Blockchain Payment Systems Statistics


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Blockchain Payment Systems Statistics 2023: Facts about Blockchain Payment Systems outlines the context of what’s happening in the tech world.

LLCBuddy editorial team did hours of research, collected all important statistics on Blockchain Payment Systems, and shared those on this page. Our editorial team proofread these to make the data as accurate as possible. We believe you don’t need to check any other resources on the web for the same. You should get everything here only 🙂

Are you planning to form an LLC? Maybe for educational purposes, business research, or personal curiosity, whatever the reason is – it’s always a good idea to gather more information about tech topics like this.

How much of an impact will Blockchain Payment Systems Statistics have on your day-to-day? or the day-to-day of your LLC Business? How much does it matter directly or indirectly? You should get answers to all your questions here.

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Top Blockchain Payment Systems Statistics 2023

☰ Use “CTRL+F” to quickly find statistics. There are total 19 Blockchain Payment Systems Statistics on this page 🙂

Blockchain Payment Systems “Latest” Statistics

  • In the United States, 14% of individuals did not use a payment card in 2019 and over 5% of families did not have access to a bank account.[1]
  • According to bis.org, two big techs jointly account for 94% of the mobile payments market.[1]
  • Platforms for crypto payments like BitPesa have reduced transfer costs in the area by more than 90%.[2]
  • 40% of people between the ages of 18 and 35 predict they’ll use cryptocurrency payments in 2022, according to the statistics by Demystifying Crypto report.[3]
  • 50% think all forms of crypto are risky, and 35% believe this risk will prevent crypto from becoming mainstream payment currencies.[3]
  • 91% of fraud complaints January 1, 2021 through March 31, 2022 that used cryptocurrencies as the payment mechanism contained age information.[4]
  • In fraud complaints to the FTC from January 1, 2021 to March 31, 2022, bitcoin was recognized as the payment mechanism for 24% of reported cash losses.[4]
  • Cryptocurrency was reported as having been used to pay for 39% of that total, followed by bank transfer or payment at 20% and wire transfer at 9%.[4]

Blockchain Payment Systems “Other” Statistics

  • 30% of the students did not even sign up for the free money, and 20% of the sign-ups converted the bitcoin to cash within a few weeks, according to Harvard Business Review.[5]
  • Revenues deriving from credit card fees are more than 1% of GDP (right-hand panel).[1]
  • According to a Thomson Reuters poll, 12% of businesses claimed to have switched banks as a result of delays in the KYC procedure.[2]
  • BitPesa completed millions of dollars’ worth of transactions, up 20% month over month.[2]
  • Blockchain technology for KYC purposes can bring down costs for the banking sector by up to $160M annually.[2]
  • With approximately 80%–90% of world trade relying on trade finance, the influence of blockchain on the market would be felt globally throughout all industries that use cross-border trading (CBInsights).[2]
  • Men aged 18-35 are particularly bullish, with 24% saying they plan to pay with crypto regularly in the next 12 months.[3]
  • From January 1, 2021 through March 31, 2022, cryptocurrency was identified as the payment method for 29% of reported dollar losses to romance scams.[4]
  • More than three times as many people in the age range of 20 to 49 reported losing cryptocurrencies to con artists.[4]
  • The most popular cryptocurrencies utilized to pay con artists were Bitcoin 70%, Tether 10%, and Ether 9% .[4]
  • Global spending on blockchain is forecast to reach nearly $17.9 billion in 2024, growing at a five-year compound annual growth rate of 46.4%.[6]

Also Read

How Useful is Blockchain Payment Systems

One of the key reasons why blockchain payment systems have garnered so much interest is their security features. The decentralized nature of blockchain technology means that transactions are recorded on a public ledger that is resistant to tampering or hacking. This makes blockchain payment systems incredibly secure compared to traditional payment methods, such as credit cards or bank transfers, which are susceptible to fraud and data breaches.

Furthermore, blockchain technology eliminates the need for intermediaries in transactions, such as banks or payment processors. This not only reduces transaction costs but also speeds up payment processing times. With blockchain payment systems, transactions can be completed in real-time, without the need for third-party approval, which is particularly advantageous for international payments that typically take several days to process using traditional methods.

In addition to security and efficiency, blockchain payment systems also offer greater transparency. Each transaction is recorded on a public ledger that is accessible to all users, creating a level of transparency that is unmatched by any other payment system. This transparency not only helps in preventing fraud but also provides customers with a greater sense of trust and confidence in the payment process.

Another key benefit of using blockchain payment systems is the ability to facilitate micropayments. With traditional payment methods, processing small transactions can be costly and inefficient due to transaction fees. However, blockchain technology allows for microtransactions to be processed quickly and cost-effectively, opening up new opportunities for businesses and consumers alike.

Moreover, blockchain payment systems have the potential to revolutionize various industries beyond finance. For example, blockchain technology can be used to track and authenticate products in the supply chain, ensuring that goods are sourced ethically and securely. In the healthcare sector, blockchain payments can be used to securely store patient data and ensure its integrity. The possibilities are endless, and as more industries adopt blockchain technology, we can expect to see even more innovative use cases for blockchain payment systems.

Despite the numerous benefits of blockchain payment systems, there are still challenges that need to be addressed. For instance, scalability remains a concern, as blockchain networks can struggle to handle a large volume of transactions simultaneously. Additionally, regulatory uncertainty and lack of standardization in the blockchain space can hinder widespread adoption.

Overall, blockchain payment systems have proven to be a valuable and innovative means of processing transactions securely, efficiently, and transparently. As more businesses and consumers recognize the benefits of blockchain technology, we can expect to see an increase in the adoption of blockchain payment systems across various industries in the near future.

Reference

  1. bis – https://www.bis.org/publ/arpdf/ar2021e3.htm
  2. cbinsights – https://www.cbinsights.com/research/blockchain-disrupting-banking/
  3. checkout – https://www.checkout.com/resources/blog/what-consumers-think-about-crypto-payments
  4. ftc – https://www.ftc.gov/news-events/data-visualizations/data-spotlight/2022/06/reports-show-scammers-cashing-crypto-craze
  5. hbr – https://hbr.org/2017/01/the-truth-about-blockchain
  6. insiderintelligence – https://www.insiderintelligence.com/content/blockchain-payments

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