Blockchain will have significant impact on EU payments

European payments providers are bullish on the impact that blockchain will have on their industry with the European Payments Council (EPC) finding in a poll that 90% of respondents believe the technology will have a significant impact on the space by 2025.

The body, which represents payment service providers (PSPs) in Europe, found that while the vast majority believe the technology, which underlies cryptocurrencies like bitcoin, will have a lasting impact on the industry there are differing opinions on the what areas it will most disrupt.

The poll found that 36% of respondents believe that blockchian technology will be adopted for specific purposes and impact niche areas of payments activity.

30% believe that the technology will spread significantly, as with other major innovations and prompt new customer payments solutions.

Of the respondents 24% think that it will cause a more dramatic shift and impact the underlying infrastructure of mass markets payments.

There were also 10% of respondents who believe the technology will be of no significant impact to the future of payments.

Copyright © 2016 FINTECH GLOBAL

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