Cryptocurrency payment solution UTRUST has integrated Dash payments, opening up Dash payments to partner Whow Games, an online social gaming platform, offering instant transactions, buyer protection, and crypto-to-cash settlements for consumers seeking to participate in online games without the risk of chargebacks.
“We are delighted to expand our ever-growing portfolio of merchants by integrating cryptocurrency payments for Whow Games and their 9 million registered users. As an industry, online social gaming typically suffers a higher than normal chargeback rate for credit card purchases. Through this partnership, we have a chance to directly tackle chargebacks – a long standing scourge on the payments industry – with crypto payments. Integrating DASH, a highly efficient and user-friendly currency, as a payment option to all UTRUST merchants and their customers is also a hugely positive milestone for us.”
Jan Heinrich Meyer, CEO of the Dash Embassy also further elaborated on the benefits that Dash will bring to Whow Games and UTRUST.
“It’s great to see UTRUST recognising DASH as a major cryptocurrency and integrating us on their platform. With a transaction speed of one second and over 15,000 transactions per day, Dash offers a global and highly efficient service. Our aim to drive the adoption of cryptocurrency payments and promote the future of digital assets perfectly aligns with UTRUST’s own mission so we’re pleased to partner with the platform and unite in our common objectives.”
Dash efficiently solves the multi-billion dollar chargeback problem
The Dash integration to UTRUST provides a critical solution to problems facing platforms such as Whow Games. Online games suffer from high chargebacks where a user will purchase a service with a credit card, but then dispute that charge as illegitimate. Large credit card companies will then force the lost money onto the smaller merchants, and this costs merchants around the world $28 billion USD in 2017 and it is only expected to rise into the future. Cryptocurrency helps mitigate this issue by ensuring that the merchant cannot have processed transactions reneged after providing the good/service since once included in a block, transactions are largely considered permanent. Additionally, chargebacks only exist as an option because credit card thefts are so common that credit card companies need to provide a correction method for consumers that have their card information stolen and used to make illegitimate purchases. Cryptocurrency, however, relies on private keys which are never accessed by a merchant or service. This makes it much more difficult for personal information and money to be stolen, and thus mitigates the need for a transaction dispute system in the first place.
Dash specifically addresses this problem better than most other cryptocurrencies by locking transactions instantly in under two seconds, cutting down traditional transaction times of several minutes or more. Additionally, because of recently-implemented ChainLocks, Dash’s blockchain is secure against 51% attacks, an attack vector that may call into question the security of other cryptocurrencies even after receiving on-chain confirmations.
Dash is actively targeting the gaming industry
Integrations such as UTRUST and Whow Games align with the broader Dash strategy to target high-chargeback industries such as online gaming. Dash Core Group recognizes the benefits that Dash can provide companies in the game industry and also sees this as an opportunity for larger adoption and has thus made it apart of its adoption strategy. Dash has already been adopted by HeroSphere, an online gaming and esports betting platform thanks to Dash Embassy DACH as well. Additionally, Dash has been integrated into Aircoins, an AR app similar to Pokemon Go, and the Dash.Red gaming platform. To reach a wider, more mainstream audience, Dash previously partnered with FanDuel to allow individuals to win Dash based on fantasy football results. The combination of these platforms integrating and partnering with Dash both helps merchants save money, which gets passed onto consumers, but also helps make payment methods easier for consumers.