Visa Europe: The Blockchain is 'No Longer a Choice'
Visa Europe highlighted the significance of bitcoin and the blockchain as part of a retrospective on the past year in payments this week, suggesting that traditional finance will soon adopt the technology. Entitled "Why 2015 was the year for payments", the blog post explores financial tech in a broad sense, while also touching on the subject of digital currencies. The company said that "it’s clear that another transformation is happening" in terms of both investigation of the technology, as well as the shift in the perception surrounding it.
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Since the beginning of 2015, a growing number of financial establishments and banking groups have adopted the Bitcoin blockchain technology to create decentralized financial applications and platforms. Multi-billion dollar banks have been conducting collaborative research and co-developing blockchain-based experimental applications to explore the potential and technical advantages of the distributed ledger technology in the finance sector. Visa Europe, a membership association and cooperative of over 3,700 European banks and alternative payment services providers which operate Visa branded....
In the final week of the year 2015 major financial players publish their results and summaries of the year. So did VISA. On December 26, Visa Europe has published a summary of “Why 2015 was the year for payments” saying that this year many innovations in the financial technology sector were focused on Blockchains and Bitcoin. Now these technologies are more real than ever and companies can escape using them no longer. Quote: According to Visa Europe, next year we should be ready to see even more challenges: “If we think back to how it was perceived a year ago and then how it is understood....
Visa Europe has announced it is working on a proof-of-concept for a blockchain-based remittance service. Created through Visa Europe Collab, the trade organization's innovation initiative, the proof-of-concept is being built in collaboration with Epiphyte, an enterprise blockchain services firm that recently graduated from San Mateo incubator Boost VC. Though details on the proof-of-concept were limited, the companies said they are working in a "controlled test environment" that is seeking to simulate real-world remittance transactions. A press release by Visa Europe Collab indicated the....
Transitioning from traditional payments to their mobile counterparts is quite a challenge, even for Visa Europe. Blockchain technology is of particular interest to this institution, similar to how a lot of banks are keen on distributed ledgers as well. Bitcoin enthusiasts are thoroughly convinced digital payments are the way forward. Although card payments are becoming more common every month, there are high fraud rates associated with this form of transferring value. Visa Europe head of Digitization and Innovation Shahar Fridman feels confident digital payment should be the focus, even....
Visa Europe became the latest enterprise financial institution to announce a blockchain proof-of-concept this month, when it revealed it was working to leverage the emerging technology for remittances. But while many of its peers are seeking to pursue such projects on closed, proprietary ledgers, Visa Europe Collab innovation partner Jon Downing has clarified that the test project is being conducted on the live bitcoin blockchain. In interview, Downing and Edan Yago, CEO of blockchain services firm and project partner Epiphyte, discussed the initiative in new detail. Payments in the....