What is Blockchain Payment Systems Market?
The blockchain payments system is the system that facilitates secure, faster, and low-cost international payment processing services and transactions. Blockchain technology in the payment system eliminates third-party processors, promotes cross-border payments, and provides money transfer waiting periods. The system through its encrypted distributed ledgers offers real-time verification of transactions without needing correspondent banks and clearinghouses.
Highlights from Blockchain Payment Systems Market Study
Attributes | Details |
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Study Period | 2018-2028 |
Base Year | 2022 |
Unit | Value (USD Million) |
Key Companies Profiled | Visa (United States), Citibank (United States), PayPal Holdings, Inc (United States), IBM (United States), BBVA (Spain), Banco Santander, S.A (Spain), HSBC (United Kingdom), ING Group (Netherlands), Mastercard (United States) and GK8 (Israel) |
Manufacturers focus on partnerships with established payment providers that offer blockchain-based payment solutions. By collaborating with these providers, manufacturers can leverage their expertise and technology to offer innovative payment options to customers.
Visa (United States), Citibank (United States), PayPal Holdings, Inc (United States), IBM (United States), BBVA (Spain), Banco Santander, S.A (Spain), HSBC (United Kingdom), ING Group (Netherlands), Mastercard (United States) and GK8 (Israel) are some of the key players profiled in the study. Additionally, the Players which are also part of the research are American Express Company (United States), JPMorgan Chase & Co. (United States), ConsenSys (United States), RowanPay (United States) and Appzone Group (Nigeria). Blockchain Payment Systems Market Segmentation:
Scope | Sub-Segments |
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Application / End User | Banks, Financial Institutions and Others |
Industry Verticals | Retail,Healthcare,Manufacturing,BFSI,Others |
Service | Peer to Peer Transactions,Cross-Border Transactions,Bank-to-Bank Transfers,Trade Finance,Others |
Deployment | On Cloud,On-Premise |
On the basis of geography, the market of Blockchain Payment Systems has been segmented into South America (Brazil, Argentina, Rest of South America), Asia Pacific (China, Japan, India, South Korea, Taiwan, Australia, Rest of Asia-Pacific), Europe (Germany, France, Italy, United Kingdom, Netherlands, Rest of Europe), MEA (Middle East, Africa), North America (United States, Canada, Mexico). Additionally, the rising demand from SMEs and various industry verticals gives enough cushion to market growth.
Influencing Trend:
Rapid Increase in the Digital Mode of Payment and Increasing Popularity and Use of Software as a Service in Payments
Market Growth Drivers:
Growing Advancement in the Payments Systems and Need for Reducing the Intermediaries with Transaction Costs
Challenges:
Lack of Reversibility of Transactions Involved with the Blockchain Payment Systems
Restraints:
Regulatory Compliances Associated with Blockchain Payment Systems
Opportunities:
Growing Advancements in Payment Technology for Real-Time Fraud Detection Systems will Boost the Blockchain Payment Systems
Key Target Audience
Blockchain Payment Systems Developers, Blockchain Payment Industry Associations, Research and Development institutes, Potential Investors, Regulatory Bodies and Others
Market Leaders & Development Strategies
On 4th October 2021, a Tech firm launches a blockchain payment platform. Appzone Group, a fintech software company, has announced the launch of a blockchain platform for payment processing. According to the company, the platform, called ‘Zone’, facilitates local and intra-African payments in fiat and digital currencies. It said in a statement the platform formed the foundation of its plans to build Africa’s first decentralized payment network, to allow inter-bank transactions to be processed directly between banks without any third party.
On 17th February 2021, RowanPay launched Blockchain Payments Network. Major retail companies and small business owners alike regularly have to deal with high interchange fees, slow settlement times, card skimming, and chargebacks. By replacing traditional payment processing with new blockchain technology, RowanPay revolutionizes the everyday activity of making a payment.