EU Payment Committee votes: Blockchain will bring huge changes to the payment industry

Rage Comment : A recent vote by the European Payments Council showed that 90% of people believed that blockchain will change the payment industry by 2025. However, members have different opinions on the impact of blockchain: 36% of respondents hope that blockchain will have an impact on profitable areas; 30% hope that blockchain can create new payment solutions; 24% of respondents believe that blockchain will have a more comprehensive impact on changes; 10% of respondents believe that blockchain technology will not have a significant impact on the payment industry. But before the impact occurs, experts should better understand the definition of blockchain.

Translation: Nicole

According to a recent poll among members of the European Payments Council (EPC), 90% believe that blockchain will transform the payments industry by 2025.

The EPC represents European payment service providers and aims to promote the integration and development of European payment services, especially the Single Euro Payments Area (SEPA).

When it comes to blockchain, the debate about its potential impact is hard to ignore, so the Commission wanted to know what experts in the payments industry really think. So, here’s a question for all stakeholders: “How will blockchain technology affect the European payment services landscape by 2025?”

Disagreement on blockchain’s impact

While most members agreed that blockchain will have an impact and that this impact will not be fleeting, they were divided on the extent to which blockchain will affect the payments industry. More than a third, or 36%, said they expect blockchain to have an impact on profitable industries, especially those that use blockchain for specific purposes.

While 30% of respondents expect blockchain to help create new consumer payment solutions, an additional 24% believe it will have a more comprehensive transformative impact, bringing a radical shift in payments infrastructure and a “paradigm shift” to the industry.

Respondents should know more about Bitcoin

Simon Dixon, CEO of BnkToTheFuture.com, agreed with the majority, however, he still believed that professional respondents still needed to learn more about blockchain.

Simon Dixon

Dixon said:

“I wonder if the results would change if they found out that Bitcoin is the only secure blockchain that will scale, and that all future credible blockchain projects will most likely use the only secure blockchain (or technology built on the only secure blockchain) - Bitcoin. In my experience, corporate experts do not understand the meaning of blockchain as defined by Satoshi Nakamoto, confusing their interest in blockchain databases. With such understanding, the results may change, but if not, I agree with 90% of the people who believe that the Bitcoin blockchain is already changing payment services 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 payment industry.