From Nasdaq:

Blockchain technology in payments may face challenges as centralized systems prove to be efficient. Traditional payment costs are driven by regulatory requirements and lack of competition. Low competition in consumer-to-consumer payments creates high costs, especially for cash-based transactions. However, crypto payment firms can offer lower prices for consumers with smartphones and bank accounts. On the business side, smart contracts can reduce costs by automating compliance checks, leading to a 40% reduction in business process costs. Integration with enterprise systems and improved privacy measures make on-chain payments more viable for large and small firms alike.



Read more at Nasdaq: Why Blockchain Payments Are Misunderstood