The volume of electronic payments surpassed the volume of cash transactions in the year 2016, defeating fiat for the first time in the history of the world. If this persistsit may be overtaking Bitcoin payments credit cards and debit cards in the next few decades.

Euromonitor International (EI), a provider of global market intelligence, revealed that electronic payments are completed with credit and debit cards nearly US $25 trillion in the last 12 months.

Bitcoin, Alipay, PayPal – Electronic Payment Trends Determining

Bitcoin settled on 200,000 transactions each day, according to the service provider the Bitcoin wallet most used in the world.

Alipay, which controlled more than 50 percent of the online payment market and more than 78 percent of the mobile payment market in China, settled on 80 million transactions every day. China financial network also supports as much as 900 million active users who use the application to process all types of money transfers.

PayPal, the largest financial networks in the U.S., settled at more than $280 billion in2015, indicates the dominant control on the mobile payments market in the US.

Study of EI payments and electronic cash transactions have been considering Bitcoin, Alipay, PayPal and other popular financial platform, which showed a drastic margin between the total volume of cash payment on electronic transfers.

The role of electronic transfers in the Bitcoin is very important in the sense that it is still the one money transfer method that allows users to send money with a peer to peer basis on decentralised ecosystem. The network itself is not susceptible to manipulation as well as the central agency or Government that does not have the authority over the completion of the transaction.

Similar to the way credit cards and debit cards beat a cash payment for the first time in history, Fintech or non-bank transactions could very likely replace the payment of credit cards and debit cards in the next decade. If so, Bitcoin will be at the forefront, providing the necessary infrastructure for global use of the base to handle the financial problems with the financial freedom and privacy.

Image: Payment Banks

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