What is Web3, and how can it be used in business?

The Web3 concept for payments offers several benefits to businesses and customers. Web3 solutions are a new era of web technology based on decentralization and the use of blockchain. Let us consider some benefits for businesses and customers who use Web3 payment systems.

What is web3 for business?

Web3 for business is a new trend in web technology focused on decentralization and the use of blockchain. It significantly differs from traditional web application models by providing more decentralized, open, and transparent solutions for customers and merchants. 

 

What kind of businesses can use Web3 for payments?

One of the biggest upsides of the Web3 concept is that it is flexible and perfectly suitable for any online working business. It is compatible with any online project, e-commerce, financial services, iGaming industry, etc.

What benefits does Web3 offer businesses and customers?

The benefits to businesses are:

1. Low fees and no third-parties:

Blockchain transactions occur directly between buyer and seller, minimizing payment processing fees as there is no need for third parties: banks, payment services, and regulators. 

2. Fast transactions:

Transactions in blockchain are processed faster times faster than traditional payment systems. It usually takes seconds to process and finalize a payment. The risk of transaction delays, freezing of funds, and refunds is also reduced. 

3. Global Access:

Web3 payment systems provide global access to payments, which is useful for businesses dealing with international customers.

4. Transparency and security:

Blockchain transactions cannot be altered, which creates a high level of transparency. This also helps to reduce the risk of fraud.

5. Smart Contracts:

The ability to use smart contracts allows for automation and programmable management of various business processes, including payments and contract fulfillment.

 

Benefits to customers:

1. Quick access and convenience:

Web3 payment systems allow customers to make payments, access digital assets, and manage their funds quickly and conveniently.

2. Data control:

Users have a higher level of control over their data because transactions on the blockchain are usually anonymous and protected by cryptography.

3. Low Commissions:

Сustomers can save money on payments due to low fees and the absence of intermediaries.

4. Decentralised access:

Customers can make Web3 payments and manage their finances by bypassing traditional banks and financial institutions.

5. Security:

Blockchain technologies provide a high level of security and fraud protection.

How does Web3 differ from Web2 in terms of online payments?

Web2 and Web3 payments differ in terms of online payments. Primarily, the Web3 concept includes decentralization and the use of blockchain technology. Unlike Web2's centralized approach, Web3 enables conducting transactions between users, bypassing intermediaries, and using cryptocurrencies and smart contracts. This provides increased transparency, security, and global accessibility of payment transactions, as well as reducing transaction fees and increasing the efficiency of online payment processes.

For clarity, we present a table comparing the payment capabilities of the two generations of the Internet in more detail:
 

Characteristic	Web2	Web3
Decentralization and Blockchain	Centralized platforms, and the use of traditional payment methods.	Decentralized systems, blockchain, and direct transactions between users using cryptocurrencies.
Cryptocurrencies and Digital Assets	Traditional currencies, credit cards, and electronic payment systems.	Cryptocurrencies and digital assets, cryptocurrency wallets.
Smart Contracts	Processing through traditional methods with high costs and risk of payment hold and cancellations.	The use of smart contracts for automation and programmatic control of transaction conditions. Cheap and fast.
Transparency and Security	Issues of transparency and security, especially with centralized payment systems.	Thanks to blockchain - high transparency, transactions are tamper-proof, increased security.
Global Accessibility	Limitations based on geography and currency regions.	Cryptocurrencies provide global accessibility, regardless of geography and currency limitations.

 

How to connect a Web3 for payments?

Use solutions like PassimPay for business. PassimPay offers convenient and secure Web3 payments for e-commerce. We provide customized solutions and payment processing services for businesses of all kinds and sizes. More than that, we help businesses reduce transaction costs and ensure the security of funds and data due to high protection standards. Feel free to contact our support team to get more info about our products Web3 products and services: [email protected].

 

Conclusion

Web3, with its focus on decentralization and the use of blockchain technology, provides businesses with the convenience and benefits of online payments. The absence of intermediaries, low transaction fees, instant transfers, and transparent smart contracts promote efficiency and reduce costs.

PassimPay stands out as an ideal provider of Web3 payment solutions, offering businesses secure and convenient payment management tools. Based on advanced technologies, PassimPay provides reliable payment solutions, facilitating a modern and innovative payment ecosystem for businesses.