Over the last five decades, the payments industry has grown into one of the largest and fastest-growing sectors in the world. However, it faces one issue – the sector still runs on 50-year-old technology rails that become more inefficient as time passes.
A report from Binance Research, the research division of Binance, the world’s largest crypto exchange, highlights that blockchains, distributed ledger technology (DLT), and the applications built on them have the potential to significantly boost efficiency in the payments industry and challenge the players in the space.
Pains of the Traditional Payment System
The traditional payment system is estimated to generate $2.83 trillion in revenues in 2024 and is expected to reach $4.7 trillion by 2029 at a compound annual growth rate of 10.8%.
Despite the amount of revenues generated in the industry, Binance researchers said it has evolved into a kind of…
