Author: Mihee Park

The global financial system stands at a historic inflection point. For over five centuries, payment rails—the underlying infrastructure that moves money between parties—have evolved incrementally, from medieval bills of exchange to modern card networks and SWIFT messaging systems. Today, we are witnessing the most fundamental transformation of financial infrastructure since the establishment of central banking itself. Global electronic payment transactions grew by 19% in 2021, far exceeding pre-pandemic expectations and accelerating a digital transformation that was already reshaping commerce. Yet this growth represents just the beginning of a more profound shift toward Web3-enabled payment systems that promise to democratize financial…