According to a report released by Binance Research, the global payment industry, while developing rapidly, still relies heavily on 50-year-old banking infrastructure. Modern payment technologies such as Stripe, Mastercard, and Visa have improved the user experience, but the multiple intermediaries involved in each transaction increase costs. Blockchain technology provides a new global payment infrastructure that can significantly reduce the cost and speed up cross-border payments. Institutions such as Visa have begun piloting global payment settlements on public blockchains, and individual users also enjoy fast, low-cost cross-border transfers through products such as Binance Pay.