Market Overview and Competitive Analysis
Nov 28, 2020
Blockchain has captured the world’s attention as the technology that will revolutionize the business and finance world. The impact of Covid-19 has further highlighted the need for traditional banking and financial services to accelerate their digitization and fintech programs.
Decentralized finance facilitates a transparent financial ecosystem where users are in control of their financial assets and transactions. DeFi has already laid the groundwork in 2020, clearing the way for the next evolutionary steps as we move forward.
PwC economists have stated that they expect blockchain technologies to boost global GDP by $1.76 trillion USD by 2030. PwC further anticipates widespread technology adoption — “the majority of businesses to be using the technology in some form by 2025”.
“Blockchain is going to become an infrastructure technology — like the internet. No one really cares how the internet works, but it has become integral to our daily lives. The same will be true for blockchain. We haven’t reached that tipping point yet...”1 (Guenther Dobrauz, a PwC global leader in financial services).
DePay’s payment solution differs from its competitors in four areas: Transaction simplicity, decentralization, diversification of accepted crypto coins together with payment efficiency.
Transaction simplicity together with the diversification of accepted crypto assets supports the increase in payment conversion and sales. The greater the diversification of crypto assets accepted by a seller, the more likely it is that a buyer will make a payment.
Decentralization is significantly beneficial for payments because it aids in the prevention of fraud, reduces regulatory intervention, and promotes financial efficiency by allowing peer-to-peer transactions without the need for a 3rd party.
Payment efficiency supported by no additional fees makes the DePay payment solution a more attractive option for all transaction parties.
Notwithstanding the fact that centralized crypto payment protocols are centralized, they also require the execution of a time-consuming sign-up process.
When deciding on an appropriate payment solution, sellers are always concerned with fees. Those charging low or no fees are generally widely accepted in practice.
DePay aims to ensure the best price when performing payments, given the conversion is executed in real-time through the most efficient routes in order to obtain the best quotes. Long-term sellers are able to earn more where the gross to net payment volume gap is reduced on the back of payment routing efficiencies.
DePay’s ability to automatically scan a user’s wallet and detect and suggest the most cost-effective payment route in real-time is unmatched.