Why does "Pay with TRIO" boost E-Commerce?

The existing state-of-the-art.

E-commerce is expanding rapidly. We typically use credit cards with fiat currencies for transactions. Recently, cryptocurrencies have emerged as a new option. Metamask has developed a crypto debit card that works with the MasterCard network. Additionally, Crypto.com has launched direct crypto payments to merchants. Thus, the convenience of selecting a payment method is increasing.

However, users occasionally face situations where their purchases are declined. This occurs because the Fraud Prevention Filter marks the transaction as potentially fraudulent. This can happen if credit cards are stolen or crypto wallets are hacked.

The e-commerce store will scan for fraud, regardless of whether you pay with a credit card in Fiat currency, a debit card in Cryptocurrency, or directly in Cryptocurrency.

Consequently, the lack of trust in consumer credentials directly affects e-commerce. In the case of fiat, no transaction takes place. But with crypto, the transfer is completed and cannot be reversed, requiring a customer dispute to be opened, which is a hassle for both merchants and consumers.

However, Fraud Prevention Filters also affect merchants, as discussed in detail in one of our earlier posts

https://www.id-bound.com/post/500-billion-problem-seeking-for-a-solution.

A significant portion of legitimate sales are mistakenly rejected, resulting in reduced sales, decreased profitability, and possibly increased consumer prices.

However, the issue of fraud and mistrust extends beyond consumers. Occasionally, merchants also engage in deceptive practices related to customer reviews, as discussed in more detail in one of our posts at:

https://www.id-bound.com/post/reputation-rating-using-trio-tokens.

This hinders consumers from making informed decisions. This again results in decreased profitability and possibly increased consumer prices.

The Business Case for removing fraud from E-Commerce is as clear as a whistle.

Introducing Pay with TRIO.

The detailed description of Pay with TRIO for Merchants and Consumers is shown here:

https://www.id-bound.com/_files/ugd/2a0ff6_55353a05f7244e2dbdef345e92af0121.pdf

Here are the highlights:

Pay with TRIO for Retail Online Trade including Fraud-Free Purchases and Customer Satisfaction Ratings

1. Pay with Stablecoin such as USDC or EURC.

2. Receive TRIO Authorization ID -which serves as a digital seal of approval, confirming the user's identity, authorizing information sharing, and cementing the authenticity of the transaction and payee, all of which are essential for secure and verifiable electronic payments.

   https://www.id-bound.com/post/what-is-the-fuss-about-trio-authorization-id

3. The received stablecoins in Seller's account will be cleared for usage at preset conditions.

4. The Buyer submits the purchase satisfaction score to be linked with the purchase.

The user experience is compared  here:

https://www.id-bound.com/post/trio-vs-card-payments-the-buyer-s-experience-questioned

It suggests that while a Pay with TRIO transaction becomes final after 15 minutes, a Credit Card purchase can be reversed within one or two days, a notable difference for any Buyer.

When you Pay with TRIO you pay less and know much more.

Summary:

"Pay with TRIO" includes integrated deterministic fraud prevention, eliminating the need for external probabilistic fraud filters.

To validate the boost to the E-Commerce bottom line- get on board and test-run Pay with TRIO on Ethereum Sepolia Testnet.