As is iterated by nearly all blockchain exponents, the technology is capable of disrupting almost all industrial sectors. The time is high for the global digital payments sector.
Founder and CEO of HashCash, and eminent blockchain and crypto figure, Raj Chowdhury, anticipates the payments solutions sector to be next in line for revolution by blockchain and crypto enterprises.
The Digital Payments Market
Research reveals the global digital payment market size is should reach USD 361.30 billion by 2030, scaling at a CAGR of 20.5% over the forecast period, as observed by a new report by Grand View Research, Inc. A leading consulting company points out, the global volume of digital payments is expected to rise by more than 80% between 2020 and 2025, reaching nearly 1.9 trillion by 2025 from about 1 trillion transactions in 2020.
As the digital payment market expands it will generate a void for the unbanked population, inconveniencing those that continue to transact in cash. The installation of crypto payment processors to encourage and facilitate payment in crypto will create an alternative for this section. “The opportunity of installing a crypto payment structure is huge in this case,” remarked Chowdhury. “Leading e-commerce brands have already installed crypto payment processors to enable their customers to pay in crypto. The same could be applied globally across commercial ventures as an alternative payment method.”
Chowdhury has earlier spoken about the incorporation of a crypto payment processing structure in online Forex broking sites. This time he expects a crypto appendage to the digital payment processing infrastructure. “The crypto payment process infrastructure is just taking off and is sure to disrupt the payments sector worldwide.”
“The incorporation of a crypto payment processor should establish financial inclusivity enabling the unbanked population to make online purchases or any other cashless purchases. The combination of digital and virtual money will also save the cost of printing currency.”
Chowdhury has previously been vocal on the importance of security in crypto ventures. He has also commented on the relationship between gen Z and the Metaverse, anticipating clashes. He has also predicted that novice traders moving towards CFD trade is yet another trend to sustain through 2022.
Billbitcoins, a HashCash product, is a crypto payment processing gateway. It has been implemented by various fintech, institutional crypto enterprises, and e-commerce websites. Billbitcoins technology has previously been implemented by an Egyptian domestic fund transfer project.
The global payments sector is poised to be revolutionized by crypto. It is opportune for fintech and crypto enterprises to explore the avenue. Blockchain has the capacity to disrupt the digital transaction space in ways that can benefit merchants and consumers.