Polygon Labs finalises the acquisition of Coinme to compete with Visa and Stripe in global payments
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"Now, when we are the ones running the regulated business, no one can force us to move flows to a place where we don't want them to go, because we truly maintain those customer relationships." Polygon Labs generates revenue through its payment services. Transaction fees on the Polygon blockchain are separate, with priority fees being distributed to validators and stakers. Boiron indicated that transaction fees already offset token emissions, and he estimated that millions of dollars in additional fees are paid to validators and token holders. Unlike blockchain transaction fees, which can be fractions of a cent, the payments sector can charge fees based on the value of the money transferred. However, Polygon is likely to face some competition from the opposite direction as traditional payment companies expand into blockchain-based money transfers. Stripe has developed stablecoin payments, while Swift, the global interbank messaging service, is developing blockchain infrastructure with major banks. Visa, meanwhile, has expanded its stablecoin settlement network to include the Polygon blockchain among others while launching a platform that allows banks and fintechs to issue, manage, and settle stablecoins.
