As blockchain infrastructure matures, payments are gradually becoming the application scenario with the closest connection to real-world demand.
1. Payments: The Key Real-World Breakthrough for Blockchain
Over the past decade, the blockchain industry has gone through multiple narrative cycles—from crypto assets, to DeFi (Decentralized Finance), to RWA (Real-World Assets).
Yet regardless of how technology evolves, the core mission of blockchain has always revolved around “the transfer and verification of value.”
And in the real world, the most frequent and universal form of value transfer is—payments.
Traditional payment systems have long been dominated by banks, card networks, and centralized clearing institutions.
Cross-border remittances still carry an average cost of 3%–6%, with settlement times ranging from hours to several days.
Against this backdrop, decentralized payment solutions have emerged.
These systems aim to reduce settlement costs, accelerate speed, and eliminate systemic reliance on centralized intermediaries through blockchain-based infrastructures.
**2. The Core Logic of Decentralized Payments:
A Redesign of the Trust Structure**
“Decentralized payments” are not designed to overthrow traditional finance.
Instead, they represent a reengineering of trust mechanisms.
In traditional systems, payments rely on banks or clearing houses as centralized trust providers.
In decentralized systems, trust is derived from smart contracts, distributed consensus, and verifiable ledgers.
This leads to several structural advantages:
- Instant Settlement: Transactions are finalized on-chain within seconds.
- On-Chain Transparency: Every transfer is traceable and tamper-proof.
- Self-Custody: Users maintain full control of their assets without third-party custodians.
- Global Interoperability: Stablecoins enable borderless settlement without currency friction.
With the rapid adoption of stablecoins such as USDT and USDC, volatility risks have significantly reduced, enabling crypto-based payments to transition from theoretical models to scalable real-world solutions.
3. Converging Signals: Policy Shifts + Technological Maturity
Since 2024, global financial regulators have become increasingly open to stablecoins and crypto payment frameworks:
- Singapore & Hong Kong: Released stablecoin issuance and custody regulatory frameworks.
- Thailand, Vietnam, the Philippines, Indonesia: Opened pilot programs allowing merchants to accept USDT/USDC.
- EU (MiCA) & UAE (VARA): Advancing compliant digital asset settlement models.
- United States: Major payment giants like PayPal and Visa have launched stablecoin settlement networks.
At the same time, the TPS capacity of high-performance chains like TRON, BSC, Solana, and XRPL has reached levels capable of supporting mass-scale payments.
Together, these developments signal that decentralized payments have moved from ideological possibility to infrastructure-level inevitability.
**4. Market Demand Is Already Taking Shape:
Three Emerging Paths of Decentralized Payments**
The global financial system is undergoing structural migration—
Traditional clearing networks and blockchain-based settlement layers are beginning to coexist.
In cross-border transfers, freelancer payments, supply chain settlements, and digital asset payrolls, decentralized payments are transitioning from concept to reality.
The 2025 Geography of Crypto Report notes that between July 2022 and June 2025:
- APAC’s on-chain value received grew 69% year-over-year.
- Sub-Saharan Africa grew 52%.
- MENA (Middle East & North Africa) grew 33%.
Against this backdrop, three representative models have gained industry-wide attention:
1️⃣ Web2.5 Merchant Payment Model: PWC (PayWithCrypto)
PWC focuses on converting on-chain assets into real-world spending power.
With its dual architecture—SuperApp + DApp:
- Users make QR payments using stablecoins (e.g., USDT).
- Merchants receive instant settlement in local fiat currency.
- Smart contracts automate fee calculation and value distribution.
This structure balances compliance, transparency, and scalability.
As of 2025, PWC has deployed access to over 34 million merchants across Vietnam, Thailand, the Philippines, and Indonesia—
making it one of Southeast Asia’s largest decentralized payment networks.
2️⃣ Exchange Ecosystem Extension: Bitget Pay
Bitget, a top global exchange, is extending its ecosystem from “trading” to “payment” via Bitget Pay.
Unlike PWC’s focus on real-world merchant networks, Bitget Pay:
- Leverages its existing exchange users,
- Allows direct crypto transfers, recharges, and internal settlements,
- Operates within a secure centralized custody environment.
Its advantage lies in:
- No need for external wallets, bridges, or tools,
- High asset safety via institutional-grade custody,
- Seamless integration with traditional finance.
Bitget Pay represents the exchange-driven path toward real-world crypto utility.
3️⃣ Decentralized Credit & Liquidity Layer: Huma Finance
Huma Finance approaches payments from a credit and cash-flow infrastructure perspective.
The protocol enables businesses and individuals to build blockchain-based credit models linked to real-world revenues, using crypto assets as collateral.
Huma allows enterprises to manage invoices, payroll, and receivables on-chain—forming a liquidity backbone for decentralized payment systems.
Its partnerships with Circle and Visa signal tightening integration between Web3 finance and traditional payments infrastructure.
Structured Comparison of the Three Models
| Model Type | Representative Project | Core Logic | Strengths |
|---|---|---|---|
| Web2.5 Merchant Payment | PWC (PayWithCrypto) | On-chain settlement + fiat conversion | Largest merchant footprint, real-world usability |
| Exchange Ecosystem Payment | Bitget Pay | Internal asset transfers within exchange | Massive user base, strong custodial security |
| Decentralized Credit Layer | Huma Finance | On-chain cash-flow & credit infrastructure | Enables liquidity; integrates with traditional finance |
Although each follows a different path, their shared goal is clear:
to make blockchain the foundational infrastructure of real-world payments.
5. Industry Impact: Payments Will Become the Structural Engine of Web3
The core value of decentralized payments lies in their self-sustaining economic cycle.
Unlike speculative crypto markets, payment growth is based on real transaction activity.
Once large-scale payment volume forms, tokenomics can naturally develop into a closed-loop economy through:
- Stablecoins as settlement mediums,
- Native tokens for incentives and governance,
- Merchant networks generating continuous volume,
- On-chain data underpinning credit and asset innovation.
This structure provides Web3 with verifiable economic fundamentals—
something the industry has long lacked.
6. Conclusion: Trends Do Not Explode—They Evolve
The rise of decentralized payments will not instantly replace traditional finance.
It is a gradual structural migration—
from experimental technology to a fundamental layer of global payment infrastructure.
When people begin paying with stablecoins,
when merchants receive funds directly in fiat or via DApp,
when companies settle salaries and invoices on-chain—
decentralized payment will no longer be a trend, but a new global standard.
PWC, Bitget Pay, and Huma Finance each represent distinct yet complementary pathways leading toward the same vision:
A payment network that is more transparent, more efficient, and more inclusive.
The future of blockchain is not only about financial innovation—
it is about enabling value to move as freely as information.
