In a blog post summing up 2015 as a year for payments, Visa Europe deemed ‘Fintech’ as the industry where ‘everyone wants to be’ and made a marked point about blockchain and bitcoin becoming a reality that the ‘industry has to live with.’
A blog post titled “Why 2015 was the year for payments” published as a retrospective for the year went up on Visa’s European website to broadly summarize the Fintech sector with a focus on consumer banking.
Citing ‘payment innovation’ as the driving force behind progress, the post noted tech giants such as Apple, Samsung and Google to come up with their own payment methods.
Join CCN for $9.99 per month and get an ad-free version of CCN including discounts for future events and services. Support our journalists today. Click here to sign up.
Deemed as the year for payments, 2015 is also seen as the year when the ‘Fintech trend’ made headlines in the tech sector with the ‘emergence of new platforms like Blockchain,’ the post noted.
Bitcoin and the blockchain take the center stage, with company recalling 2015 as a year that began with Bitcoin as the hot ticket before the focus swung toward the blockchain. The cryptocurrency and its underlying technology, the blockchain is deemed transformative, noting that they are something ‘the industry have to live with.’
An excerpt from the blog post read:
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.
Visa also sees challenges faced by the cryptocurrency and its underlying technology to be two-fold, claiming ‘proponents will have to further address the lack of trust’, while noting it’s a ‘challenge the[sic] have faced since their creation. The other challenge, as opined by Visa is to turn ‘these technologies to tackle more real-world scenarios, such as sending money overseas.’
Featured image from Shutterstock.