Innovation in Blockchain Payments – Market Overview and Key Case Studies (Central Bank Digital Currencies, Remittances, J.P. Morgans Onyx, Asset Tokenization and The Metaverse)
All the vital news, analysis, and commentary curated by our industry experts.
The global blockchain market was valued at $4 billion in 2020 and is expected to grow at a CAGR of more than 47% between 2020 and 2030. Blockchain is a technology that can disrupt the entire value chain of the payments industry. Central banks are leveraging blockchain as the key infrastructure to develop digital currencies. Central bank digital currencies (CBDCs) would help reduce financial exclusion among unbanked individuals by making funds accessible via individuals’ smartphones. Capitalizing on technological advances could revamp payment systems to create more transparency in terms of the flow of funds and improve transaction monitoring. Additionally, blockchain technology can make transactions more efficient by eliminating intermediaries and directly connecting participants.
The Innovation in Blockchain Payments report explores how the payments industry can benefit from blockchain technology, covering topics including remittances, central bank digital currencies, and asset tokenization.
For more insights on innovation in blockchain payments market overview, download a free report sample
Innovation in Blockchain Payments - Key Application Areas
The most popular applications of the technology to date have been cryptocurrencies and non-fungible tokens (NFT).
Cryptocurrencies: Storing cryptocurrencies will require users to adopt crypto wallets such as MetaMask and Coinbase Wallet.
Non-Fungible Tokens (NFT): Asset tokenization via blockchain technology should enable digitization of physical assets, which in turn should expand the pool of assets that can be invested and traded.
Innovation in Blockchain Payments – Market Dynamics
Venture financing and equity offerings are the two important driving forces behind investment in the sector. Although interest in blockchain is rising, it is still a new technology that must be thoroughly tested before it can be adopted within the payments infrastructure.
Innovation in Blockchain Payments – Key Highlights
- The financial sector is driving the development of projects in the blockchain space.
- Asset tokenization via blockchain technology should enable digitization of physical assets, which in turn should expand the pool of assets that can be invested and traded.
- Private blockchain networks developed by financial institutions are being developed to improve internal infrastructure and provide more efficient solutions that could automate processes, saving time and reducing human error.
- The Metaverse will require the integration of payment options such as digital wallets to reduce friction during the payment process. Digital wallets would have multiple functions in the Metaverse.
Innovation in Blockchain Payments – Benefits
Blockchain in payments can enable instant transactions in seconds between two participants anywhere in the world. It improves data transparency and data monitoring. Additionally, blockchain technology can make transactions more efficient by eliminating intermediaries and directly connecting participants, reducing the cost of transactions.
Leading Companies in the Blockchain Sector
Blockchain companies working on solutions to improve remittance transactions via blockchain networks are:
- P. Morgan
For more insights on companies working on blockchain payments market, download a free report sample
Innovation in Blockchain Payments Overview
|Market Value (2020)
|Key Application Areas
|Cryptocurrencies and Non-Fungible Tokens (NFT)
|Key Investment Types
|Venture Capital and Equity Offerings
|Leading Blockchain Companies
|Stellar, Ripple, Circle, ConsenSys, J.P. Morgan and MoneyGram
Reasons to Buy
- Understand how blockchain technology is being adopted in the financial services industry.
- Understand the advantages and challenges of blockchain technology adoption.
Bank for International Settlements
Table of Contents
Table of Contents
Innovation Case Studies
Central bank digital currencies
J.P. Morgan’s Onyx
Frequently asked questions
What was the market value of the global blockchain sector in 2020?
The global blockchain market was valued at $4 billion in 2020.
What is the growth rate of blockchain market?
The blockchain market is expected to grow at a CAGR of more than 47% between 2020 and 2030.
What are the key application areas of the blockchain payments sector?
The key application areas of the blockchain payments sector are cryptocurrencies and non-fungible tokens (NFT).
What are the key investment types in the blockchain payments sector?
Venture capital and equity offerings are the key investment types in the blockchain payments sector.
Which are the leading companies in the blockchain payments market?
Some of the specialists making their mark within the blockchain payments sector are Exscientia, Healx and Insilico Medicine Stellar, Ripple, Circle, ConsenSys, J.P. Morgan and MoneyGram among others.
Tel +44 20 7947 2745
Every customer’s requirement is unique. With over 220,000 construction projects tracked, we can create a tailored dataset for you based on the types of projects you are looking for. Please get in touch with your specific requirements and we can send you a quote.
Business Intelligence & Marketing Manager, SAL Heavy Lift
“The GlobalData platform is our go-to tool for intelligence services. GlobalData provides an easy way to access comprehensive intelligence data around multiple sectors, which essentially makes it a one-for-all intelligence platform, for tendering and approaching customers.
GlobalData is very customer orientated, with a high degree of personalised services, which benefits everyday use. The highly detailed project intelligence and forecast reports can be utilised across multiple departments and workflow scopes, from operational to strategic level, and often support strategic decisions. GlobalData Analytics and visualisation solutions has contributed positively when preparing management presentations and strategic papers.”
Market Analyst & Management, Liebherr-Werk
“COVID-19 has caused significant interference to our business and the COVID-19 intelligence from GlobalData has helped us reach better decisions around strategy. These two highlights have helped enormously to understand the projections into the future concerning our business units, we also utilise the project database to source new projects for Liebherr-Werk to use as an additional source to pitch for new business.”
Head of Key Accounts, Saab AB
Your daily news has saved me a lot of time and keeps me up-to-date with what is happening in the market, I like that you almost always have a link to the source origin. We also use your market data in our Strategic Business Process to support our business decisions. By having everything in one place on the Intelligence Center it has saved me a lot of time versus looking on different sources, the alert function also helps with this.
Marketing Intelligence Manager, Portugal Foods
Having used several other market research companies, I find that GlobalData manages to provide that ‘difficult-to-get’ market data that others can’t, as well as very diverse and complete consumer surveys.
Head of Customer Insight and Research, Standard Chartered
Our experience with GlobalData has been very good, from the platform itself to the people. I find that the analysts and the account team have a high level of customer focus and responsiveness and therefore I can always rely on. The platform is more holistic than other providers. It is convenient and almost like a one stop shop. The pricing suite is highly competitive and value for our organisation.
I like reports that inform new segments such as the analysis on generation Z, millennials, the impact of COVID 19 to our banking customers and their new channel habits. Secondly the specialist insight on affluent sector significantly increases our understanding about this group of customers. The combination of those give us depth and breadth of the evolving market.
I’m in the business of answering and helping people make decisions so with the intelligence center I can do that, effectively and efficiently. I can share quickly key insights that answer and satisfy our country stakeholders by giving them many quality studies and primary research about competitive landscape beyond the outlook of our bank. It helps me be seen as an advisory partner and that makes a big difference. A big benefit of our subscription is that no one holds the whole data and because it allows so many people, so many different parts of our organisation have access, it enables all teams to have the same level of knowledge and decision support.
Head of Consumer Sensory Insights, Givaudan
“I know that I can always rely on Globaldata’s work when I’m searching for the right consumer and market insights. I use Globaldata insights to understand the changing market & consumer landscape and help create better taste & wellbeing solutions for our customers in food, beverage and healthcare industries.
Globaldata has the right data and the reports are of very high quality compared to your competitors. Globaldata not only has overall market sizes & consumer insights on food & beverages but also provides insights at the ingredient & flavour level. That is key for B2B companies like Givaudan. This way we understand our customers’ business and also gain insight to our unique industry”
Senior Account Manager, TSYS
GlobalData provides a great range of information and reports on various sectors that is highly relevant, timely, easy to access and utilise. The reports and data dashboards help engagement with clients; they provide valuable industry and market insights that can enrich client conversations and can help in the shaping of value propositions. Moreover, using GlobalData products has helped increase my knowledge of the finance sector, the players within it, and the general threats and opportunities.
I find the consumer surveys that are carried out to be extremely beneficial and not something I have seen anywhere else. They provided an insightful view of why and which consumers take (or don’t) particular financial products. This can help shape conversations with clients to ensure they make the right strategic decisions for their business.
One of the challenges I have found is that data in the payments space is often piecemeal. With GD all of the data I need is in one place, but it also comes with additional market reports that provide useful extra context and information. Having the ability to set-up alerts on relevant movements in the industry, be it competitors or customers, and have them emailed directly to me, ensures I get early sight of industry activity and don’t have to search for news.