Modern Finance Chain Launches Service To Rival Visa/Mastercard Payments

Modern Finance Chain Launches Service To Rival Visa/Mastercard Payments

The digital currency industry seems to be taking on the mainstream financial system head-on. Modern Finance Chain has developed a new system meant to fill the gap between crypto users and merchant establishments like Visa Inc (NYSE:V) and Mastercard Inc (NYSE:MA).

MF Chain offers a solution meant to solve several problems in the commerce industry. The company’s services are meant to leverage merchant payment integration so as to unite merchants and users.

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Bridging the payment system

The world digital currency sector is working to have cryptocurrencies fully accepted as a system of payment. To fully achieve this status, necessary infrastructure must be put in place to ensure that it is self-reliant and does not have to entirely depend on the mainstream financial system. MF Chain is facilitating the adoption of digital currencies as well as their use as a payment system by integrating several blockchain technologies using multi-currency ICO platforms.

Having full control of the transactions

According to Vic Shybaiev from Modern Finance Chain, credit card companies like Visa and MasterCard take over the whole transaction. The merchant has no control or say over the transaction. It is the credit card company that solely determines if the merchant will receive the money, the fees charged on the transaction as well as the time it will take to execute the transaction.

MF Chain says that over the years, the digital currency industry has shown tremendous growth and many digital currency investors have accumulated a lot of wealth. However, despite this massive growth, the sector remains largely inconvenient in terms of using cryptocurrencies to pay for goods and services. The sector largely depends of third party companies to process transactions.

Many blockchain projects are isolated and engaged in innovations that fall within their own communities and technologies. MF Chain is determined to get rid of the barriers that affect the change of cryprocurencies to cash and vice versa. This, by extension is aimed at creating a self-reliant digital economy which is able to accommodate any new innovations.

The new system has been designed in such a way that it does not confine users to a certain wallet and instead integrates cryptocurrency wallets via API. This innovative feature offers merchants with the freedom and power to choose who and where to send the digital currencies.

Bitcoin (BTC-USD) is trading at $8330.28 down $89.37 (1.0614%) with about $471MM trading hands in the last 24 hours. Bitcoins current market cap is about $142 Billion USD.

Ethereum (ETH-USD) is trading at $687.39 down $9.34 or 1.3% and Ripple (XRP-USD) is trading at $.66 down almost 1%.