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The Evolution and Future of payments and Transactions

Updated: Aug 18, 2023

As technology evolves at an unprecedented pace, the landscape of payments and transactions undergoes significant transformations. According to a report by the Global Fintech Association, digital payments will constitute 75% of all transactions by 2028.



Industry leaders predict that blockchain technologies will dominate the future of payments. Leveraging decentralized ledger systems and cryptography will help reduce fraud and streamline cross-border transactions.


One of the key advantages of blockchain-based payment systems is their ability to ensure greater security and transparency. Transactions are recorded on an immutable and transparent public ledger, reducing the risk of fraud and enhancing trust compared to traditional banking systems.


Another advantage of blockchain-based transactions is their potential to lower costs. They eliminate the need for intermediaries, thereby reducing transaction fees. This can be useful to small businesses and consumers. Compared to traditional banking, this decentralized approach could lead to significant savings.


In the future, integrating blockchain technology with Internet of Things (IoT) devices will likely lead to fully automated and seamless transactions. This change could revolutionize retail and supply chain industries, allowing for real-time, secure transactions that enable greater efficiency and cost savings.


In conclusion, blockchain-based payments are transforming the financial landscape, offering numerous benefits for consumers, businesses, and economies worldwide. As this technology continues to mature and innovate, we can look forward to a more transparent, efficient, and secure future in payments and transactions.


References:


Global Payments Report 2021. Worldpay from FIS


Tapscott, D., & Tapscott, A. (2016). Blockchain revolution: how the technology behind Bitcoin is changing money, business, and the world. Penguin.


World Economic Forum. (2019). Central Banks and Distributed Ledger Technology.


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We are an advisor-powered venture platform for fintech & commerce tech founders. Function Ventures supports entrepreneurs at scale globally, partnering with high-impact entrepreneurs and providing a network of targeted services to support the company’s scale, including access to advisors, talent, markets, tech, and capital.


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