Visa Europe posted an article this week “Why 2015 was the year for payments” and according to the report, they postulate that the Fintech sector saw a rapid evolution in 2015.
Noting the year started off with Bitcoin… but soon Blockchain took the center stage, which they deemed transformative, noting that they are both something, “…the industry has to live with.”
From the article:
2015 has turned blockchain into something the industry has to live with. It is no longer a choice anymore. Recent news speculating about the identity of its creator and the formalization of virtual money as a commodity, just makes it more real than ever before.
The challenges for blockchain and bitcoin in the year ahead will be two-fold. Proponents will have to further address the lack of trust, a challenge the have faced since their creation. Then, the challenge of turning these technologies to tackle more real-world scenarios, such as sending money overseas.
Visa writes further that Fintech is genuinely transformative as it crosses boundaries, dismantles borders and delivers values for consumers and companies alike. With some start-ups achieving billion dollar plus valuations, Square ($6n) and TransferWise ($1bn), Fintech really has arrived.
Earlier this year Visa Europe’s innovation hub teamed up with distributed ledger specialist Epiphyte on a project looking at how Blockchain technology can be used for international remittances. Conceding that traditional payment rails are far from ideal for remittances, Visa Europe Collab is turning its attention to a new technology that has long been touted as a cheaper and simpler alternative for moving funds across borders.
Edan Yago, CEO, Epiphyte, said:
“International remittances are vital for millions of families across the world, but they can be expensive, cumbersome and slow. We believe that blockchain technology has the potential to change all of that, but we need to find a way of making that technology work for the mainstream financial world.
“By combining Visa’s experience as the largest payments network in the world with our experience of the distributed ledger we’re hoping we can work together to reshape this sector for the better.”
- Genetics Prof. David Haymer Joins DNAtix Advisory Board - November 12, 2018
- Libra Announces Commitment to Support Circle Trade’s Financial Reporting Requirements - November 10, 2018
- Evident Proof, Leading Blockchain Immutable Proof Platform Accept Dash & XRP As Business Adoption Soars - November 10, 2018
- Ethereum Now On Hyperledger Fabric - October 28, 2018
- 8000+ Expected – Blockchain Expo North America Exhibition Announces Expert Speakers - October 26, 2018
- Enjin Smart Wallet Update Will Allow Users To Melt & Send ERC-1155 Tokens - October 26, 2018
- Crypto-Friendly Gallery HOFA Launches in Los Angeles With Qvantum Exhibition - October 26, 2018
- Blockchain Company WePower Announces Plans to Tokenize Estonian Power Grid - October 25, 2018
- Overstock’s Medici Ventures, Buys into Crypto Social Network, Minds - October 24, 2018
- Xfinite to release new Blockchain content platform - October 24, 2018
- Omnitude set to transform enterprise business with the move of its ECOM token to Stellar and the introduction of micropayments to users - October 24, 2018
- Nem, Proximax, And Pundi X Join Growing List Of Sportsfix Sponsor Partners - October 23, 2018
- NEM Foundation’s Founder Lon Wong Becomes SportsFix Chief Technology Advisor - October 10, 2018
- Medici Ventures Backs Wine Blockchain Project VinX - October 4, 2018
- Lithuanian Members of European Parliament Say Blockchain is Here to Stay – Hands Off Regulation! - October 4, 2018
- New Open Source Blockchain Project To Challenge Experian And Equifax - October 2, 2018
- IOHK Launches Cardano Rust Project - October 2, 2018
- Hyperledger and Enterprise Ethereum Alliance Cut Deal to Advance the Global Blockchain Business Ecosystem - October 2, 2018
- Binance Labs Supports Decentralized Global Content Ecosystem Contentos - October 2, 2018
- Nexus Partners with Jeff Garzik’s SpaceChain – Planning Spacenet - September 27, 2018