Is Cryptocurrency the Future of Payments in Telecoms?
Microtalk is proud to announce that we’ve added Tether to our payment options. We’re constantly on the lookout for new ways to serve our customers and ensure the most reliable and efficient customer experience possible. Cryptocurrency is just one of these developments, with its low transaction fees and speedy processing time in comparison to traditional currencies.
As you can now use Tether at Microtalk, we’ve put together a short summary about cryptocurrency and its advantages so you can add a new payment option to your wallet, and your business, with confidence.
Cryptocurrency is trying hard to shake its bad reputation and introduce regulations while maintaining the freedom and ease of use that sets it apart from traditional transactions. In January 2020, the UK transferred the EU’s 5th Anti-money Laundering Directive into our laws, thereby updating the regulations and extending the scope of anti-money laundering laws in the UK. Criminals work to circumvent regulations, that’s why regulations are constantly being updated and vendors are working hard to stay one step ahead.
- Risk assessment and controls: businesses must take appropriate steps to assess the risks of money laundering — this means customers, the countries of operation, transactions, services, and delivery channels should all be considered when assessing money-laundering risks.
- Customer Due Diligence: intelligence units have the right to access addresses and owners of virtual currency.
- Record keeping: there must be swift compliance with information requests and documents should be maintained for at least five years after the transaction or business relationship has ended.
- Reporting: crypto asset businesses must report any suspicious transactions.
Both Microtalk and our partners ensure compliance with these regulations for your safety and peace of mind.
What is Tether?
Tether (USDT) is a cryptocurrency. It’s also the world’s biggest stablecoin, meaning it gets its value from an external asset—in this case, it’s designed to always have the equivalent value of 1 US dollar—and, being stable crypto, its value does not rise or fall as suddenly and it avoids the volatility of other cryptocurrencies, so Tether is considered a great way to store value while holding onto the advantages of the crypto market. Towards the end of 2021, it was also announced that Tether would begin research to help combat money laundering and fraud in cross-border transactions — so it is not only stable but safe too.
Here at Microtalk, we’re proud to be working with Tether and giving our customers the support and flexibility they need through all areas of our business, including payments. We now connect more than 40 million calls a month for our customers and, as Microtalk is management-owned, we’re dedicated to ensuring reliability and legality.