VeChain Aims to Conquer $20 Trillion Payment Industry with V3TR Filing
VeChain, a prominent blockchain company, is intensifying its efforts to tap into the $20 trillion payment market by filing a trademark registration for V3TR. This strategic move has been recognized by experts as a means to align VeChain with global financial communication standards and further its mission of merging the traditional financial system with the crypto industry.
The filing of the V3TR trademark has the potential to open doors for groundbreaking partnerships with multinational banks and could lead VeChain to become ISO 20022 compliant. The trademark covers a range of financial services, including electronic currency transfers, token issuance and redemption, and digital currency provision for online communities.
The global payment industry is expected to experience remarkable growth, with projections estimating it to reach $20 trillion by 2026 at an annual rate of 24%. VeChain, along with Ripple, SWIFT, and Stellar Lumens, aims to seize a significant portion of this growth. According to Boston Consulting Group (BCG), the overall revenue growth of the global payments industry is predicted to 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, expressed the significance of this research for stakeholders like VeChain, stating, “We are at the cusp of a GenAI-driven revolution for the payments industry with the potential for transformation of customer journeys and better-targeted products holding the potential for better services and improved profitability.”
VeChain has also solidified its presence in the payment industry through partnerships with renowned brands. One notable collaboration is with Oobit, a leading mobile payment app, where VeChain’s VET is integrated into Oobit’s Tap & Pay feature, allowing users to utilize it for everyday transactions. This partnership reflects VeChain’s vision of leveraging blockchain and digital assets to drive sustainable practices across various industries.
Sunny Lu, CEO of VeChain, emphasized the significance of this partnership, stating, “The integration of VET into Oobit’s platform is not just a technological enhancement; it’s a tangible step towards making blockchain technology synonymous with positive societal impact.”
In addition to these partnerships, VeChain has launched the Green Ambassador Challenge to promote the trading of tokenized assets in an environmentally sustainable manner. This initiative aligns with VeChain’s collaboration with BCG to achieve net-zero goals.
With these developments gaining attention from mainstream and retail investors, VeChain (VET) has remained resilient to the broad market pullback. At present, VET has seen a positive return of 9% in the last seven days, although it has experienced a 6% loss in the last 24 hours, trading at $0.045.