Cryptocurrencies such as bitcoin are slowly making a transition from speculative investment instruments to payments. Special attention to payment habits and the financial life cycle as the COVID-19 pandemic leads to more calls for dematerialization of payments. The blockchain in banking sector market accounted for US$ 759.5 million in 2019 and is estimated to be US$ 4112.5 million by 2029 and is anticipated to register a CAGR of 18.4%.