In terms of industry structure, the market share of digital commercial payment has been declining year by year, while the market share of mobile device payments has continued to rise. Commercial payments have entered the 2.0 era, which are upgraded from the end of transactions to the start of digital operations. This may provide greater opportunities for the mobile payment market.
From the industry development history, the payment industry has gone through two major phases of bank-based dominance and internet-based dominance. In the future, the trend of bank-based revival (digital asset payments by sovereign countries) represented by DECP and the trend of decentralized digital asset payments may come together.
In the traditional third-party payment chain, the payment transmission process is cumbersome and the friction costs are huge. Economically developed countries charge merchants higher fees in this process. The blockchain-based peer-to-peer payment method solves the problems of high fees, inefficient cross-border transfers and high costs in traditional payments.
Blockchain payment solutions are mainly divided into four categories: Bitcoin payment, cross-border payments with fiat currency (Ripple, Steller, etc.), digital asset payments (Flexa, etc.), integrated payment compatible with fiat currency, and multi-public chain digital assets (Alchemy Pay, etc.).
From the perspective of blockchain payment solution development, there is a ring extension around Bitcoin payments. In addition to Bitcoin, the main focus of other payment projects is on the convenience and capital utilization of cross-border transfers, the instant confirmation of offline digital asset payments, the ease of use of the product, and the diversity and anti-volatility of the supported assets for iterative upgrades.