Paxful is an online, over the counter (OTC), peer to peer (p2p) virtual currency exchange where traders interact with each other to purchase or sell small amounts of virtual currencies using their respective private virtual moneypits. Paxful allows traders to enter into long-term deals with low transaction fees and no need to settle for a lower quality of exchange than they would receive elsewhere. They also provide traders with a friendly, safe environment, free from spam and scams, and allow them to manage funds efficiently.
Paxful is unique in that it provides a very friendly, secure environment between clients and traders without the expense or hassles of banking relationships, large fees, or lengthy processing periods. Traders can meet in real-life to make deals, instead of conducting business through a telephone, or through email. They can be located anywhere in the world and can conduct trade at any time, day or night. In addition, they are not limited by exchange rate fluctuations, like with major banks. Also, because paxful is a P2P network, all transactions are fully covered by insurance.
The use case for Paxful is clear. Nigerians who live abroad can use this network to send money home to their families. Those who live in Nigeria can use this network to send money back to their loved ones back home. There are a variety of remittance services which are available through this platform. These include Western Union, Money Gram, and the Electronic Funds Transfer Traders' Association of Nigeria (EMAAT). All three have the benefit of being backed by the Interbank Information Exchange System (IBSS).
Some of the products offered by Paxful include: gift card remittance process, mobile phone payment service, bank account payment service, and mobile car rims service. Through this process, you can send money to almost anyone in the world for virtually any reason. This includes sending money to relatives back home, to friends, to employees, to classmates, to colleagues, and to clients. You can even get an old card with your money transferred!
Another product that makes it easy for people to send money abroad is Cryptocash. Cryptocash works very much like Paxful. However, it is not directly connected to the Paxful exchange. Instead, Cryptocash works as a backend alternative for people wishing to use Cryptocash to send money to Nigeria. Like Paxful, Cryptocash allows you to pay people in both US and Nigerian currency. They also allow you to redeem gift cards and electronic money using the Cryptocash platform.
With such a reputable exchange like Paxful it should come as no surprise that there are hundreds of thousands of Nigerian stores online that accept these gift cards. You can use them at any point of time, day or night, all from the comfort of your home. This ease-of-use is something that many people have been clamoring for over the years. The problem that many face is not being able to purchase the items that they want from these websites because of the country's inability to transact money abroad. The good news for these individuals is that now, they can use Cryptocash to purchase the things that they want from anywhere in the world and with relative ease.
Many non- Nigerians are aware of the existence of Cryptocash and how it has allowed many Nigerians to improve their living standards. Even those that live in Nigeria are familiar with it. This is why many leading retailers like Books-in-Print, Topanga, Lagos outlet, and Cricbuzz accept gift cards as payment for their products. In addition to top Nigerian retailers, many other outlets worldwide including France, Canada, and Germany have begun to take advantage of this convenient method of payment. This is good news for those that send money internationally on a regular basis to Africa or the rest of the world.
Some of the most popular African retailers like Gift voucher Mall also accept Paxful cards for payment. It is quite easy to see why Paxful has become so popular with traders all over the globe. Those that need to transact money overseas should definitely take a look at this method of payment. The convenience that comes with ordering goods online is something that consumers in countries like Africa should not overlook. In addition to the ease of payment, Paxful also provides a great platform for African sellers to increase their business and make more money.