Norway-based Reltime has launched a decentralised Web3 merchant payment solution in order to facilitate a direct ecommerce system. The company’s Web3 Micro Merchant Payment solution allows customers to conduct payments with their mobile devices by scanning a QR code generated for the merchant.

In essence, whenever a customer makes a purchase online or in-store, the Reltime Micro Merchant connects the seller to the buyer without having to rely on intermediaries. Customers can use the Reltime app or Open APIs to execute payments in a convenient and secure way. According to the official press release, this type of payment is gaining popularity at a rapid pace, as it provides merchants with a faster and more secure way to process payments while customers don’t have to worry about carrying cash or credit cards.

Transaction security is ensured by a unique Identity that is generated in the Web3 technology and secured end--to end by a blockchain. Reltime does not charge any transaction fee to its B2B2C customers, and the platform will offer support for more than 170 countries and all major global fiat currencies. Reltime officials cited by prnewswire.

com revealed that Reltime is offering this platform as a fully white-label solution and as Open API to its B2B2C customers. Clients can use the platform to improve, globalise, and modernise their ecommerce solutions. The state of the online payment market According to fortunebusinessinsights.

com, the global online payment market size was valued at USD 4. 6 trillion in 2019 and is expected to reach USD 17. 6 trillion by 2026, with a compound annual growth rate (CAGR) of 20.

3% during the forecast period. Some of the main factors fuelling the growth of the online payment market include the rise of ecommerce platforms and marketplaces, widespread use of mobile devices for online purchases, and increasing adoption of digital payment methods by businesses. In the case of QR code payments, Allied Market Research reveals that the market was valued at USD 1.

35 billion in 2019, and is projected to reach USD 17. 76 billion by 2027, with a CAGR of 32. 8% from 2020 to 2027.

The most important market for QR code payments is the Asia-Pacific region, particularly when it comes to countries such as South Korea, India, and China. In Africa, mobile money services using QR codes are being used as a way to improve financial inclusion. QR code payments are also becoming more popular in countries with a high mobile device penetration complemented by a large unbanked population.

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