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The use of blockchain technology could save American consumers tens of billions of dollars on their credit card transactions, Coinbase said.
Merchants spent more than $126 billion on fees to process credit card transaction in 2022, their second-largest cost after labor, but by using blockchain technology “they could have paid next to nothing,” the US-based exchange said in its “State of Crypto Report” on Feb. 7.
“In 2022, consumers could have saved at least $74 billion in credit card transaction fees by using blockchain technology,” said the report. ”At least three in five Americans want updates to the system that make it cheaper, faster, and more accessible.”
The savings would amount to an average of about $600 per household, Coinbase said.
Coinbase said in its latest report that consumers could save at least $74 billion in credit card transaction fees by using blockchain technology. Merchants spend more than $126 billion on fees to process credit card transactions. By using blockchain technology, there are…
— Wu Blockchain (@WuBlockchain) February 8, 2024
The report was compiled using publicly available data sourced from the U.S. Securities and Exchange Commission, the U.S. Census Bureau, with help from the data analytics firm Statista, and The Block.
Coinbase Says Legacy Financial Institutions Keep The System ”Unfairly Expensive”
Apps for legacy financial institutions, and even payment apps based on these institutions, keep the system unfairly expensive, hard to access, and mired in delays, said the report.
It added that users of the system, both consumers and small businesses alike, “must pay, then wait, then pay again as their money wends its way past intermediaries who add fees and time to the process.”
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