The need for cross-border payments are becoming increasingly more important as the world is rapidly globalizing. The cross-border payment market has grown to be a US$22 trillion market, fueled by increasing international commerce, migration and changing economic trends.
Today’s modern societies expect cross-border payments which are frictionless, secure, transparent, cost-effective and fast. Unfortunately, financial technologies have been unable to keep up with these growing demands and expectations.
Presently, cross-border payments remain largely dominated (95%) by traditional banking systems (SWIFT) characterised by delays and lack of transparency. These payment systems are simply outdated and inefficient, making the international payment process expensive, laborious, and time-consuming.
This problem resonates the most with people in emerging markets where banking systems have had difficulty establishing a meaningful presence. These limitations have caused many locals to gravitate towards third-party payment alternatives such as Western Union and Transferwise that have come to be essential entities within these economies despite their similar flaws.
In response to this untapped demand, many new fintech innovations are in pursuit of improving this clunky yet vital service. Blockchain technology has become the catalyst of this movement, presenting new and more efficient for conducting borderless payments.
Aurus is proud to be part of the financial globalization movement, seeking to eliminate the traditional inefficiencies of cross-border payments by establishing a globally viable payment infrastructure.
By Tokenizing gold on the Ethereum blockchain Aurus has created a digital token called AurusGOLD (AWG). AWG is a digital representation of gold, inheriting it’s value through collateralization, where every AWG is backed backed by 1 gram of gold.
AWG transactions are stable, secure, transparent, cost-effective, fast, and most importantly not restricted by borders. The Aurus payment platform enables for cross-border transactions to be seamless in the everyday lives of consumers and businesses that were once limited to expensive, laborious, and time-consuming cross border payments.