Binance analyzes the role of blockchain in the revolution of digital payments
The post Binance analyzes the role of blockchain in the revolution of digital payments appeared on BitcoinEthereumNews.com.
Binance Research, the research branch of the crypto exchange Binance, has just published the report “Blockchain Payments: A Fresh Start“, in which it analyzes the role of blockchain technology in the changing world of digital payments. The study highlights how payments accompanied by blockchain are up to 50 times cheaper compared to traditional electronic ones, as well as significantly more flexible. Binance Pay, the payment platform of the eponymous crypto exchange, has recorded a 71% increase in volumes in 2023. This highlights a greater proactivity of users in making crypto payments compared to previous years, thanks to the development of new Web3 infrastructures. Let’s delve deeper into the topic below. The transformative potential of blockchain technology according to Binance: fast and accessible digital transactions In its latest report “Blockchain Payments: A Fresh Start“, Binance Research explores the innovative role of blockchain technology in the digital payments ecosystem. Currently, the digital transactions sector appears as one of the most important in the world, with an estimated revenue of 2.83 trillion dollars in 2024. This is an industry experiencing strong growth, with targets projecting total revenues to reach 4.7 trillion dollars by 2029, with a compound annual growth rate (CAGR) of 10.8%. Much of the value stored by digital payments, as noted by Binance, is monopolized by the use of debit and credit cards globally. Suppliers such as American Express, JCB, Mastercard, UnionPay, and Visa have led to a constantly growing trend in card transactions over the past 9 years. Since 2014 the CAGR is 15.1%, as shown in the figure. Despite the growth trajectory, the payments sector is still tied to technological infrastructures that are about 50 years old. The growing landscape of actors involved in the management of capital flows has resulted in numerous intermediaries being inserted between the trader…
Filed under: News - @ September 12, 2024 1:24 pm