How This CrossFi Banking Company Is Changing the Way We Buy Products
MinePlex has announced a new marketplace for e-commerce products which comes with a twist in the form of how customers can pay for these goods if they do not have all the funds available
E-commerce now is a billion-dollar industry that cuts across several sectors including tech, fashion, and so on. The last year, in particular, has seen even more e-commerce sales across the globe as well as brand new ways to pay for these goods and services. In 2021, 2.14 billion people will buy goods and services on the Internet. According to forecasts, in 2024, about one in four purchases will be made online.
Now, a CrossFi banking company called MinePlex has announced a new marketplace for e-commerce products. However, this marketplace comes with a twist in the form of how customers can pay for these goods if they do not have all the funds available at a specific time.
The Business Of Part Payment
Consumers buying products that they do not have the complete funds for is nothing new. This is the basis of the entire credit card industry and in recent times, more iterations of this have sprung up. Other similar services allow consumers to pay for goods in instalments and this industry is set to only become bigger over time.
However, there are a few downsides to it. The credit card industry is notorious in the ways it affects a person's credit score over time and should a payment be missed, damage can be done to a person's financial reputation that is difficult to undo.
In the case of existing such services, the funds must be paid at certain times or the same effect can be had. However, MinePlex is countering all these issues by offering a unique way to pay for goods and services leveraging the power of blockchain.
How MinePlex Is Changing the Industry
MinePlex recently launched its new marketplace that allows customers to buy goods they do not have the complete funds for through the process of commodity staking. Staking is already a popular concept in the DeFi space and involves a user locking a certain amount of money away, i.e staking it, and earning interest on it.
MinePlex takes this concept a step further by allowing people to stake the funds they already have to earn the balance for goods they wish to pay for. For example, an individual might see a phone on the MinePlex marketplace they wish to pay for but don't have the complete funds for.
What the customer does, in this case, is that they pay the amount they already have and that money is then staked to earn interest to pay for the product. After the interest is collected and the full amount is complete, the funds are then transferred to the sellers’ account.
This means a user who only has $800 out of $1,000 needed for a phone can pay the $800 and the money will be staked to earn the balance of $200. Once the money is complete through the staking, it is transferred to the seller and the buyer receives their product.
There are many ways in which this is better than traditional credit purchases because there is no heavy interest rate and a customer's credit score is not going to be affected. It also greatly simplifies the process because applying for a loan or a credit card often requires a lot of time and energy but commodity staking cuts through it.
The newly launched marketplaces are already getting a lot of buzz and should commodity staking take off, it could become the industry standard for buying goods as opposed to credit purchases.
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