The trade sector is about to experience a drastic transformation
The world is hungry for innovation. In today’s fast-paced digital economy, merchants face growing pressure to adapt to new technologies that streamline transactions, reduce costs, and enhance customer experience. Traditional payment systems, although functional, have long been a bottleneck for small businesses and merchants, burdening them with high fees and slow transactions.
Some visionary and innovative companies, like DaffiOne, operate on the intersection of Web3 and the legacy industry to offer secure, efficient, and fee-free blockchain-based payment solutions, making it easier for merchants to manage their finances and grow their businesses.
The current challenges of traditional payments
Let’s start with cold, hard numbers. In 2022 alone, the financial services sector intermediated about $400 trillion in assets globally and generated around $6.8 trillion in revenue. These revenues were primarily concentrated in corporate, commercial, and retail banking. Moreover, such charges accumulate quickly, especially when merchants are dealing with numerous transactions.
Even in the world of digital payments, the fees don’t get much better. Companies like Visa and Mastercard have annual revenues of over $56 billion, most of which comes from transaction fees. Visa reported annual revenues of more than $32 billion in 2023, while Mastercard’s annual revenue for the same period was approximately $22 billion! A significant portion of these revenues is derived from transaction fees and related services.
Merchants, particularly small businesses, often face fees ranging from 1.5% to 3.5% per transaction for credit card processing, with cross-border transactions typically incurring fees at the higher end of this range. This fee-heavy structure creates a system where both consumers and merchants are forced to pay more for basic financial services, contributing to the inefficiency and costliness of traditional payment systems.
Disrupting the legacy financial system
Pretty much like other forward-thinking companies, DaffiOne seeks to redefine the financial ecosystem for businesses by providing a decentralized, fee-free solution that leverages blockchain technology.
Key Features of DaffiOne for merchants include 3 main components:
DaffiOne Pay: This enterprise-grade solution supports payments in digital currencies, stablecoins, and tokenized assets across 17 (currently supported) blockchains. Payments are processed instantly and with zero transaction fees — saving businesses from high processing charges.DAFFIR Token: Merchants can earn DAFFIR tokens, a multi-chain cashback reward system that can be redeemed or exchanged for other digital currencies. This adds a layer of value for both businesses and customers.Decentralized Identity (DID) Support: DaffiOne’s decentralized identifiers enhance privacy and protect against fraud, making it easier for merchants to comply with data privacy regulations without compromising security.
The future-ready platform empowers merchants with advanced payment features that are fast, cost-efficient, and secure, offering a range of tools to simplify everyday financial tasks.
A real-world example: Ciara’s Café
Alright, let’s take a break from statistics and provide a real-life example! It’s time to look closer at how DaffiOne transformed operations for Ciara, a café owner in the busy city center of Milan. Before switching to DaffiOne Pay, Emma was paying significant fees to Visa and Mastercard, typically losing 2–3% on every transaction. Therefore, her café switched to a blockchain payment system that processes transactions instantly and with zero fees. This change resulted in savings of $5,000 per year, which she reinvested into expanding her menu and hiring additional staff!
Moreover, Ciara noticed that payments using DaffiOne app were processed up to 5x faster compared to traditional bank transfers, improving cash flow and supplier payments. This speed allowed her to scale operations without waiting for payments to clear, ultimately improving her overall efficiency!
Even though that story might be fictional, but not the values of freedom and efficiency that the DaffiOne platform provides to users.
Why blockchain payments matter for merchants
To recap, the key advantage of blockchain technology in payments lies in its ability to eliminate intermediaries, such as banks and payment processors, which traditionally take a cut of each transaction. With blockchain, every payment is direct, transparent, and settled in real-time. This means no delays, no processing fees, and greater control over funds.
For example, the Polygon blockchain, one of the chains supported by DaffiOne, offers transaction costs of just $0.0001 per transaction. This starkly contrasts the typical 2–3% fee charged by traditional payment systems. For a merchant processing $100,000 in monthly sales, the difference between using DaffiOne and traditional payment systems could result in savings of thousands of dollars or euros per month in transaction fees alone!
Future-Ready Solutions for Growing Businesses
DaffiOne isn’t just about saving money but also enabling future-proof solutions that adapt to the evolving digital landscape. Here’s a glimpse of some upcoming features that will further empower merchants:
DaffiOne Ramp: A simple solution for onboarding and offboarding digital currencies and stablecoins at low-cost rates. Merchants would be able to move funds between different blockchains within the DaffiOne Wallet quickly.DaffiOne Payroll: A system that enables enterprises to pay their employees with digital currencies, making payroll management easier and more cost-effective, particularly for businesses with migrant workers or unbanked employees.DaffiOne Transfer: A remittance service that allows users to send money via digital currencies or tokenized real-world assets, with recipients able to receive funds in their local currencies.DaffiOne Card: A debit card that links directly to your blockchain wallet, enabling users to spend their funds globally without relying on traditional banking services.
Empowerment through efficiency
Many dream about the future of payments being decentralized, fast, and cost-effective. DaffiOne’s blockchain-based payment solutions empower merchants to break free from the high fees and delays imposed by traditional financial systems. By leveraging blockchain technology, businesses can improve their bottom line, enhance security, and offer better customer service — all while embracing tomorrow’s digital economy.
As blockchain adoption grows, more and more merchants will realize the benefits of decentralized finance. DaffiOne is leading the way in empowering businesses to thrive in this new financial world.
Ready to join the revolution? Learn more about how DaffiOne can transform your business and save money by visiting the website, and following the project on Twitter and LinkedIn. The future of finance is here — let’s embrace it together.
Empowering Merchants in the Digital Age was originally published in Coinmonks on Medium, where people are continuing the conversation by highlighting and responding to this story.