[Binance analyzes the role of blockchain in the digital payment revolution]
Binance Research recently released the report "Blockchain Payments: A New Starting Point" to analyze the important role of blockchain technology in digital payments. The report states that blockchain payments are up to 50 times cheaper than traditional payments and offer greater flexibility.
The Binance Pay platform’s transaction volume grew by 71% in 2023, reflecting increased user demand for crypto payments and benefiting from the development of Web3 infrastructure. The report emphasizes that blockchain technology can provide faster, trustless transactions in digital payments and reduce reliance on intermediaries. Blockchain payment costs are significantly lower compared to the up to 6% cost of traditional payment methods.
Binance pointed out that the current digital payment market still relies on technology from 50 years ago, while blockchain simplifies the transaction process and improves efficiency. Especially in markets such as South Asia, Eastern Europe, the Middle East, and Latin America, Binance Pay adoption has grown significantly, driving a new era of the global digital economy.
