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Binance has released a report highlighting the transformative potential of blockchain technology in the global payments system. The report suggests that blockchain could overhaul the current system, which is characterized by high fees and slow transaction times. Traditional banking settlements can take several days, whereas blockchain technology offers near-instant settlement, potentially reducing transaction fees significantly. The global payments industry is a massive market, generating $2.83 trillion in revenue this year and projected to reach $4.7 trillion by 2029. However, the current system still relies on outdated technology from the 1970s, leading to inefficiencies and high costs, including fees as high as 6%. The move towards blockchain could address these issues, offering a more streamlined and cost-effective solution.
BLOCKCHAIN VS. TRAD FI: THE BATTLE FOR PAYMENTS IS ON. The payments game is massive - $2.83 trillion in revenue this year, aiming for $4.7 trillion by 2029. But here’s the kicker: it’s still running on tech from the 70s. Fees are sky-high with every transaction hitting 6%… https://t.co/ZKv1oBqfFE
PAYMENTS ARE BROKEN, BLOCKCHAIN’S THE FIX. Payments today? Straight-up broken. Trillions in cash flow, but it’s running on tech older than your parents. Six greedy middlemen, 6% fees, and waiting five days for your money to show up? That’s legacy finance for you. Enter… https://t.co/H8IZlgbhCv
BLOCKCHAIN COULD OVERHAUL GLOBAL PAYMENTS SYSTEM A Binance report suggests that blockchain technology is on the verge of transforming the global payments landscape. Unlike traditional banking, which can take days to settle transactions, blockchain offers near-instant settlement… https://t.co/5fnSqR1PY6
