VISA Europe is more interested in blockchain technology than Bitcoin

Bitcoin enthusiasts are convinced of the future of electronic payments. Although bank card payments are also common, the fraud rate associated with this type of payment is higher. Shahar Fridman, head of digital and innovation at Visa Europe, is also confident about electronic payments, and the same is true for his company.

The demand for different types of financial services is increasing all over the world. The payment industry is also witnessing an unprecedented pace of innovation. If it wants to keep up with these demands, electronicization seems to be the only way.

Visa Europe is also interested in blockchain technology

For some reasons, many financial companies are too slow to respond to new challenges and changes. Visa Europe has realized that the demand for mobile and contactless payments is gradually increasing, as their total payment volume in the past 12 months has exceeded 3 billion US dollars. Visa hopes to become a leader in mobile payments, which means they will pay attention to new technologies and payment methods.

It is interesting that Visa Europe acknowledges that digital payments are a revolutionary way to transfer value. Contactless payments are the first generation of new payment methods, followed by mobile and cloud payments. However, it is difficult to provide adequate security solutions for all these new payment methods at the same time.

The transition from traditional payments to mobile payments is challenging, even for Visa Europe. Blockchain technology has aroused great interest in the company, and many banks are also keen on distributed ledger technology. It is important to know that Visa Europe will not use a public blockchain, such as Bitcoin, but will use a private and permissioned blockchain solution. It is not surprising that their interest in blockchain is greater than that of Bitcoin.

Shahar Fridman is not satisfied with cryptocurrencies, which are often competitors to traditional payment methods. Visa Europe is not concerned about Bitcoin and similar cryptocurrencies, but rather the blockchain technology behind the protocol. The company will continue to pay close attention to the development of cryptocurrencies, as innovation is their top priority at the moment.