Binance Research: Payments industry revenue expected to reach $4.70 trillion by 2029

Binance Research, the research arm of cryptocurrency exchange Binance, has released a report highlighting that blockchain, distributed ledger technology (DLT) and the applications it builds have the potential to significantly improve the efficiency of the payments industry and pose a challenge to players in the space. The report discloses data showing that traditional payment systems are expected to generate $2.83 trillion in revenue in 2024 and are expected to reach $4.70 trillion by 2029, representing a compounded annual growth rate of 10.8%. Binance Research notes that blockchain can create "wonders" for merchants and consumer experiences, providing a globally unified, transparent digital environment, and adoption of technologies such as blockchain may be slow and cautious due to the sheer size of the payments industry. However, the researchers argue that this gives the blockchain industry time to "come out of its adolescence," build the necessary tools, and address issues such as scalability and regulatory uncertainty.