Original author: Will Awang, Diane Cheung

Original source: Web3小律

The emergence of blockchain and cryptocurrency technology not only allows people to purchase NFT digital artworks, interact with players in the Metaverse, and make money in GameFi gameplay, but also provides the most essential decentralized peer-to-peer payment solutions. These fast and convenient Web3 payment solutions are changing our current payment methods and even the entire financial market.

Since PayPal launched the stablecoin PayPal USD in August, we have seen many industry giants announcing the expansion of their business scope to Web3 payments or integrating Web3 payment channels, giving a strong sense of a full-scale attack on the Web3 payment business. We can see the entry and exit aggregation solution of MetaMask; X's (formerly Twitter) payment license application; VISA USDC settlement blockchain payment network, and a series of actions by industry giants in the blockchain industry.

As Web3 payments cover almost all infrastructure in the industry, including payments, stablecoins, wallets, custody, and trading, understanding the wide range of use cases and potential advantages of Web3 payments is crucial for all participants in the Web3 ecosystem.

This article will briefly describe the concept and path of Web3 payments, and from a business perspective and a legal compliance regulatory perspective, explain why Web3 payments are expected to reshape the cryptocurrency market. I hope this article can be helpful in this regard, and welcome discussions and exchanges. The full text is about 16,000 words, with an estimated reading time of 30 minutes.

TL; DR

• Traditional payments and Web3 payments are not separate, but present a situation of mutual interaction. Fiat currency and cryptocurrencies continue to interact and gradually integrate into stablecoins, central bank digital currencies, and other real-world use cases.

• Bitcoin was designed to achieve a decentralized peer-to-peer electronic cash payment system, and Web3 payments stem from this. Currently, Web3 payments can be roughly divided into two categories: entry and exit payments, and cryptocurrency payments (on-chain, off-chain).

• Industry giants such as PayPal, Coinbase, and MetaMask are gradually opening up to or integrating Web3 payment businesses and scenarios, including wallets, custody, payments, trading, and stablecoins, ultimately gradually covering their entire ecosystem and forming their own closed loop ecosystems.

• The infrastructure of Web3 payments is gradually taking shape, linking wallets, custody, and stablecoins. More important than this is how to build payment scenarios. Imagine how X (Twitter), Telegram, MetaMask, and PayPal will form their own large encrypted ecosystems. In this context, the existing structure of the cryptocurrency market is bound to change.

• Compliance is the foundation of payment business. The complex nature of Web3 payment business across regions and scenarios poses a huge challenge for regulatory compliance. However, with further clarification of cryptocurrency regulation, the adoption of cryptocurrencies is expected to be further enhanced, driving the rapid development of the Web3 payment industry.

• From the perspective of the monetary system, the BIS believes that after the digitization of currency, the key to development is tokenization, which can significantly enhance the capabilities of the monetary and financial systems. The future monetary system is expected to unleash new economic growth drivers through tokenization.

• The biggest opportunity for cryptocurrencies may not be to view them as cryptocurrencies, but as a new payment method. Some people believe that the killer application of Web3 has not yet arrived, but it may have quietly arrived: it is payment!

I. Overview of Web3 Payments

In simple terms, Web3 payments refer to a payment method based on blockchain and cryptocurrency technology, but due to the characteristics of blockchain and cryptocurrency, Web3 payments include more than just payment attributes.

Cryptocurrencies like Bitcoin have multiple attributes. They are not only a form of payment, but also an innovative technology, a store of value, and a financial infrastructure, and can also serve as a unit of account in transactions to mark value.

Traditional payments and Web3 payments are not separate, but present a situation of mutual interaction. Fiat currency and cryptocurrencies continue to interact and gradually integrate into stablecoins, central bank digital currencies, and other real-world use cases. Web3 payments are redefining our payment methods and financial systems.

1.1 Traditional Payments

Let's first look at traditional payments. Payment is the act of transferring currency (or equivalent) or claims from the payer to the payee, completing the matching of information flow and fund flow to deliver goods and money. The essence of payment is the transfer of funds.

In a broad sense, payments include cash in the form of banknotes and electronic currency. There are roughly four ways of fund transfer: cash payment; bank account transfer; debit card transfer; credit card payment. The latter three forms of electronic currency payments require the participation of centralized financial institutions such as banks to complete fund transfers. If banks cannot directly complete the payment, the involvement of third-party payment institutions is also required.

According to the different payment currencies, payments can be divided into domestic payments and cross-border payments. As Web3 payments are currently conducted on the blockchain, they can achieve dual functions of cross-currency (fiat currency vs. cryptocurrency) and cross-regional transactions, and can be classified as a form of cross-border payment.

There are many participants in the cross-border payment industry chain, including customers, commercial banks, third-party account/acquiring payment institutions, clearing institutions, and merchants. The entire industry chain can be roughly divided into three levels: the first level is users and merchants, which are the source and terminal of payments; the second level is payment service institutions, such as banks, third-party payments, etc.; the third level is the cross-border payment network, which is the bottom layer support for cross-border payments, such as SWIFT and SEPA.

The following is the architecture of cross-border payments:

(Source: How new entrants are redefining cross-border payments)

Based on the type of cross-border payment service provider, it can be divided into interbank cross-border payments, specialized remittance companies, bank card clearing institutions, and third-party payment institutions. The comparison of Web3 payments based on blockchain settlement will be illustrated through examples.

• 1.1.1 Interbank Cross-Border Payments

(Source: SWIFT gpi- Future of Cross Border payments)

Early cross-border payments were mainly conducted through banks, such as the early appearance of interbank telegraphic transfers, mainly used for cross-bank transactions, import and export trade, and other cross-border payments. This payment method requires complex bank networks and may take several days or even weeks to complete. It may involve the exchange of multiple currencies and relatively high fees.

Traditional interbank cross-border payments mainly rely on the SWIFT network, which does not hold funds for users or manage accounts, but provides a communication information network and exchanges standardized financial messages. SWIFT can be understood as a network connecting almost all major banks globally, allowing banks to use the same language to complete foreign exchange transactions.

However, the drawback of SWIFT is that if a payment passes through multiple intermediary banks and encounters anti-money laundering checks, it can easily lead to delays or even payment failures, as well as issues such as exchange rate losses.

As shown in the above diagram, when a commercial account relationship is established between the beneficiary bank and the remitting bank, the user's payment will be transferred directly through the bank's commercial account to complete the payment, and the bank will charge the corresponding fees. However, when there is no commercial account relationship between the beneficiary bank and the remitting bank, an intermediary bank is needed to complete the transaction. The intermediary bank will charge additional fees, and the time for payment to reach the account will be extended due to the increase in transaction parties.

Bank cross-border payments are subject to strict regulation, and the regulatory policies in different countries and regions have imposed certain limitations on cross-border payments. In addition, bank cross-border payments mostly have strict KYC/AML requirements, requiring users to open accounts before completing transactions, resulting in relatively high costs.

• 1.1.2 International Card Organizations

Similar to SWIFT, international card organizations are also the main network for traditional cross-border payments, but they focus more on the acquiring scenarios of merchant payments (deducting funds from the buyer's account to the merchant). There are various acquiring methods, and the exchange process is completed directly during the payment process, settling the local currency for the merchant.

Card organizations are international regional payment information processing networks. There are currently six major card organization networks globally: VISA, Mastercard, China UnionPay, American Express, JCB, and Discover. Cross-border payments processed through international card organizations usually take at least T+1 day or longer to complete, meaning it takes at least T+1 day to reach the merchant's account. International card organization payments also require licensing to operate and are subject to different regulatory policies in various countries.

• 1.1.3 Third-Party Cross-Border Payments

With the development of e-commerce and internet technology, electronic transfers have become a popular cross-border payment method. This type of cross-border payment is generally provided by non-bank institutions (such as Alipay, PayPal, etc.) as third-party payment institutions that offer all or part of the fund transfer services. These third-party payment institutions play an important role in cross-border e-commerce retail, remittances, import and export businesses, and overseas mobile payments.

Third-party cross-border payments require access to international card organizations or banks for clearing and settlement to complete payments. The exchange process in cross-border payments is mainly completed through banks, and third-party payments usually have custody functions, allowing funds to be held in third-party payment accounts and transferred to the seller's account after the transaction is confirmed.

(Source: Acquiring Banks vs Issuing Banks in Credit Card Processing)

As shown in the above diagram, in a cross-border e-commerce scenario, the user side is the starting point of fund transfer, and the third-party payment institution connects the user's bank account with the issuing bank's credit/debit card. After the user makes a purchase, the user's funds are transferred to the payment channel and settled with the card organization. After settlement, the third-party payment institution transfers the funds to the merchant. In offline shopping scenarios, an acquiring agent is needed to connect the merchant with the third-party payment institution.

Traditional payments have been developed for a long time and currently cover most application scenarios with extensive functionality. However, cross-border payments face real-world issues such as high costs, slow speed, restricted access, and lack of transparency. According to a survey by the Federal Reserve, users' pain points mainly focus on two aspects: the need to improve payment speed, as the current payment deadlines do not meet user needs, and the strong demand for periodic real-time payment scenarios.

1.2 Web3 Payments

Although current payment methods are rapidly digitizing, the involvement of multiple participants and the complex fund transfer process result in significant friction costs, leading to high costs. The improvement of the payment experience has been constrained by various intermediaries, banks, and technology companies.

Bitcoin was designed from the beginning to achieve a decentralized peer-to-peer electronic cash payment system. In 2008, Satoshi Nakamoto released the Bitcoin whitepaper against the backdrop of the global financial crisis, hoping to change the traditional bank-centric financial system and achieve decentralization of the entire financial system. Since the birth of Bitcoin on January 9, 2009, it has opened the way for the widespread use of cryptocurrencies.

Bitcoin payments allow direct transfers between users without the need for banks, clearing centers, and electronic payment platforms, avoiding high fees and complex transfer processes. Any user with a device connected to the internet can use it without permission.

(Source: How Crypto Payment Solutions Have Changed the Market)

Similar to the Bitcoin payment network, cryptocurrency payments rely on the blockchain network as the backbone infrastructure, allowing cryptocurrencies to be transferred directly between the sender and receiver without any third parties, quickly, conveniently, and at extremely low costs.

As the acceptance of cryptocurrencies continues to increase, it is inevitable that cryptocurrencies will interact with fiat currencies in the real world. Here, institutions that provide entry and exit services play the role of banks that provide foreign exchange services in cross-border payments, facilitating the exchange of cryptocurrencies and fiat currencies.

Currently, Web3 payments can mainly be divided into two payment methods: (1) entry and exit payments (On Ramp & Off Ramp), which involve the exchange of cryptocurrencies and fiat currencies; (2) cryptocurrency payments, including (2.1) on-chain native asset payments in cryptocurrencies, between two addresses on the blockchain, or the interaction of cryptocurrencies and on-chain assets (such as purchasing NFTs with cryptocurrencies, swapping different cryptocurrencies); and (2.2) traditional physical payments off the blockchain using cryptocurrencies, such as using cryptocurrencies as a form of currency to purchase other goods/services.

Web3 payments connect fiat currencies and cryptocurrencies through entry and exit payments, and enable the circulation of cryptocurrency assets through cryptocurrency payments, forming a complete payment loop.

As cryptocurrency payments are conducted on the blockchain, they are not significantly restricted by geographical factors, and the regulation of various jurisdictions is gradually being improved. However, entry and exit payments themselves involve fiat currency payments and will therefore be subject to existing financial regulations.

1.3 Advantages of Web3 Payments Compared to Traditional Payments

(Source: Tech giants are betting, can Web3 wallets become the fulcrum of the industry?)

Traditional payments are a payment system based on an account system, with the transfer of value recorded in the accounts of intermediary institutions (such as banks, third-party payment companies). Due to the involvement of multiple participants, the fund transfer process is very cumbersome, resulting in significant friction costs and high costs.

In contrast, Web3 payments are a payment system based on a value or token-based system, with the transfer of value stored by users themselves in the distributed ledger of the blockchain. Based on the blockchain network as the backbone infrastructure, Web3 payments allow cryptocurrencies to be transferred directly between the sender and receiver, solving issues such as high costs, low efficiency in cross-border transfers, and high costs in traditional payments.

What are the advantages of Web3 payments compared to traditional payments?

Firstly, leveraging blockchain technology can effectively reduce the trust costs between transacting parties, making payments more direct, fast, and secure. Smart contract functionality can enable programmable payments and automated execution, improving payment efficiency and trustworthiness.

Secondly, cryptocurrency payments currently have a significant advantage in terms of timeliness compared to traditional payments, especially in the case of cross-border payments. This feature will be a key driver for the development of cryptocurrency payments and a major force in driving the upgrade of traditional cross-border payment technologies.

Furthermore, based on the decentralized nature, Web3 payments simplify processes built on centralized clearing institutions, reducing friction costs, especially significantly improving cross-border payment efficiency and accelerating clearing and settlement speeds.

Various signs indicate that traditional cross-border payments and Web3 payments are not completely separate, and both are forming a two-way trend in various aspects. This is reflected in the application of blockchain technology in the traditional payment industry accelerating, with traditional payment participants such as SWIFT, VISA, and PayPal exploring Web3 payment solutions in addition to the CBDCs being practiced by multiple countries. On the other hand, Web3 payment projects are actively cooperating with traditional financial institutions, third-party payment institutions, and exploring the accelerated application of compliant stablecoins.

Although Web3 payments still face challenges in terms of technology, user acceptance, security, and compliance, Web3 payments have significant implications for the cryptocurrency industry and even the entire traditional finance industry.

II. Main Paths of Web3 Payments

Currently, Web3 payments can mainly be divided into two payment methods: (1) entry and exit payments (On Ramp & Off Ramp); (2) cryptocurrency payments (including on-chain native scenarios and payments with traditional entities off the chain).

Web3 payments connect fiat currencies and cryptocurrencies through entry and exit payments, and enable the circulation of cryptocurrency assets through cryptocurrency payments, forming a complete payment loop.

Due to the relatively small volume of native assets in the cryptocurrency market and the limited payment scenarios, most of the Web3 industry's discussions about payments are related to the exchange of fiat currencies and cryptocurrencies.

2.1 Entry and Exit Payments

Entry and exit payments (On Ramp & Off Ramp) are an important bridge connecting fiat currencies and cryptocurrencies, forming a complete payment loop. Apart from OTC/P2P entry and exit methods, other entry and exit processes require the participation of third-party payment institutions.

• 2.1.1 Entry and Exit Payment Process

The fund flow behind entry and exit payments: Users transfer fiat currency through payment channels to liquidity providers behind third-party payment institutions (Crypto Liquidity Providers), who are more like merchants in traditional third-party payment scenarios, transferring cryptocurrencies as "goods" to users' addresses on the chain, while providing cryptocurrency liquidity to third-party payment institutions. The process is reversed for exit payments.

These liquidity providers are typically centralized exchanges (such as Coinbase Prime, Binance, Kraken) or stablecoin issuers (such as Tether and Circle), or cryptocurrency-friendly banks (such as the now-defunct Silvergate Bank and Signature Bank). Liquidity providers are crucial in the entry and exit payment process, acting as a bridge between fiat currencies and cryptocurrencies.

• 2.1.2 Main Entry and Exit Payment Methods

A. Centralized Exchanges

Since centralized exchanges also have the nature of currency transfer, their functions partially overlap with those of payment institutions. They apply for relevant cryptocurrency/payment licenses similar to those of payment institutions, so most centralized exchanges also have entry and exit payment functions.

Furthermore, as centralized exchanges can also act as liquidity providers, we see that most centralized exchanges have their own entry and exit payment business sections. Users can directly purchase cryptocurrencies using debit/credit cards or bank transfers, such as Binance Pay, Coinbase Pay, and other similar services.

Centralized exchanges provide a payment interface for both buyers and sellers using exchange custodial wallets. The trading parties can choose to use different accounts in the same custodial wallet or use non-custodial wallets, with the former having lower fees due to not involving gas.

In addition, in jurisdictions with stricter regulations, centralized exchanges need to integrate independent entry and exit payment institutions as underlying payment channels to facilitate user entry and exit payments. This operation also applies to decentralized exchanges, as Uniswap has integrated independent entry and exit payment institutions such as Moonpay and Paypal to support user entry and exit payments.

B. Independent Entry and Exit Payment Institutions

Independent entry and exit payment institutions are payment institutions with cryptocurrency transfer capabilities (which may also include cryptocurrency-friendly banks) and need to obtain relevant licenses for cryptocurrency/payment operations in their operating jurisdictions.

Currently, MoonPay is the leading project for cryptocurrency entry and exit payments, positioning itself as the PayPal for Web3, with over 5 million registered users. In terms of coverage, MoonPay supports cryptocurrency payments in over 160+ countries and regions, and the exchange of over 80 cryptocurrencies and 30+ fiat currencies, holding payment business licenses in most jurisdictions.

In terms of payment methods, MoonPay currently supports payment channels such as credit cards, debit cards, mobile payments, and account-to-account payments. Users simply input the on-chain address and the amount in the desired cryptocurrency to complete the payment. Coinbase provides liquidity for MoonPay, and its comprehensive entry and exit payment functions and first-mover advantage have quickly captured the majority of the European and American markets where credit card usage is predominant, supporting a valuation of $3.5 billion.

Additionally, we have seen traditional payment giant Paypal recently partnering with stablecoin issuer Paxos to launch the PYUSD stablecoin, aiming to enter the Web3 payment market. Previously, the collapsed Silvergate Bank and the forcibly closed Signature Bank, these cryptocurrency-friendly banks are also important entry and exit payment channels.

C. Other Entry and Exit Payment Methods

Other entry and exit payment methods are essentially payment products based on the integration of the above two payment methods.

Aggregated payment products integrate multiple independent entry and exit payments, allowing users to access different rates and quotes from different independent entry and exit payments for payments. MetaMask is the most typical aggregated payment product, and other well-known projects include TransitSwap and KyberSwap.

Cryptocurrency retail terminal ATMs and POS. With the development of the cryptocurrency industry, in addition to online payments, cryptocurrency retail terminals have also emerged. Cryptocurrency ATMs are used for direct cash purchases of cryptocurrencies offline, with ATM providers purchasing liquidity from third-party providers and paying users. The characteristic of this payment method is its anonymity, as users almost do not need to provide identity verification or only need minimal personal information to purchase cryptocurrencies, but the drawback is the extremely high transaction fees (5%-20%). Bitcoin Depot is a leading project in this field.

Cryptocurrency payment POS is another channel for offline cryptocurrency payments, where users pay with cryptocurrencies through POS terminals, and merchants receive fiat currency directly, achieving user exit payments through POS payments. This type of payment also requires licensing, but has lower exit payment rates compared to ATMs.

Pallapay is one of the projects that provides such solutions.

(Source: Crypto | Money is evolving)

Overall, there are many ways for users to choose from in Web3 payments, but entry and exit payments involving the conversion of fiat currency and cryptocurrency generally require operators to apply for operational licenses by region. The costs incurred by payments vary slightly due to the different business models of payment methods.

In addition to entry and exit payments, some centralized exchanges and payment institutions issue debit and credit cards in collaboration with card organizations such as Visa and Mastercard, which serve as both entry and exit payments and cryptocurrency payments.

2.2 Cryptocurrency Payments

As the acceptance of cryptocurrencies continues to increase, Web3 payments are also entering traditional markets such as e-commerce (for online shopping), the gig economy (for contracts and freelancers), cross-border remittances, travel bookings, and online gaming (for in-game item exchanges). It uses cryptocurrencies for online consumption and remittances, rather than relying on outdated infrastructure from traditional banks or third-party payment institutions.

Currently, cryptocurrency payments are mainly divided into two categories: payments between traditional entities off the chain and on-chain native scenario payments.

• 2.2.1 Cryptocurrency Payments - Payments between Traditional Entities Off the Chain

According to a report by PYNMTS and BitPay in 2022, which surveyed over 2,300 online merchants with annual sales exceeding $250 million, approximately 85% of large retailers (with annual revenue exceeding $1 billion) currently offer cryptocurrency as a payment method. Among all surveyed merchants, half already accept cryptocurrency payments, and among those not yet accepting cryptocurrency payments, 42% are planning to do so. The report also found that most merchants use non-native cryptocurrency wallets to support cryptocurrency payments, such as PayPal and Venmo.

To meet the growing demand for Web3 payments, leading payment giants such as Mastercard, Visa, PayPal, Stripe, and Venmo are partnering with cryptocurrency companies to offer cryptocurrency as a payment method to millions of users. Most major retailers, such as Overstock, Microsoft, Expedia, and Starbucks, have also integrated cryptocurrency payments, allowing their customers to directly use cryptocurrency to purchase digital and physical goods. Other major companies include popular streaming platform Twitch, Norwegian Air, Etsy, and Burger King.

(Source: How Crypto Payment Solutions Have Changed the Market)

In terms of payments between traditional entities off the chain, let's consider a scenario where a user makes a cryptocurrency purchase and the merchant receives fiat currency. In the fund flow, the cryptocurrency is first converted into fiat currency through entry and exit payment channels by a third-party payment institution, and then the fiat currency is paid to the merchant.

The most common solution currently is the issuance of cryptocurrency bank cards. Centralized exchanges or wallet companies typically collaborate with card organizations such as Visa and Mastercard to issue cryptocurrency debit/credit cards. Users can use these cards for online consumption or offline transactions as long as they hold cryptocurrency in their platform accounts. During actual payments, the card issuer first converts the cryptocurrency into local fiat currency through an exit payment channel before paying the merchant. We see that the centralized exchange Crypto.com has issued the Crypto.com Visa Card debit card in collaboration with Visa. In addition to fiat currency payment functionality, it also provides users with on-chain cryptocurrency payment capabilities.

• 2.2.2 Cryptocurrency Payments - On-Chain Native Scenario Payments

In terms of on-chain native scenario payments, users pay with cryptocurrency and merchants accept cryptocurrency. This method should not be simply understood as peer-to-peer payment transfers based on blockchain technology, but also needs to consider the trust issues encountered in real-world payment scenarios, which require the involvement of third-party payments.

For example, in a scenario of online shopping with a trust solution (a trust chain among friends), transactions can be completed directly through blockchain peer-to-peer transfers, including user payment, merchant shipment, and user receipt. However, in an online platform shopping scenario without a trust basis, who ensures that the merchant will ship the goods after the transfer, and that the received goods match the actual order?

Similarly, while we can use blockchain networks for peer-to-peer transfers with family and friends, how do we handle transactions with strangers? Therefore, a set of account systems needs to be linked to the settlement system on the blockchain to facilitate offline goods circulation and on-chain payment settlement.

As a result, third-party payment institutions that provide cryptocurrency payment products are needed to address the above issues. This includes the cryptocurrency payment protocol, payment core system, front-end product interaction, and corresponding support modules as shown in the above image. We can see that Ripple and Stella Venture DAO are part of a multi-chain dApp ecosystem. Our internal products and incubation projects span chains and vertical domains, ensuring sustainable value for ALPHA users and token holders. In May 2023, Alpha Venture DAO was renamed Stella and migrated to the Arbitrum ecosystem. Stella is committed to being the preferred destination for leveraged and loaned individuals to maximize their potential returns. Regardless of the on-chain strategies leveraged individuals want to use (and are secure enough to be supported), Stella will provide support at 0% borrowing cost. Learn more

Our internal products and incubation projects span chains and vertical domains, ensuring sustainable value for ALPHA users and token holders. In May 2023, Alpha Venture DAO was renamed Stella and migrated to the Arbitrum ecosystem. Stella is committed to being the preferred destination for leveraged and loaned individuals to maximize their potential returns. Regardless of the on-chain strategies leveraged individuals want to use (and are secure enough to be supported), Stella will provide support at 0% borrowing cost. Learn more

Regardless of the on-chain strategies leveraged individuals want to use (and are secure enough to be supported), Stella will provide support at 0% borrowing cost. Learn moreVenture DAO is a multi-chain dApp ecosystem. Our internal products and incubation projects span chains and vertical domains, ensuring sustainable value for ALPHA users and token holders. In May 2023, Alpha Venture DAO was renamed Stella and migrated to the Arbitrum ecosystem. Stella is committed to being the preferred destination for leveraged and loaned individuals to maximize their potential returns. Learn more

Exploring in this area.

Visa recently provided a settlement solution based on the stablecoin USDC, applied in the case of Crypto.com. In the scenario where users spend cryptocurrency and merchants receive fiat currency, Crypto.com needs to convert the cryptocurrency paid by users into fiat currency and then pay the merchants through traditional payment channels. Settlement through traditional payment channels means increased participation, transaction costs, complexity, and limitations on executing settlements for Crypto.com outside of banking hours.

With Visa's USDC settlement solution, the currency exchange and traditional payment steps are eliminated, enabling real-time, global settlement 24/7/365 through blockchain. This flexible settlement method, without the need for currency exchange, opens up new business scenarios for Crypto.com, such as cryptocurrency payment gateways for merchants and blockchain-based cross-border payments.

Visa's USDC settlement solution can also be used for cross-border remittances. The nearly $1 trillion cross-border remittance market is plagued by high-cost traditional payment methods, which charge up to 8% of the transaction amount to the transferor. Web3 cross-border remittance products like Strike's Send Globally, utilizing the Bitcoin Lightning Network, provide an affordable alternative to traditional cross-border remittances, with fees ranging from 0.01% to 0.1% of the transaction amount.

This settlement method, combined with the application of stablecoins, can reduce traditional cross-border payment costs by 80%. This means that for a $500 remittance, the transaction cost for on-chain cryptocurrency payments and currency exchange is only $4.8, much lower than the average cost of around $20 for cross-border remittances. In 2022, cross-border remittances to laborers amounted to nearly $8 billion, and Web3-based remittances could save the industry $40 billion to $64 billion in costs annually.

III. Industry Giants' Layout of Web3 Payments

Industry giants are gradually opening up/accessing Web3 payment businesses and scenarios around their core businesses such as transactions, payments, communications, and social networking, including wallets, custody, payments, trading, and stablecoins, gradually covering their entire ecosystem and forming a logical closed loop. The following outlines the layout of Paypal, Coinbase, and MetaMask in this regard.

3.1 Paypal's Layout of Web3 Payments - Payments, Wallet Custody, and Stablecoins

In the previous article "Paypal's Stablecoin Expected to Lead the Cryptocurrency Industry into the Mainstream," we introduced Paypal's PYUSD stablecoin launched on August 7, 2023, as the only stablecoin supported in the PayPal ecosystem. It will be used to connect Paypal's existing 431 million users, providing a seamless bridge between fiat and cryptocurrency for consumers, merchants, and developers in Web2.

• 3.1.1 Implementation Path of Currency Exchange Business

By reviewing the Paypal Cryptocurrency User Agreement, we can see the important role of the PYUSD stablecoin in bridging Web2 & 3 payments, Paypal accounts, and cryptocurrency custody wallet accounts.

As shown in the above image, Paypal uses the PYUSD stablecoin as a bridge for currency exchange between fiat and cryptocurrency. Whether it's deposit, withdrawal, or cryptocurrency payment business, the process is completed through the USD - PYUSD - Crypto Asset link, and vice versa.

For example, in the scenario of using cryptocurrency to pay for merchant services, the first step is to sell the Crypto Asset as PYUSD/USD, and then it will be used to make payments to the merchant in PYUSD/USD.

The fiat currency payment business uses Paypal accounts, while for cryptocurrency, Paypal creates a Cryptocurrencies Hub crypto wallet under the Paypal account. This wallet is custodied by Paxos, the issuer of PYUSD, meaning that users surrender their assets (private keys). The Paypal user agreement explicitly states: "You will not hold the digital Crypto Assets themselves in your Crypto Asset balance / You do not own any specific, identifiable, Crypto Asset."

In this way, we see that Paypal has established a framework for Web3 payments by bridging the payment channels between fiat and cryptocurrency, issuing stablecoins as a medium of exchange, and building a Paypal account wallet system, forming a logical closed loop within its own ecosystem.

Based on this foundation, Paypal can leverage its advantages in the payment industry to support deposit functions for external wallets such as MetaMask, Ledger, and also support centralized exchanges like Kraken. Additionally, in the withdrawal function announced by Paypal on September 12, it also supports wallets, DApps, and NFT market platforms.

With channels, tools, and infrastructure in place, guiding Paypal's existing 431 million users into Web3 and leading Web3 towards mass adoption is crucial.

(Source: Buy and Sell Cryptocurrency | PayPal US)

• 3.1.2 Traditional Payment Companies Ready to Go

We see that Paypal's approach is more suitable for traditional payment companies to replicate. Traditional payment companies like Stripe and Square are already engaged in deposit and exchange businesses. For example, Stripe announced the provision of cryptocurrency deposit services in December 2022, and Block (Square's parent company) offers BTC trading services through its Cash App.

Since traditional payment companies have already established compliance processes and licensing for local payment businesses, it is only a matter of time and pace for them to engage in Web3 payments. In contrast, new entrants like X (formerly Twitter) are actively applying for money transmission licenses (MTL) in various states in the United States to meet compliance requirements.

3.2 Coinbase's Layout of Web3 Payments - Trading, Custody, and Payments

As the most compliant centralized exchange globally, Coinbase's numerous compliance paths are worth emulating. Through its layout of Web3 payments, Coinbase can form a logical closed loop within its own ecosystem, including deposit and payment channels, Commerce merchant payment solutions, stablecoin trading medium (USDC), crypto asset custody wallets and non-custodial wallets, and the core trading function of the exchange itself.

• 3.2.1 Trading as Core, Payments as Auxiliary

While the purpose of obtaining payment licenses for centralized exchanges is primarily for the compliance of their own trading business, these licenses also open up deposit and payment channels. Relying too much on third-party deposit and payment channels, such as the previously failed Slivergate Bank and the regulated bankruptcy of Signature Bank, may lead to business instability due to regulatory uncertainty. Therefore, we see that many exchanges have their own payment business sections, such as Binance Pay, Coinbase Pay, and XXX Pay.

In Licenses & Disclosures, we see that Coinbase has obtained money transmission licenses (MTL) in most states in the United States. In particular, Coinbase obtained the Bitcoin license (BitLicense) from the New York State Department of Financial Services (NYDFS) in 2017, becoming the first regulated Bitcoin exchange in the United States, able to provide buying, receiving, and storing Bitcoin services locally in New York State.

Outside the United States, Coinbase is actively expanding into overseas markets and has obtained EMI licenses in the UK, VASP licenses in Ireland and Germany, and DPT licenses in Singapore. Through its trading business and payment channels, Coinbase gradually covers many jurisdictions globally.

(Source: Coinbase Commerce)

In addition to obtaining compliance licenses, Coinbase has also launched the enterprise-level crypto payment service Coinbase Commerce. This is a blockchain-based merchant payment solution that helps online businesses accept cryptocurrency payments. The service allows merchants to accept payments in mainstream cryptocurrencies such as Bitcoin, Bitcoin Cash, DAI, and Ethereum. The goal of Coinbase Commerce is to help businesses quickly and flexibly conduct business with global customers.

According to reports on August 21, Coinbase is acquiring a stake in Circle Internet Financial, which means that Coinbase and Circle will have greater strategic and economic consistency in the future development of the crypto financial system, to counter competitors such as USDT and PYUSD. Additionally, Coinbase can expand the use cases for USDC, not limited to cryptocurrency trading, but also potentially extending to forex and cross-border transfers through Web3 payments. Thus, USDC = USD Coinbase.

• 3.2.2 Custody Business and Non-Custodial Wallets

Coinbase Custody Trust Company, LLC, regulated by the New York State Department of Financial Services, is the main company providing custody services for Coinbase. Currently, in the competition for Bitcoin spot ETF applications, in addition to Blackrock, which has confirmed a partnership with Coinbase for Bitcoin spot ETF, other participants including Fidelity, VanEck, 21 Shares under ArkInvest, Valkyrie, and Invesco have submitted revised applications and designated Coinbase as their partner. Once the SEC approves these asset management company applications, the vast assets under their management will be custodied on Coinbase.

According to data from CoinGecko, an analysis included in the ETF filing submitted by BlackRock estimates that 56% of the $129 billion worth of Bitcoin trading in the United States is conducted on Coinbase. In the future, with the development of Bitcoin spot ETFs, this proportion is expected to further increase. Coinbase stands to gain significant benefits from this and emerge as the biggest winner in this competition.

As for the non-custodial wallet Coinbase Wallet, since users independently control their assets (private keys) and interact directly with the payment system, Coinbase Wallet itself, similar to MetaMask, is not defined as a Money Services Business (MSB) by FinCEN.

In this way, we see that Coinbase, based on its compliance advantages in trading business, has bridged deposit and payment channels, stablecoin trading medium (USDC), crypto asset custody wallets and non-custodial wallets, and the core trading function of the exchange itself, thereby achieving a logical closed loop within its own ecosystem.

The key to Web3 payment services is for Coinbase's exchange to be the main business and contribute to profits.

3.3 MetaMask's Layout of Web3 Payments - Wallet and Aggregation

Over the past year, MetaMask has continuously introduced new features. The current MetaMask Portfolio DApp has aggregated functions such as Sell, Buy, Stake, Dashboard, Bridge, and Swap, helping users manage assets conveniently and perform unified on-chain asset operations. Additionally, MetaMask recently launched the Snaps version, integrating third-party blockchain plugins.

MetaMask's natural advantage lies in its nearly 30 million monthly active users. According to data disclosed by ConsenSys, MetaMask has a total of 100 million users, is associated with 17,000 DApps, and has a daily interaction volume of 244,000 times. According to a report from CoinGecko, as of August this year, MetaMask has been downloaded 22.66 million times.

In the foreseeable future, MetaMask is expected to aggregate into a super wallet traffic entry point, allocate wallet traffic, and distribute it to various DApps, offering significant business potential.

• 3.3.1 Introduction of Sell to Bridge Deposit Functionality

On September 5th, MetaMask introduced the latest feature "Sell," allowing users to exchange cryptocurrencies for fiat currency through the MetaMask Portfolio and send funds to a bank account. For compliance purposes, this feature is currently only available in the United States, the United Kingdom, and some parts of Europe, and only supports the exchange of USD, EUR, and GBP. MetaMask stated that initially, it only supports ETH on the Ethereum mainnet and plans to expand to other native tokens on Layer2 networks in the short term.

After selecting their region, users input the amount of ETH to be sold, choose a quote from multiple service providers, and connect their bank account. According to the official introduction, MetaMask has established partnerships with cryptocurrency withdrawal service providers such as MoonPay, Sardine, and Transak. However, currently, only MoonPay and Transak provide services, and KYC verification is required.

The "Sell" withdrawal function was introduced five months after the launch of the "Buy" deposit function, which allows users to deposit funds using bank accounts, PayPal, debit cards, and credit cards.

Non-custodial wallets like MetaMask, where users independently control their assets (private keys) and interact directly with the payment system, only provide communication or network access services to support currency transfer services and are not regulated as MSBs by FinCEN. Moonpay, which provides payment channels for MetaMask, is classified as an MSB.

• 3.3.2 Independent Third-Party Payment Company Moonpay

MoonPay is currently a leading project for cryptocurrency deposits and withdrawals, with over 5 million registered users. In terms of coverage, MoonPay supports cryptocurrency payments in over 160 countries and regions, and the exchange of over 80 cryptocurrencies and 30 fiat currencies. In terms of payment methods, MoonPay currently supports payment channels such as credit cards, debit cards, mobile payments, and account-to-account payments. Uniswap has also used Moonpay as one of its deposit channels.

By aggregating independent third-party payment companies like Moonpay, MetaMask can achieve deposit and payment channels, non-custodial wallets, and a variety of trading functions aggregated on its portfolio page (Swap, Bridge, Stake, etc.), essentially forming a logical closed loop.

• 3.3.3 Snaps Version

On September 13th, MetaMask released its Snaps version, which supports wallet integration for non-EVM (Ethereum Virtual Machine) chains including Solana, Sui, Aptos, Cosmos, and Starknet. Currently, 34 Snaps are in the testing phase. In simple terms, MetaMask has opened up a set of Snaps API integration standards, allowing third-party blockchain wallet providers to break through technical barriers to integration, with MetaMask only responsible for auditing the integration, while other development work is carried out by third-party developers.

As a result, users only need to download the MetaMask wallet and install third-party blockchain plugins to freely navigate various blockchain networks, with a greater degree of security. This is a very clever ecological integration move, once again consolidating its position as a leading plugin wallet.

MetaMask's natural advantage lies in its nearly 30 million monthly active users. In the foreseeable future, MetaMask is expected to aggregate into a super wallet traffic entry point, allocate wallet traffic, and distribute it to various DApps, offering significant business potential.

IV. Regulatory Compliance of Web3 Payments

Due to the openness and innovation of crypto assets, it is difficult to uniformly define their attributes, and most jurisdictions do not yet have a comprehensive regulatory framework specifically for crypto assets. In practice, regulatory compliance for Web3 payments not only requires compliance with cross-border payments and money transmission businesses but also compliance with crypto asset businesses.

Furthermore, with the inherent global circulation of crypto assets, Web3 payments will face exceptionally complex compliance challenges across multiple jurisdictions worldwide. This also presents a significant challenge for regulatory authorities in various jurisdictions.

Nevertheless, we can still see some jurisdictions actively exploring Web3 payments. For example, crypto-friendly countries like Switzerland have clearly defined "Payment Tokens." Similarly, Singapore has definitions for "Payment Tokens" and recently released a stablecoin regulatory framework. The EU's MiCA regulation also provides a clear definition of "Electronic Money Tokens." These evolving regulatory definitions will give cryptocurrencies a legitimate status, further driving the development of the Web3 payment industry and leading the Web3 industry towards mass adoption.

Compliance is the foundation for traditional giants, so we see that when they engage in Web3 payment business, they initially limit their operations to specific regions. For example, MetaMask's Sell withdrawal service (supported by Moonpay) is currently only available in the United States, the United Kingdom, and some parts of Europe, and Paypal's stablecoin is currently limited to US users. Although participation in Web3 payment projects is subject to compliance requirements such as licenses, qualifications, and permits, it is also a major barrier for project participants.

Due to the complex legal compliance involving crypto assets, payments, asset custody, stablecoins, and anti-money laundering/counter-terrorism financing, the regulatory landscape is exceptionally complex. The following will briefly outline the legal regulations related to Web3 payments in major jurisdictions, showing how industry giants are building legal compliance barriers.

4.1 United States

The main regulatory agency related to Web3 payments in the United States is the Financial Crimes Enforcement Network (FinCEN) under the U.S. Department of the Treasury. FinCEN is primarily responsible for supervising and implementing anti-money laundering (AML), combating the financing of terrorism (CFT), and customer due diligence (KYC) aspects, as well as collecting and analyzing financial transaction information.

FinCEN's authority comes from the Bank Secrecy Act (BSA), which considers cryptocurrencies as "currency." In 2019, FinCEN issued guidance ("Application of FinCEN’s Regulations to Certain Business Models Involving Convertible Virtual Currencies") containing provisions related to cryptocurrency payments.

The 2019 guidance defines "money transmission" as the act of receiving currency (or value in other forms) from one party and transmitting all or part of it to another party. The definition of "money substitutes" includes money orders, stored value cards, and cryptocurrencies. In most cases, any "company" engaged in money transmission business to U.S. users will meet the definition of "Money Service Business" (MSB) under the BSA and must comply with relevant regulations and obligations from FinCEN.

Summary of the 2019 guidance for determining MSB status:

(1) Control of user assets (private keys): Centralized exchanges and custodial wallet providers that offer services to U.S. users, as they can control user assets (private keys), are considered MSBs. Non-custodial wallets like MetaMask and decentralized exchanges (DEX) where users independently control assets (private keys) and interact directly with the payment system, or only provide communication or network access services to support currency transfer services, are not considered MSBs.

(2) Nature of the business's money transmission: Payment companies serving U.S. users, such as Moonpay, Paypal, Stripe, and Square, are engaged in money transmission business and are considered MSBs.

Companies classified as MSBs not only need to comply with the BSA and relevant regulations from FinCEN but also need to obtain money transmission licenses (MTL) from various states in accordance with state money transmission laws. While obtaining an MSB license in the U.S. is relatively easy, obtaining an MTL license takes a longer time and requires substantial legal consultation fees, taking about two years and costing millions of dollars to obtain MTL licenses in various states in the U.S.

BitLicense, created by the New York State Department of Financial Services under the New York State Financial Services Law, is a cryptocurrency license used to regulate cryptocurrency businesses and related trust companies (a New York State limited purpose trust company). License holders must comply with the regulatory framework of BitLicense, including consumer protection, anti-money laundering compliance, and cybersecurity guidelines. Entities that have previously obtained BitLicenses include XRP II, Circle Internet Financial, Gemini Trust Company, and itBit Trust Company.

This is why we see news that X (formerly Twitter) is actively applying for money transmission licenses (MTL) in various states in the U.S. X wants to become like WeChat, and it is inevitable that a payment system like WeChat will be essential. For payment companies that have already obtained licenses in various states, this will be a core barrier for them to operate Web3 payment businesses in the U.S.

4.2 United Kingdom

Companies wishing to conduct Web3 payment business in the UK need to obtain an Electronic Money Institution (EMI) license issued by the Financial Conduct Authority (FCA) in the UK. We see that Coinbase obtained an EMI license in 2018 and operates its crypto business in the EU region.

Interestingly, the London-based decentralized lending platform Aave also obtained an EMI license in 2020. This move was made by Aave to provide compliance assurance to attract more users to DeFi, possibly also due to the strict consumer protection compliance requirements in the UK.

Before Brexit, holders of EMI licenses in the UK were not subject to restrictions on time or activity areas in the European Economic Area (EEA) and could provide any form of service. After Brexit, more companies are turning their attention to the more neutral-friendly Ireland.

4.3 Ireland/European Union

In 2021, Ireland introduced a registration system for Virtual Asset Service Providers (VASPs), with the Central Bank of Ireland reviewing companies to ensure they can meet AML/CTF requirements. After Coinbase obtained an EMI license authorized by the Central Bank of Ireland, Coinbase Ireland Limited obtained a VASP license in Ireland in 2022, allowing Coinbase to issue electronic money, provide electronic payment services, and process electronic payments for third parties.

Similarly, after obtaining a UK EMI license, Moonpay obtained VASP registration from the Central Bank of Ireland in 2023. The CEO stated, "We believe that registering as a VASP in Ireland and ultimately applying for registration under the EU MiCA will provide a huge competitive advantage for the company to enter the EU market in compliance."

The European Union's Markets in Crypto-Assets Regulation (MiCA) has been approved by the European Parliament and is expected to take effect in 2024.

Overall, MiCA applies to all entities involved in the issuance of crypto assets and the provision of related services in the European Union, including: (1) various crypto asset issuers, including E-Money Tokens, Asset-Referenced Tokens, and other Tokens; (2) various crypto asset services and service providers, including wallet custody services, deposit and withdrawal services, exchange services, asset management services, investment advisory services, and more.

MiCA fills the gaps in the current EU financial regulatory framework and, once implemented, will create a unified crypto asset regulatory framework within the EU, directly impacting a crypto asset market covering 27 countries and 450 million EU citizens. Since obtaining a VASP license in one EU member state allows operations throughout the entire EU region, regions with the most lenient crypto asset regulatory policies in the EU, such as Lithuania, have attracted the registration of many centralized exchanges and payment institutions.

4.4 Hong Kong

With the introduction of the VASP system in Hong Kong, all centralized crypto asset exchanges operating in Hong Kong or actively promoting their services to Hong Kong investors, regardless of whether they provide security token trading services, will need to obtain a license from the Securities and Futures Commission of Hong Kong and be subject to its supervision.

Additionally, the VASP system imposes the requirement for "prudent custody of client assets" on the operation of centralized exchanges, requiring platform operators to hold client funds and crypto assets in trust through a wholly-owned subsidiary (TCSP trust license). This means that a TCSP license is required for independent custody of investor assets to prevent misappropriation.

The full name of TCSP is Trust or Company Service Providers. Since traditional banks can only hold fiat currency assets, custody of crypto assets can currently only be done through trust accounts, providing new business scenarios for TCSP trust licenses.

The Hong Kong High Court has previously ruled on the classification of crypto assets as "property" and clarified that they "can be held on trust" in the case of Re Gatecoin Ltd [2023] HKCFI 914. Therefore, any company engaged in crypto asset custody business needs to apply for a TCSP license. Exchanges such as OSL, Hashkey Group, Gate.io, as well as wallet infrastructure and digital asset custody service providers like Liminal, have recently obtained TCSP licenses.

Under the Anti-Money Laundering Ordinance, any entity operating or intending to operate a currency service in Hong Kong must apply to the Hong Kong Customs for a Money Service Operator license (MSO). For Web3 payment businesses, service providers offering crypto-related services such as currency exchange or remittance services in Hong Kong need to obtain an MSO license issued by Hong Kong Customs.

4.5 Singapore

The Monetary Authority of Singapore (MAS) is the central bank and comprehensive financial regulatory authority in Singapore, responsible for regulating the Web3 industry. Referring to MAS's "A Guide to Digital Token Offerings" released in May 2020, it clearly states that security tokens and payment tokens are regulated by two specific regulations, while utility tokens are not regulated.

For payment tokens, according to the Payment Services Act that took effect in January 2020, providing digital payment token (DPT) services in Singapore, including direct trading services for DPT (such as buying, selling, fiat currency exchange, and crypto-to-crypto exchange) and services facilitating the trading of DPT (such as exchanges, custody providers, wallet services, etc.), requires a license.

The application difficulty for this license is relatively high, and in recent years, there has been a particularly cautious attitude towards the crypto field. However, Singapore offers an indefinite exemption period for DPT operations, allowing operations to proceed without a license. In 2022, institutions such as Circle, Paxos, Blockchain.com, Coinbase, Luno, Digital Treasures Center, Crypto.com, and Genesis have successively obtained DPT licenses.

(Source: From Crypto Hub to Crypto Node: Understanding Singapore's Web3 Regulatory Framework)

V. Envisioning the Future of Web3 Payments

From a market perspective, this is still an attractive blue ocean market. According to statistics, there are currently 1.7 billion people worldwide without bank accounts but in need of financial services. These innovations have witnessed a surge in crypto payments in countries with high inflation, a lack of banking services for most of the population, or where the traditional financial system is considered unreliable. The number of over 420 million cryptocurrency owners globally alone indicates that the cryptocurrency industry is not just a speculative industry but a thriving and rapidly growing one.

From the perspective of innovative development, to meet the growing demand for cryptocurrencies, Layer 2 continues to innovate and optimize scalable solutions, stablecoins address the volatility of cryptocurrencies, compliant asset management solutions from wallet service providers and custodians address asset security concerns, and Web3 payment companies provide deposit and payment solutions to address merchant receipts and mobile payment issues. These thriving technological innovations have laid a solid foundation for Web3 to move towards mass adoption.

Looking back at the implementation paths of giants such as Paypal, Coinbase, MetaMask in Web3 payments, and their strong traffic and scene entry, and imagining the exclusive advantages of players like X (Twitter) and Telegram who are currently making a full-scale effort, it is easy to see that after establishing the basic functions of wallets, custody, stablecoins, and payments, the giants will each form their own vast Web3 crypto ecosystems. In this context, the existing landscape of the crypto market, primarily dominated by exchanges, is bound to change.

In addition to the vast Web3 crypto ecosystems of the giants, the compatibility of Web3 products with external systems is also a point of transformation. Taking Web3 wallets as an example, Web3 wallets are tools closely integrated with the DApp ecosystem, providing direct access and usage of DApps. Currently, users of the OKX Web3 wallet can access over 5,500 DApps, with the wallet already integrating over 500 DApps. Not to mention MetaMask, with nearly 30 million monthly active users, and the MetaMask Portfolio DApp, which has aggregated functions such as Sell, Buy, Stake, Dashboard, Bridge, and Swap.

(Source: Tech giants are betting, can Web3 wallets become the fulcrum of the industry?)

From the perspective of the monetary system, the BIS stated in the "Blueprint for the Future Monetary System" that the current monetary system is on the verge of another major leap. After digitization, the key to the development of the monetary system is tokenization - the process of digitally representing claims of rights on programmable platforms, which can be seen as the next logical step in digital record-keeping and asset transfer.

The future monetary system will use tokenization to improve the old monetary system and support the new monetary system. By using new intermediaries (a unified ledger) to serve end users, it eliminates the artificial intervention and reconciliation caused by the separation of traditional message transmission, clearing, and settlement, thereby eliminating delays and uncertainties. Tokenization can significantly enhance the capabilities of the monetary and financial systems, and the future monetary system is expected to unleash new economic growth potential through tokenization, which is impractical in the inherent friction of the current monetary system.

This tokenization is not only the recent hot trend of Real World Asset (RWA) tokenization, but it can also be the tokenization of the currency itself. Tokens not only define assets, but also wrap the payment logic of the tokens through their programmability, thereby defining what the assets can be used for.

(Source: Blueprint for the future monetary system: improving the old, enabling the new)

VI. Conclusion

Undoubtedly, in the near future, Web3 payments will become commonplace and may completely replace existing payment methods, both within enterprises and between individuals. At the same time, traditional finance will also be interconnected through Web3 payment finance and trade, highlighting the efficiency advantages by emphasizing the expression, circulation, transaction, programming, and regulation of assets.

The greatest opportunity for cryptocurrencies may not be as cryptocurrencies, but as a new payment method. Some believe that the killer app of Web3 has not yet arrived, but it may have quietly arrived: it is payments!

Digitization and tokenization will give new value to the traditional monetary system, overcoming boundaries that were previously impossible to break. The world economy may change forever as a result.

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