- 5G expected to change the face of cryptocurrency-based payments in the average consumer space within the next five years.
- Managing VP at Gartner, Miriam Burt shared the same opinions at the “Gartner’s Strategic Predictions for 2020 and Beyond” keynote.
- China Telecom are already working on blockchain technology-based projects that will use 5G SIM cards to transact cryptocurrencies.
The blazing speeds and more efficient communications protocols that 5G expected to bring in expected to change the face of cryptocurrency-based payments in the average consumer space within the next five years.
It presumed that within 2025, nearly half of all smartphone owners who do not have access to a bank or a financial institution would be able to make cryptocurrency transactions for their daily business needs.
Managing VP at Gartner, Miriam Burt shared the same opinions at the “Gartner’s Strategic Predictions for 2020 and Beyond” keynote. It held at the Oracle OpenWorld 2020, which was hosted at the Dubai Trade Centre Arena this week.
She went on to state her belief that for financial leaders to remain competitive and have full customer satisfaction, the future of finance based on cryptocurrencies must undoubtedly be thought of and considered.
We’re looking at the age of fintech, where there is a potential for all payments to be cashless and make financial services accessible to a whole new population that does not have access to banking services.
Burt went on to say that
“In the Middle East and North Africa (MENA) region, two-thirds of people have no bank accounts; however, more than half of the countries have no bank accounts. However, more than half of the countries have a mobile subscriber penetration rate of 70% of the population. This means that we have more people who have phones than bank accounts. An estimated 23% of these people are under-banked, so they have access to smartphones but don’t have access to traditional financial services.”
What Burt is trying to convey is the idea that the onset of cryptocurrencies will bring financial services one step closer to people without having to go through complicated procedures that take time and infrastructure to build and maintain.
The phones are already in place, in the hands of the people, and the bases for the financial services are already there too within cryptocurrencies.
Cryptocurrencies will become the core of mobile payments, and digital payments in general, and bring financial institutions closer to the people globally.
Burt also said that China Telecom would be the first to implement this technology, and they are already working on blockchain technology-based projects that will use 5G SIM cards to transact cryptocurrencies.
Successful implementation of the above initiative could put China Telecom as a massive lead in telecommunications over other countries, and it will become highly popular.
They will have extremely secure standards, including next-level digital authentication and decentralized authentication, to allow cryptocurrency payments.