Can the world “really” agree on how to do payments?
Is standardisation of payments really the way forward ? Or maybe a diversified set of payments with interoperability is a better approach ?
Things are pretty complicated already, with traditional (electronic payments), ancient methods ( cash, cheque) and forward looking decentralised methods (crypto) all being used to serve the diversified needs of the economy.
Though in a very “chaotic” trend, things seem to be merging.
* Retail payments players like #applepay and PayPal are collaborating to access each other’s ecosystem.
* Card network companies collaborating with #crypto companies to offer #crypto cards. Binance and Visa were recent thing.
* Account based payments are on an upward trajectory challenging card volumes. QR codes with mobile wallets and real time payments have been a catalyst in making these types of payments very popular in the developing world. Visa directly offers payments into and cards and accounts via the same infrastructure.
* Regulators and central banks are at work trying to make the new methods using unregulated currencies safe, secure and controlled. Also they are at it trying to modernise cash with #cbdc.
I see interoperability being a more immediate path rather than standardisation of payments across the world.
Do you agree ? I would appreciate your views on this.
Read More-
- IS CHATGPT FUTURE OF “SEARCH” ? OR RATHER, IS AI THE FUTURE OF SEARCH ?
- IS SELF-CUSTODY THE WAY FORWARD FOR CRYPTO STORAGE AND OWNERSHIP?
- TWITTER IS SET ON THE PATH TO BECOME A SUPER APP COMPANY !