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Regulation of payments is changing. In the realm of regulation, the recent revised Payment Services Directive (PSD2) released by the European Commission may be the first step towards significant change. This directive will allow bank customers, including consumers and businesses, to use third-party providers to manage their financial affairs, which can lead to the establishment of more new companies, striving for success. The key is to be flexible and easy to operate while saving time and reducing costs. It's clear that there will be many new partnerships between startups and banks, as well as mergers and acquisitions among large enterprises. Furthermore, these developments will create more agile and customer-centric opportunities for banks.
Consumer behavior is continuously changing in the new payment landscape. Consumers are the biggest beneficiaries of fintech innovation. With the widespread use of smartphones and various connected devices, mobile payment platforms around the world continue to grow, opening the door to changes in consumer behavior. New solutions like Apple Pay, Samsung Pay, and Android Pay allow consumers to continuously process data and messages, sending or receiving money with a few taps or swipes. As financial technology companies rise and drive innovation, digital payments are integrated into the consumer technology experience. These experiences lay the groundwork for the adoption of national blockchain-based currencies, representing the next stage of evolution in payment systems.
Banks and government bodies are considering issuing national currencies on the blockchain. Countries like the UK, Russia, Canada, and China have been experimenting with placing their national currencies on the blockchain. A prominent example is Tunisia, which has used blockchain to replace its electronic currency (Tunisian e-Dinar). Senegal subsequently became the second country to introduce blockchain technology to its national currency.
I believe we will see many African countries as early adopters because this market offers significant development space for financial technology solutions, especially in addressing issues such as inclusive finance, high cross-border transaction costs, remittances, and corruption.
The world is gradually moving towards the use of digital currencies. Banks have started experimenting with digital currencies instead of waiting to be swept away by technological waves. In the long run, if banks want to connect with their customers, they need to participate in blockchain applications. Even traditional banks like Citigroup, Santander, or Goldman Sachs acknowledge that they need to adopt blockchain technology because it provides a more secure way of digital banking, rather than traditional physical banking.
In my view, banks need to adapt to these changes and consider them as opportunities to redefine themselves. Therefore, I believe this industry will create many new partnerships between emerging enterprises and banks, as well as significant mergers and acquisitions.
The Nordic region, particularly Scandinavia, is one of the most enthusiastic followers of blockchain in the region. In fact, our company is currently collaborating with Nets, an expert in the European electronic payment sector, to establish a blockchain development lab, aiming to create more innovative approaches in the payment field. |
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Post time 1-11-2023 06:53:30