Castler closes Pre-Series A funding of $6 Million led by Flipkart, Capital 2B, IIFL Fintech Fund, Venture Catalysts & Zerodha

Can a cross-border escrow service be used for transactions involving services as opposed to physical goods?

Yes, a cross-border escrow service like Castler’s Digital Identifier system can be used for transactions involving services as opposed to physical goods. In fact, Digital Identifier services are becoming increasingly popular for service-based transactions such as freelance work, consulting services, and software development.

The Digital Identifier system works by holding the funds in a secure account until the terms of the transaction are met. This provides a level of security for both the buyer and the seller, ensuring that the funds are only released when the agreed-upon services have been delivered.

Using a Digital Identifier service for service-based transactions can also help to mitigate the risk of fraud or non-payment, which can be a concern when working with clients or vendors in different countries. The escrow service acts as a neutral third party, ensuring that both parties are protected and the transaction is completed successfully.

Overall, using a Digital Identifier service like Castler’s can provide peace of mind and security for service-based transactions, making it a valuable tool for businesses and individuals alike.