overnight and only operate between Monday and Friday, blockchain cross-border transactions are processed around the clock. This means transactions can be confirmed in a matter of minutes, and without the need for intermediaries. Guaranteeing this level of speed and security is crucial for transactions that could make or break a contract.
Leveraging ProperT for international trade will not only result in a 5% token-back reward to invest further into the business, but this fungible, utility token will also confer the benefits of blockchain cross-border payments: speed, cost-efficiency, 24-hour transactions, and stringent security.
Find out more by visiting getpropert.com today!
