Almost a decade ago, opening a new shop on the main streets in Hanoi was a big success for any up- and-coming entrepreneur. It was the token of bring business to a new height. Now, the city’s population has developed to more than 8 million, outward movements to the suburban make it rather unpleasant to get to those stores. Then in the early 2010s, e-commerce provides an alternative to physical stores.

Consumers can save time and sometimes money when buying things online. More importantly, they can buy almost anything on the go. It’s an efficient channel for shopping, especially for people staying at their desks for 8 hours a day.

In the future, anyone could buy anything on-the-go

Golden Era of E-Commerce

In 2019, consumers are expected to spend nearly $3.46 trillion in online sales worldwide, which marks 17.9% increase compared to last year. The growth of the digital marketplace doesn’t show any signs of stagnation in the next few years. However, through almost 20 years in development, customers are not easily satisfied like before. They tend to do research and read reviews before making purchases online. It’s a good thing for weeding out bad practices from shady online retailers, and developing an online consuming culture.

Clearly, shopping malls are still a thing, but the audience is catching up with the trend. Even small stores can sell world wide. With e-commerce, setting up store on the main streets seems not to be cost-effective. Shopify, WooCommerce, OpenCart, and many more plugins help online merchants to set up their store in just a day. Moreover, owners of the online stores don’t have to worry about closing their stores, because they can leave it open 24/7.

The Fault in Payment System

While e-commerce is booming, online payments are still stagnant. Companies like Paypal, Visa, Mastercard, etc. only offer more reliable payment processing system, but no new technology is applied. It’s the irony of big corporations. When there’s a formula for making billions in revenue, there’s no need to seek for more efficient ways to solve the problem, and that creates more problems.

Consumers often don’t notice the fees applied to the products online. In fact, merchants have to suffer between 3 to 6 percent which is distributed to the intermediaries. In a booming market, where one merchant has to compete with thousands of other merchants to sell, whoever has lower price will have an advantage. Sales bring less revenue for the merchants, but it doesn’t benefit the customers either. Imagine a monopoly like “Mr.Jeff” acquiring Quidsi Inc. (a company that sells diapers), offering ridiculous sales at first. When the sales season is over, the prices go back to its pre-sale state, and by that time, customers are already dependent on their products.

Chargeback is another problem merchants have to encounter while interacting with their customers. Chargeback happens when a customer wants to get a refund from the merchant. It’s a merchant’s nightmare. It can happen due to many reasons: the retailer shipped the wrong product, the product late arrival, or the purchase was made with a stolen credit card.

Chargeback Stats Revealed (Statista, 2019)

Additionally, chargebacks can damage the reputation of a merchant. If a merchant has too many chargebacks, its account might be suspended or even terminated. Moreover, while purchasing an item online takes just a few clicks, cross-border payments take a long time to reach merchants. This is also the reason why settlement for merchants is still a hindrance for new merchants taking the first step into e-commerce.

The Dawn of Cryptocurrency Payment

Since the overwhelming success of Bitcoin in 2012, many people have thought about turning it into a form of payment that eliminates all the middlemen. Merchants and customers could transfer money directly to each other and cut down the cost between the parties. Not just small merchants, but big corporations are getting involved in crypto payment. Namely, Wikipedia accepts donations in Bitcoin, while Microsoft, Expedia and Namecheap allow customers to pay with Bitcoin for their products. And then, big retailers like Newegg, Gyft, and Overstock stepped in. For big corporations to notice, cryptocurrency must have some advantages over the conventional payment methods.

P2P Payment Gateway

Existing crypto payment gateways like BitPay, Coinpayments, and Coinbase are popular among the merchants who want to pay with cryptocurrency. However, their method in handling payment is not desirable. In order for payment to reach the merchant, it needs to go through a 3rd-party company to process the order, which doesn’t completely solve the problem of traditional payment gateway. 

ezDeFi is invented to overcome these drawbacks of current payment gateways. ezDeFi is a true P2P gateway, which allows customers to transfer directly to merchants. This base feature decrease the fee of this gateway to 0.1% each transaction. Moreover, this also lowers the settlement time for the merchant because there are no intermediaries, hence fewer steps. ezDeFi also has a ezDeFi wallet app and ezDeFi web extension for both customers merchants seamlessly and securely manage their cryptocurrencies.

With the aim to tackle existing problems of online payment, ezDeFi is going to launch their payment solution in January.


It’s not easy to put the change into practice quickly because the consumers habit is formed with a tendency to pay with their credit cards. But the rise of cryptocurrency as a form of payment is inevitable as many governments are developing their own cryptocurrency. The development of crypto payment gateway shall meet the rising demands of this next technological revolution.


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