The digital payment industry has high
competition, due to the many digital payment providers such as PayPal and Apple
Pay, users are loyal to these providers. Industry growth rate is very high as nonbank digital entrants is transforming the
customer experience, reshaping the payments and broader financial-services
landscape. Product differentiation is what allows competitors to be so
successful, payment providers are failing to invest in digital
infrastructures and services. The diversity of
competitors allowing consumer-to-consumer to
business-to-business cross-border payments will force many banks to rethink
their long-standing approaches to cross-border payments (figure 2.1).


The digital payment industry is also under
fire from regulators, which are stepping up their efforts to inject more
competition into a payments industry that has long been dominated by the big
banks. The risks of a breach leading to financial loss is a very important
decision factor for adoption of digital payment technologies. Bitcoin is very
desirable in the digital payment industry as it has very low transaction fees,
there is user Anonymity and purchases
made are not taxed. This is an attractive attribute to Bitcoin as consumers who
are in the digital payment industry know that the competitors do not have these

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