Binance Research has published a report on the role of blockchain technology in digital payments, highlighting its cost-effectiveness and flexibility compared to traditional electronic payments. The report notes that payments accompanied by blockchain can be up to 50 times cheaper. Binance Pay, the payment platform of Binance, has seen a 71% increase in volumes, indicating increased adoption of crypto payments. The report also discusses the current state of the digital payments industry, which is projected to reach $2.83 trillion in revenue by 2024. However, it notes the inefficiencies and fees associated with legacy payment systems. Blockchain technology has the potential to disrupt the industry by reducing intermediaries and costs, making payments more accessible. Binance Pay has experienced significant growth in cross-border transactions, with a 43% increase in active users and a 9% increase in transaction volumes in the first half of 2024. It has also seen a 71% increase in volumes since 2023. The success of Binance Pay is attributed to the potential of blockchain technology and the ongoing financial revolution.



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