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What’s The Future Of Blockchain In Payments? 8 Experts Share Their Insights

  • 30 September 2019
  • Sam Mire

Predictions are rarely, if ever, certainties. But, in order to prepare for the future, we have to make them. These industry insiders know the state of payments, and they’ve monitored trends to give us predictions about the future of blockchain in the payments ecosystem. Here’s what they had to say:


1. Alexi Lane, CEO of Everex

Alexi Lane“I believe it takes one successful use case implementation to see and understand the potential of payment services built on this technology. I’m talking about solving problems that politicians and regulators are tasked with, such as financial inclusion, local economic development and creating business opportunities. So far we see mostly regulations coming into the industry, instead of incentives from public capital to attract entrepreneurs and private investors to develop this sector. It would be very good to open conversation with players in traditional financial services so we can start working together on new products powered by blockchain technology.”


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

Monica Eaton-Cardone“I remain confident that it’s only a matter of time until we see widespread adoption of blockchain technology. I expect banks, card schemes, and other industry players will eventually work toward phasing-out ACH payments clearing in favor of a blockchain model. The real question is the timeframe. It’s not likely to happen this year, or even next; perhaps in five years’ time, we’ll have seen some progress.”


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

Nimrod Lehavi“Blockchain's future role in payments will be integral. At the end of the day, it's simply a better solution. transparent, fast, reliable and decentralized – it's just a matter of when it'll actually happen.” 

 


4. Todd Cameron, Product Owner at Vertex, Inc

Todd Cameron“The future of blockchain in payments has to be interoperability between blockchain networks and standards. We have a long way to go. Even the best blockchain networks with payment capabilities are being developed in isolation and can’t talk to each other and can’t share data. In some cases, to move funds from one blockchain to another, you might actually need a bank. Flying in the face of disintermediation, this defeats the purpose. Once we establish interoperability between major public blockchains, participants will be able to execute transactions seamlessly across blockchains. True blockchain network interoperability will be a game-changer for blockchain payments and put it at the center of the digital economy.”


5. Brendan Miller, Head of Product Marketing at Rapyd

Brendan Miller“Marginal improvements to global cross-border payment systems. The technology has great promise to completely disrupt the space. But its promise is encumbered by governments and regulators efforts to maintain control over their localized payment systems.”

 


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

Sidharth Sogani“In the future, third parties like banks will not exist. Only P2P cryptocurrencies will survive. We are already seeing that banks are failing because of the flawed banking system which we all have been seeing since decades. 80Trillion assets and 164Trillion debts are not justified at all. Hence, sooner or later settlements will be direct and banks will not exist anymore.” 


7. Raivo Malter, Founder of Piixpay

“The payments industry can and should look for something where SWIFT and SEPA are replaced by blockchain based solutions, operated distributedly by national state banks. KYC shall be integrated to prevent money laundry in a single entity level and on banks level as well.”


8. Victor Zhang, CEO of AlphaWallet

Victor Zhang“Atomic DvP is the future of blockchain in payments. As it doesn't require a third-party host, it will help create a more frictionless payment marketplace.”

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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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