The European Payments Council (EPC) has found that 90 percent of respondents believe that the blockchain technology will have a significant impact on payments by 2025.
The poll found that 36 percent believed that blockchain technology would have an influence in some niches of the payments activity; 30 percent thought the impact would focus on the emergence of innovative customer payment solutions; and 24 percent said that the impact would be on the overall infrastructure underlying the payments market.
Only 10 percent believed that blockchain would have no significant impact, according to reports by the Cash & Treasury Management File.
Blockchain, the underlying technology behind the digital currency, bitcoin, has taken off as more companies realize its potential.
Coinify, the Denmark-based blockchain currency provider, teamed up with iPayDNA, a Hong Kong-based payment service, this year. Coinify is offering blockchain payments to merchants in Asia, allowing traders to receive 17 blockchain-based currencies, including bitcoin.
Blockchain startup, Ripple Labs, is another company that organizations are turning their attention to. Earlier this year, CCN.com reported that Santander had started using an app for international payments using Ripple Labs blockchain technology for cross-border payments.
Last month a collaboration between Canada and Germany found that a payment took 20 seconds between the two countries demonstrating the potential of Ripple’s blockchain technology.
According to a 2015 Deutsche Bank research paper, ‘Instant revolution or payments? The quest for real-time payments,’ it found that blockchain will play a significant role in payments as the technology grows. It found that the use of blockchain as a payment solution means that an individual can pay in real time without the need for a middleman.
With the growth of blockchain increasing exponentially it is set to become a major game changer in the way we make payments in the future.
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Last modified: June 10, 2020 2:16 PM UTC