VeChain intensifies efforts to capture the $20 trillion payment industry with the filing of a V3TR trademark registration. According to Boston Consulting Group (BCG), the global payment industry is projected to witness a revenue growth of $2.2 trillion by 2027. VeChain’s strategic move to secure the V3TR trademark registration is seen as a means to align itself with global financial communication standards and merge the traditional financial system with the crypto industry in the long run.
The filing of the V3TR trademark not only opens doors for potential partnerships with multinational banks but also positions VeChain to become ISO 20022 compliant. The trademark covers various financial services, including electronic currency transfers, token issuance and redemption, and digital currency provision for online communities.
The global payment industry is expected to reach $20 trillion by 2026, growing at an annual rate of 24%. VeChain aims to capture a significant portion of this growth, similar to Ripple, SWIFT, and Stellar Lumens. BCG predicts that the overall revenue growth of the global payments industry will reach $2.2 trillion by 2027, with a compound annual growth rate (CAGR) of 6.2%.
Yann Sénant, the global leader of BCG’s payments and fintech segment, emphasized the potential for transformation and improved profitability in the payments industry through the use of artificial intelligence and better-targeted products.
VeChain has solidified its presence in the industry through partnerships with renowned payment brands. Its collaboration with the mobile payment app Oobit enabled the integration of VET into Oobit’s Tap & Pay feature, allowing users to use it for everyday transactions. VeChain’s vision of blockchain and digital assets driving sustainable practices across industries has been the foundation for its partnerships, setting it apart from competitors in its goal to dominate the global payments industry.
Sunny Lu, VeChain’s CEO, expressed excitement about the partnership with Oobit, highlighting the integration of VET into Oobit’s platform as a step towards making blockchain technology synonymous with positive societal impact.
In line with its commitment to environmental sustainability, VeChain launched the Green Ambassador Challenge to simplify the trading of tokenized assets in an environmentally friendly manner. This initiative aligns with the net-zero goals set in collaboration with BCG. VeChain has also made significant progress in Real World Applications.
Despite the recent market pullback, VeChain (VET) has maintained strong buying pressure, with a positive return of 9% in the last seven days. However, it has experienced a 6% loss in the last 24 hours, trading at $0.045.
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