WalletConnect Pay and the Emergence of Onchain Payments as a Mainstream Financial Infrastructure

The global payments market is undergoing a seismic shift. By 2029, the industry is projected to generate $3.0 trillion in revenue, driven by a 4% annual growth rate, with Asia-Pacific contributing nearly half of this expansion. This growth is fueled by the decline of cash (down to 46% of all payments in 2024), the rise of instant and digital wallet transactions, and the integration of AI into fraud prevention and operational efficiency. Amid this transformation, a new player is emerging: WalletConnect Pay, a decentralized, interoperable, and user-centric infrastructure poised to redefine how value moves across the globe.

The $10+ Trillion Opportunity: Beyond Revenue, Into Value Flows

While the $3.0 trillion revenue figure captures the market's scale, the true opportunity lies in the $2.0 quadrillion in value flows that underpin the global payments ecosystem. Cross-border payments alone are projected to balloon from $194.6 trillion in 2024 to $320 trillion by 2032. WalletConnect Pay is uniquely positioned to tap into this vast pool by leveraging onchain payments-a decentralized, programmable, and low-cost alternative to traditional rails.

Stablecoins, which already account for 72% of payments traffic on the WalletConnect network, are central to this vision. USDC and USDT dominate with 38% and 34% of volume, respectively, serving as settlement layers for everyday transactions. With stablecoin transaction volumes reaching $35 trillion in early 2025, the infrastructure to support these flows is critical. WalletConnect Pay's open standard, akin to ISO 20022 or SWIFT, unifies wallets, merchants, and payment service providers, enabling seamless interoperability across chains and ecosystems.

Decentralized Infrastructure: Security, Zero Custody, and Global Scalability
WalletConnect Pay's architecture is built on three pillars: decentralization, interoperability, and user-centric design. Unlike traditional payment systems that rely on centralized intermediaries, WalletConnect's protocol operates without custody, ensuring users retain control of their assets. This is achieved through end-to-end encryption and a modular design that abstracts token complexity, allowing users to transact with one-click approvals and embedded checkout flows.

The platform's recent partnership with dtcpay, a licensed Major Payment Institution in Singapore, exemplifies its institutional-grade approach. By enabling stablecoin transactions in USDC, USDT, and WUSD across wallets, apps, and merchants, WalletConnect Pay bridges the gap between Web3 and traditional finance. This collaboration is particularly significant in Asia, where dtcpay's integration into point-of-sale systems is expected to expand stablecoin-based retail transactions.

User-Centric Innovation: Bridging the UX Gap

One of the most persistent challenges in crypto adoption is user experience. WalletConnect Pay addresses this by redesigning onchain payments to mirror the intuitiveness of Apple Pay or Visa. Features like token aggregation, simplified network selection, and NFC tap-to-pay (planned for Phase 2) eliminate friction for both consumers and merchants. report, 34% of users made an onchain payment in the past year, but 72% still hold funds on centralized exchanges-highlighting the need for smoother, custody-free flows. WalletConnect's solution eliminates the need to transfer assets between platforms, reducing risk and complexity.

Strategic Ecosystem Growth: Partnerships and Network Effects

WalletConnect Pay's ecosystem is expanding rapidly. The platform already powers $400 billion in annual transaction volume and supports 700+ wallets and 70,000+ apps, including major integrations with Coinbase Commerce, Shopify, and Stripe. These partnerships create a flywheel effect: as more merchants and developers adopt the protocol, the network becomes more valuable, attracting further liquidity and users.

The open standard approach also ensures long-term scalability. By unifying disparate blockchain networks under a single interface, WalletConnect Pay avoids the fragmentation that has historically hindered crypto adoption. This is critical as stablecoins and digital assets increasingly compete with traditional payment methods. For instance, real-time A2A payments now account for 25% of global retail digital payments, a figure expected to grow as systems expand in markets like India and Brazil.

The Road Ahead: Capturing the $10+ Trillion Market

While the global payments market's revenue is projected to peak at $3.0 trillion by 2029, the value flows it supports-spanning cross-border commerce, retail, and institutional transactions-far exceed this figure. WalletConnect Pay's decentralized infrastructure is uniquely suited to capture a significant share of this market by addressing three key pain points:
1. Cost: Onchain payments reduce fees compared to traditional rails, particularly for cross-border transactions.
2. Speed: Real-time settlement and instant confirmations outperform legacy systems.
3. Trust: Zero-custody models and cryptographic security align with growing consumer demand for transparency.

As stablecoins and digital assets mature, the line between traditional and onchain payments will blur. WalletConnect Pay's ability to abstract complexity while maintaining decentralization positions it as a foundational layer for the "financial internet." With $35 trillion in stablecoin transaction value already processed through its network, and adoption accelerating in Asia and beyond, the company is well on its way to becoming a dominant force in the $10+ trillion global payments landscape.