European Payments Council: Blockchain will bring about major changes in the payment industry

A recent poll by the European Payments Council showed that 90% of members believe that blockchain will transform the payments industry by 2025. The European Payments Council represents Europe’s payment service providers ( PSPs) and promotes the integration and development of European payments, especially the Single Euro Payments Area (SEPA). The Council said it was curious what professionals in the payments industry really think about the blockchain discussion. Therefore, the question was posed to all stakeholders: “How will blockchain technology affect the European payments landscape by 2025?” The extent of impact varies While most members agree that blockchain will have an impact and not just be a passing fad, they have different views on the extent of the impact. More than a third - 36% - said they expect an impact in some areas of strength, especially where blockchain is used for specific purposes. 30% of respondents expect blockchain will be able to be used to help create new customer payment solutions, while another 24% believe that blockchain will have a more comprehensive reformative effect. They believe it could lead to a complete transformation of payment infrastructure and potentially "a paradigm shift" within the industry. Respondents need to learn more about Bitcoin Simon Dixon, CEO of BnkToTheFuture.com, agreed with the majority. However, he believes professional respondents need to learn more about blockchain. Dixon said: "I don't know if they realize that Bitcoin is the only secure blockchain and that all future responsible blockchain projects will most likely need to use the only secure blockchain (or a layered technology based on the only secure blockchain) - Bitcoin. In my experience, professional businesses are not aware of Satoshi's definition of blockchain and are confused by the interest in blockchain databases. With this awareness, the results may change, but if not, I think there is a 90% chance that the Bitcoin blockchain is already changing payments and will have an even greater impact in the future." Only 10% of respondents believe that blockchain technology will not have a significant impact on the payments industry.