Visa Europe: 2015 saw remarkable achievements in the payment sector, and blockchain technology plays a huge role in remittances

Visa Europe published an article saying that "2015 is the explosive year in the payment field". The amount of payment increased greatly this year. Taking the UK as an example, in July this year, contactless card payment in the UK broke the record of 1 billion transactions last year, that is, British consumers spent 929 million pounds through Visa cards, an increase of 213.1% compared with last year. Apple, Samsung, and Google have also joined the competition in the payment field. What is the reason that everyone wants to enter this field and get a piece of the pie? Visa Europe reviewed and summarized this issue in the article.

One of the reasons is constant innovation, especially in the field of Fintech that has emerged in recent years. Visa Europe highlighted blockchain technology and said:

“The fintech trend is sweeping the tech industry, with new platforms like blockchain technology emerging.”

Visa Europe seems to be very optimistic about blockchain technology. In November, Visa Europe announced that they were developing a blockchain-based remittance service. Shortly afterwards, at the unbound London conference, Visa Europe Innovation Lab demonstrated its proof-of-concept remittance application, which sent funds through the Bitcoin blockchain.

The article affirmed the development of blockchain technology in 2015, saying:

In 2015, we saw that one of the development focuses of Fintech was on blockchain technology. If we think back to how people viewed it a year ago and how people understand it now, it is obvious that a "change" is quietly happening. In 2015, blockchain technology seems to have become a technology that the industry must rely on, and it is no longer just an option.

Looking ahead to the development of blockchain technology in 2016, it suggests:

In the coming year of 2016, blockchain and Bitcoin will face two challenges. First, it will continue to solve the problem of "lack of trust", which is a problem that the industry has always had to deal with. Second, it will apply this technology to the real world to solve practical problems, such as overseas remittances.

Compiled by: printemps
Source: Babbitt Information (http://www.8btc.com/visa-2015)