The Evolution of Payments: How Web3 is Disrupting the Payments Landscape | Futurist Conference 2024

1.7 billion people globally remain unbanked, yet 91% have access to mobile phones - creating opportunity for digital wallet adoption

Web3 payments complement rather than replace traditional finance, with integration and collaboration between the two systems being crucial

Smart contracts enable automated, secure, and efficient payment execution for use cases like gaming payouts and cross-border transfers

Cross-border payments remain a major pain point in traditional finance, with current systems like SWIFT being outdated and inefficient

Stablecoins are emerging as a key solution for cross-border payments and storing value, particularly in countries with volatile currencies

Regulatory frameworks vary significantly by region, with Canada having clearer crypto regulations compared to the US’s enforcement-based approach

Major traditional institutions like BlackRock, JP Morgan, and PayPal are increasingly entering the crypto space through tokenization and stablecoin initiatives

Real-world asset tokenization represents the next major growth area for blockchain payments and settlement

Underserved markets and industries excluded from traditional banking are more likely to adopt Web3 payment solutions

Blockchain technology offers improved traceability, transparency, and audit capabilities compared to traditional cash transactions