So far, Bitcoin has primarily been used in investment and trading in countries such as China, Japan and South Korea.
But the promise of the digital currency is most seen in the developing workd. Indeed, there are huge opportunities to disrupt the remittance market in countries such as India, Indonesia and the Philippines. The remittances market is a $ 600 billion opportunity and is riddled with inefficiencies.
Cross-border Payments : Bitcoin’s Opportunity
Cross-border payments with Bitcoin are also being considered in the trials and experiments by banks and other financial institutions.
e-Commerce has been rising in popularity across Asia but has been limited by factors such as a lack of payment options for the unbanked and underbanked.
Blockchain thus presents a valuable opportunity in this field by lowering the costs required to onboard potential new customers. The platform’s emphasis on trust also assists customers who might ordinarily be flagged for suspicious activity.
In addition, blockchain technology provides them with an opportunity to engage in digital payments which opens up opportunities across the payment ecosystem.
Benefits are also available on the merchant end. The technology enables merchants to automate payments via application programming interfaces (APIs) and support micro-payments to monetise aspects of the business such as content.
A Varied Regulation Landscape
Developments for blockchain in Asia should continue to be interesting as the various countries sort out a model for implementing the technology within their systems.
Check out our infographic on the use of Bincoin in Asia to find out more!