Blockchain technology has numerous advantages. One of the use cases of this technology is to use it for financial purposes, especially make payments. In fact, it makes payments more secure and transparent. Industrial leaders believe that blockchain makes payment services more efficient.
Experts in cryptocurrency industry stated that the giant payment service providers such as PayPal, Visa and Mastercard are competing to be the first to offer crypto payment cards. The competition started since Wirecard, the online payment company, joined the game to release its crypto payment option.
Blockchain makes payment services more efficient; the competition started
Recently, Cointelegraph had an interview with Rod Hsu, president and Co-Founder of Coincurve and Jerry Chan, CEO of blockchain service provider TAAL. In this interview they both agreed that the financial industry requires such a competition. Because the industry needs to shift and elevate to a new level. In the near future, cryptocurrency will become a method of payment.
Chan even put one step further. He thinks that not only it can increase the crypto awareness but also blockchain technology can make payment services more efficient than before.
He explained; although payment technology is already efficient enough, blockchain will provide more transparency. Blockchain is immune and could help to fight frauds.
Blockchain helps to keep the fees low
In addition, CoinCurve’s Co-Founder, Rod Hsu mentioned that the current payment ecosystem requires various roles in the process. These roles consist of banks or intermediary payments service providers. As a result, the process increases the fees.
He believes that blockchain will fix this issue. Blockchain is a global public ledger. It makes the transactions happen easier and faster. The best point to use blockchain is that it eliminates the intermediates. As a result, it keeps the fees low.
TAAL’s CEO believes that crypto industry requires financial regulation in order to protect users from potential frauds.
The Hsu and Chan both agreed that Bitcoin could be the future of money. It has potential to be a global medium of exchange, if, it can fix the scalability issue.