The blockchain and cryptocurrency market has achieved impressive strides this year. The first decentralized cryptocurrency, Bitcoin, was created in 2009. Now, the burgeoning popularity of various cryptocurrencies has resulted in major financial institutions, like banks, paying attention to developments in the crypto market. As a result of the recent crypto boom earlier this year, many companies and organizations have become noticeably more open to blockchain technology and cryptocurrencies. For example, Square, Inc. reported earlier this year that it had purchased approximately 4,709 bitcoins at an aggregate purchase price of USD 50 Million. In addition, payment methods have changed drastically, as consumers are now exposed to new digital alternatives to cash, and some major businesses are becoming more adaptable to receiving payments in cryptocurrencies. TD Holdings, Inc. , PayPal Holdings, Inc. , Square, Inc. , Global Payments Inc. , Ebang International Holdings Inc.
According to data presented by Finaria.it, the global digital payments industry is expected to hit a value of USD 6.6 Trillion in 2021, representing a 40% increase in two years. The research claims that large players like Amazon, PayPal, Apple, and Facebook are continually investing significant amounts of money into online and mobile payment solutions. Additionally, the ongoing development from separate online shops towards integrated online shopping ecosystems has created space for new business models and opportunities for digital payment methods. Mobile POS payments are expected to contribute 37% or almost USD 2.5 Trillion to the digital payments value in 2021.