Problems

Payment gateways are becoming a crucial component of the customer experience. Customers want quick, easy payment procedures that they can use whenever and wherever they like. Large organisations must therefore have flexible payment gateways that are simple to integrate and grow with changing client demands.

This section sheds light on the various limitations of the traditional payment gateaway, which includes both cash transactions and cashless transactions.

limitations of Cash transaction

Cash transactions are usually inaccessible and very costly. Not only does, these transaction usually incur higher transaction cost, in most case, transactions also gets delayed due to interbank differnce of policies and fears of money laundering and other illegal money

In-accessibility of electronic payment gateaway

Since many devices, including computers, sensors, and mobile phones, may not be compatible with all of Web 3.0's features, it will be necessary to upgrade them in order to access it (e.g. edge computing, decentralised networks). In order to provide smooth access to the internet, Web 3.0 will need to be integrated into contemporary web browsers.

Thus having to individually manage your payments can be very hectic and costly

Costs

Costs associated with development and resources, especially for a blockchain set-up for FinTechs, are higher compared to the previous web. This may impact usage by end users

Scalability and speed

The Scalability of electronic non-blockchain based payment gateaways are usually compromised due to the policies of different banks and structures and their inability to process high number of transactions