Crypto to Disrupt Global Payments Sector, Next: Raj Chowdhury

The global payments sector poses opportunities, fintech and crypto enterprises should explore. Raj Chowdhury spots the opportunity

HashCash chief, and eminent blockchain and crypto figure, Raj Chowdhury, considers the payments solutions sector to be the next target for blockchain and crypto enterprises.

Survey reveals the global digital payment market size is anticipated to touch USD 361.30 billion by 2030, expanding at a CAGR of 20.5% over the forecast period, as per a new report by Grand View Research, Inc. According to a leading consulting company, the global volume of digital payments is expected to increase by more than 80% between 2020 and 2025, reaching nearly 1.9 trillion by 2025 from around 1 trillion transactions in 2020.

Latest Fintech News: Natixis CIB Partners With nCino to Expand Its Digital Capabilities in Its Financing Activities

As the digital payment market scales it will create a void for the unbanked population, those that will continue to transact in cash. Installation of crypto payment gateway, the likes of Billbitcoins by HashCash, can encourage and facilitate payment in crypto, creating an alternative for them. “The opportunity of installing a crypto payment structure is huge in this case,” remarked Chowdhury. “Leading e-commerce brands have already installed crypto payment processors to enable their customers to pay in crypto. The same could be applied globally across commercial ventures as an alternative payment method.”

Chowdhury has previously spoken about the incorporation of a crypto payment processing structure in online Forex broking sites. This time he expects a crypto appendage to the digital payment processing infrastructure. “The crypto payment process infrastructure is just taking off and is sure to disrupt the payments sector worldwide.”

Latest Fintech News: Upgrade Announces Partnership with One Hundred Credit Unions

“The incorporation of a crypto payment processor should establish financial inclusivity enabling the unbanked population to make online purchases or any other cashless purchases. The combination of digital and virtual money will also save the cost of printing currency.”

Chowdhury has previously been vocal on the importance of security in crypto ventures. He has also dwelled on the relationship between gen Z and the Metaverse, expecting it to be turbulent. He has also stated that novice traders moving towards CFD trade is yet another trend to sustain through 2022.

The global payments sector poses opportunities, fintech and crypto enterprises should explore. Blockchain has the capacity to disrupt the digital transaction space in ways that can benefit merchants and consumers alike.