In the final week of the year 2015 major financial players publish their results and summaries of the year. So did VISA. On December 26, Visa Europe has published a summary of “Why 2015 was the year for payments” saying that this year many innovations in the financial technology sector were focused on Blockchains and Bitcoin. Now these technologies are more real than ever and companies can escape using them no longer.
“If we think back to how it was perceived a year ago and then how it is understood today, it’s clear that another transformation is happening. 2015 has turned blockchain into something the industry has to live with. It is no longer a choice anymore. Recent news speculating about the identity of its creator and the formalisation of virtual money as a commodity, just makes it more real than ever before.”
More challenges to come in 2016
According to Visa Europe, next year we should be ready to see even more challenges:
“The challenges for blockchain and bitcoin in the year ahead will be two-fold. Proponents will have to further address the lack of trust, a challenge the have faced since their creation. Then, the challenge of turning these technologies to tackle more real-world scenarios, such as sending money overseas.”
This year, the financial sector saw transaction volumes grow an average of 9% and more new players like Apple, Google and Samsung stepped into the race of payment operating. The competition in the FinTech sector grew a lot this year and next year has every chance to continue this trend.
According to cryptocurrency experts, in the year 2016 Bitcoin price may also reach new highs. However, to do so, Bitcoin technology and the community must be ready to face the challenges pointed out by Visa as well.