- Credit card companies charged $74 billion in fees last year, frustrating consumers who want a cheaper, faster system.
- Blockchain payment networks offer a low-cost alternative to credit cards, saving consumers and merchants billions in fees.
- Over 70% of Americans want a new financial system that is faster, cheaper, and more accessible. Blockchain technology could meet this demand.
Credit card companies charged over $74 billion in fees last year. These excessive charges are frustrating consumers who want a faster, cheaper system. Blockchain technology provides a solution that benefits both consumers and merchants.
The Problem: Sky-High Credit Card Fees
In 2022, credit card companies charged consumers over $74 billion in fees. That comes out to an average of $600 per household. These fees are the second highest expense for merchants after labor costs. Last year, businesses paid more than $126 billion to process credit and debit card payments.
The Solution: Blockchain Technology
Blockchain-based payment networks offer a fast, low-cost alternative to traditional credit cards. These networks enable direct peer-to-peer transactions without high processing fees. For consumers, switching to blockchain could have saved $74 billion in credit card fees last year. Merchants could also benefit by paying negligible fees instead of the billions they currently pay.
Widespread Support for an Updated System
Over 70% of Americans want a new financial system that is faster, cheaper, and more accessible. Blockchain technology has the potential to transform payments by meeting this demand. Leading crypto exchange Coinbase recently reported growing public support for an upgraded system in their latest State of Crypto report.
The Path Forward
To drive adoption, blockchain payment platforms need regulatory clarity. Coinbase and other crypto companies are lobbying regulators and lawmakers to provide guidelines for digital asset use. Increased adoption could save consumers and merchants billions in excessive fees charged by credit card companies. Blockchain technology can power the cheaper, faster payment network that Americans are demanding.