BestCompany.com recently asked industry experts on their thoughts on Cryptocurrency in Payment Processing. Ted Bissell, Global Director of Digital Consulting at Axis Corporate provided his insights on the subject matter.
Businesses large and small have heard of cryptocurrency. The payment processing industry is not an exception. The problem, or benefit, of cryptocurrency likely lies in its complexity. Experts from Blockchain Developers, Axis Corporate, Paymotile and Softjourn, Inc. answered: Where does Cryptocurrency/Blockchain fit into the payment processing industry?
Ted Bissell,“Blockchain serves as the underlying technology for most of the major virtual currencies, and their explosive growth has already forced blockchain into a role in the payments world. Other than situations where payment gateways enable merchants to accept virtual currency compensation for goods and services, blockchain technology has not yet deeply penetrated traditional payments. Blockchain is, however, demonstrating the substantial cost savings potential using distributed, secure technology rather than traditional, hub-and-spoke networks carrying the majority of payments at present. We are at the beginning of a trend where blockchain will ooze into traditional payments.”
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