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What Trends Are Shaping Blockchain In Payments? 9 Experts Share Their Insights [2019]

  • 20 September 2019
  • Sam Mire

Trends are critical to inform us of the future of any industry. Whether it’s the stock market, the housing market, or the ecosystem of payment services, trends may not predict the future, but they give us some idea of it — at least in the immediate view. These industry insiders let us know which trends are impacting blockchain’s use in the world of payments. Here’s what they said:


1. Alexi Lane, CEO of Everex

Alexi Lane“I think it’s too early to identify a real trend. My personal belief that coming forward it will be the implementation of stablecoins in domestic and cross-border payments. Most of the existing solutions, including actual issuers of stablecoins don’t realise the true potential of this product, which can replace the archaic closed-loop systems for digital money we use today. Stablecoins that are allowed to be moved across decentralized blockchain like Ethereum, accessible to any wallet connected to it, will be able to make payments much faster, moving payment industry, which is still dominated by cash today, to more advanced levels.”


2. Giorgos Kourtellos, Chief Blockchain Architect of PumaPay

“Cryptocurrencies are increasingly gaining popularity.  They are not the trend per se but the recent surge in mainstream institutions and organizations researching, adopting and implementing payment solutions with cryptocurrencies is the emerging trend for 2019. The wider acceptance of cryptopayments by international firms cannot be neglected. Facebook unveiled its new cryptocurrency, Libra to be launched in 2020, something that will further boost usability and bring cryptopayments in the realm of everyday life. From major organizations like Microsoft and Amazon to JP Morgan’s JPM Coin, the world’s biggest companies are bringing cryptocurrencies into mainstream finance, significantly shifting the existing paradigm. We are in touching distance of having cryptocurrencies used in everyday scenarios.” 


3. Monica Eaton-Cardone, Co-founder and COO of Chargebacks911

Monica Eaton-Cardone“It will be interesting to see how Facebook’s announcement of their proprietary Libra digital currency will impact the market. With the introduction of the PSD2 mandate in the European market, companies like Facebook may soon operate as payments facilitators, which seems to be what they have in mind with their Libra project. It’s hard to say for sure, but this could, in turn, push more rapid institutional adoption of blockchain payments.”


4. Nimrod Lehavi, Co-founder and CEO of Simplex

Nimrod Lehavi“The ecosystem currencies like telegram and Facebook coins. They represent actual opportunities to save on current cost structures (relying on bank rails) and roll these savings to the end clients, saving money to them, and pushing them to use the new rails more and more.”


5. Todd Cameron, Product Owner at Vertex, Inc

Todd Cameron“Cross-border payments: From startups to big banks, this is the payments point most of the key players claim to be able to solve this year. Traditional cross-border wire payments can take days to clear and fees can be high. Not only can blockchain help relieve the pain of regulatory red tape entangled with international payment processing, but its smart contracts functionality can also stop payments if the counterparty violates agreed terms.”


6. Brendan Miller, Head of Product Marketing at Rapyd

Brendan Miller“In general the technology is quietly maturing. The sheer number of projects that are going beyond POC into a beta or alpha production phase means there is momentum quietly growing that wasn’t there in previous years.”

 


7. Raivo Malter, Founder of Piixpay

“Currently we see news all around the world where banks (not payment institutions but real banks) are announcing products related to blockchain or bitcoin. This year we will definitely see more payment remitter services therefore exiting from crypto will become more easy and seamless.”


8. Sidharth Sogani, Founder and CEO of CREBACO Global Inc

Sidharth Sogani“More regulations are expected which will help bring blockchain in mainstream adoption as currently the regulators are still understanding the technology. Currently only intrabank settlements are being done, but once the regulations come in, we hope to see interbank cross border settlements in daily practice.” 


9. Yana Afanasieva, Founder of Competitive Compliance

Yana Afanasieva“Growing adoption by the mainstream public and regulatory recognition and conversing international guidance on what the compliance best practices should be (many countries issued laws and regulations on how they expect operators to offer such services). Growing proportion of the blockchain payments channels, such as bitcoin lightening.”

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About Sam Mire

Sam is a Market Research Analyst at Disruptor Daily. He's a trained journalist with experience in the field of disruptive technology. He’s versed in the impact that blockchain technology is having on industries of today, from healthcare to cannabis. He’s written extensively on the individuals and companies shaping the future of tech, working directly with many of them to advance their vision. Sam is known for writing work that brings value to industry professionals and the generally curious – as well as an occasional smile to the face.

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