VeChain doubles its effort to capture the $20 trillion payment industry with a V3TR filing. 
Boston Consulting Group (BCG) estimates that the global payment industry could record an overall revenue growth of $2.2 trillion by 2027.

VeChain’s (VET) recent filing of a V3TR trademark registration as earlier reported by Crypto News Flash has been tipped by experts as a strategic move to capture the $20 trillion payment market. According to multiple experts, the bold move would align VeChain with global financial communication standards, underscoring its long-term mission of merging the traditional financial system with the crypto industry.

On top of opening avenues for groundbreaking partnerships with multinational banks, the V3TR trademark could potentially lead VeChain to become ISO 20022 compliant. According to the information available to us, the trademark encompasses financial services including “electronic currency transfers, token issuance and redemption, and digital currency provision for online communities.”

Global Payment Industry’s Incredible Growth

It is worth noting that the global payment industry has been projected to reach $20 trillion by 2026 at an annual rate of 24%. Just like Ripple, SWIFT and Stellar Lumens, VeChain aims to capture a lion’s share of this growth. The global payments industry, according to Boston Consulting Group (BCG), would have its overall revenue growth reaching $2.2 trillion by 2027 at a compound annual growth rate (CAGR) of 6.2%. 

Yann Sénant, global leader of BCG’s payments and fintech segment and coauthor of the report spoke on the research and what it means to stakeholders like VeChain.

This is a moment of truth for acquirers and merchant services providers, issuers, wholesale transaction banks, and payments infrastructure providers alike. We are at the cusp of a GenAI-driven revolution for the payments industry with the potential for transformation of customer journeys and better-targeted products holding the potential for better services and improved profitability.

VeChain Seals Partnership With Renowned Payment Brands 

The effort to establish an undeniable presence within the industry was seen in its recent partnership agreement with the leading mobile payment app Oobit. This collaboration saw the supply chain management heavyweight integrating VET into Oobit’s Tap & Pay feature to enable users to utilize it for everyday transactions.

VeChain has over the years envisioned a future where blockchain and digital assets drive sustainable practices across various industries. To many, this has been the backbone for most of its partnerships and could set it apart from its competitors in the grand goal of dominating the global payments industry. 

VeChain’s CEO, Sunny Lu, disclosed this in a comment after the collaboration: 

VeChain is excited to partner with Oobit, merging our commitment to ESG initiatives with Oobit’s innovative approach. The integration of VET into Oobit’s platform is not just a technological enhancement; it’s a tangible step towards making blockchain technology synonymous with positive societal impact.

Recently, a CNF publication disclosed that the blockchain company has launched the Green Ambassador Challenge as part of the effort to simplify the trading of tokenized assets in a more environmentally sustainable manner. Interestingly, this also aligns it to achieve the net-zero goals as demanded by its collaboration with BCG. On top of that, it has recorded significant progress in the realm of Real World Applications as captured in the video below.

With all of these grabbing the attention of mainstream and retail investors, VeChain (VET) has seen its price strongly held by buying pressure to resist the strong broad market pullback. At press time, VET had a positive return of 9% in the last seven days. However, it had lost 6% of its value in the last 24 hours to trade at $0.045.

 

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Filed under: Bitcoin - @ April 13, 2024 12:03 pm