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.”
- MovieCoin Rolls Out ICO for Security and Utility Tokens - September 17, 2018
- WEF Report: 65+ Ways Blockchain Technology Can Tackle Environmental Challenges - September 17, 2018
- France Goes Bullish on ICOs – Opens Doors to Tokenomics - September 17, 2018
- Tokenomy Announces the Full Launch of Tokenomy Exchange - September 17, 2018
- Pandora Boxchain Creates Reputation Token for the Ethereum network - September 13, 2018
- DNAtix Sets a New Record: Compresses DNA Sequences to 99 per cent of Original Size - September 12, 2018
- Blockchain Startup Femergy Launches Global Entrepreneurship Platform To Tackle Tech Gender Gap - September 12, 2018
- First Crypto Marathon held in Lithuania – Runners win Tokens - September 11, 2018
- EU Holds Off on Crypto Regulation - September 11, 2018
- European Parliamentarians Propose EU-Wide ICO Regulatory Framework - September 6, 2018
- Former Prime Minister of Estonia Becomes New Chairman of Blockchain Startup Lympo - September 6, 2018
- Warhol Goes Crypto – Multi Million Dollar Group Sale to 100 Participants Using Blockchain-Fueled Maecenas Platform - September 5, 2018
- Credits and Lenovo to join forces on the Internet of Things - September 5, 2018
- Blockchain Startup Wala Wins 2018 Zambezi Prize for Innovation in Financial Inclusion - September 5, 2018
- Stellar Lumen Joins Lykke Exchange - September 3, 2018
- Arteïa, The Ultimate Decentralized Cataloging Solution To Manage The Value Of Art Collections - August 30, 2018
- Neon Exchange (NEX) – First Regulated Exchange Security Token in Europe – Announces ICO - August 30, 2018
- Evident Proof Passes Smart Contract Audit with a 100 Percent Score - August 29, 2018
- Blockchain Platform Orbs Marks Strategic Expansion Into South Korea - August 29, 2018
- Lisk Rolls Out Lisk Core 1.0 to Mainnet - August 29, 2018