The report reveals the impact of this technology in making financial transactions around the world faster, cheaper and more accessible, compared to traditional methods.
The report highlights that the average cost of sending $200 via traditional cross-border payments It is approximately 6% ($12,70), making it 50.800 times more expensive than using blockchain for the same purpose. This significant saving is driving the adoption of the technology in various global markets.
BinancePayBinance’s cryptocurrency-based contactless payments platform, recorded a 71% year-on-year growth in transaction volume, surpassing $77.000 billion by 2023. This growth reflects the growing demand for faster and more cost-effective payments, especially in regions such as South Korea. Asia, Eastern Europe, the Middle East and Latin America.
The report also mentions that the number of active users of BinancePay increased by 43% in the first half of 2024 compared to the previous half, accompanied by a 9% increase in transaction volume.
“Blockchain technology is revolutionizing the world of payments by eliminating intermediaries and significantly reducing costs,” Binance Research highlighted, comparing this phenomenon to the transformation of sectors such as communication and transportation through platforms such as WhatsApp and UberAdditionally, global institutions such as Visa are implementing pilot programs that adopt this technology for institutional payments.
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