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Integration of Real-Time Payments and Blockchain Technology
The global payments industry is advancing at an astonishing pace. Real-time payment systems are now in operation in over 100 countries, with projections estimating that they will handle 575 billion transactions by 2028—representing 27% of all electronic payments worldwide.
At the same time, blockchain technology is expanding beyond the realm of cryptocurrency, paving the way for innovative solutions in areas like capital markets and trade finance.
This evolution has sparked an unprecedented level of collaboration between established financial institutions and companies focused on cryptocurrency, all aiming to develop more efficient payment systems.
One of the most exciting prospects is the tokenization of assets through blockchain, which facilitates the digital transformation of a variety of financial activities across the industry.
In brick-and-mortar retail, contactless payments have become commonplace, making up two-thirds of all in-person transactions on Mastercard’s network.
Mastercard’s Tap on Phone technology has streamlined this shift, allowing everyday mobile devices to function as payment terminals, which minimizes the need for complicated setups—a significant advantage for small businesses and independent entrepreneurs.
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