A Payments Industry Insider's Take on Blockchain Technology

For the payments industry-companies that enable fast, secure and affordable payments for merchants and consumers-the trade in Bitcoins was less compelling.

At the time, the popular conversation in the payments industry around blockchain pivoted on cryptocurrency acceptance.

Will people flock to Bitcoin ATMs to exchange their cash for digital currency? Numerous payments startups sought to capture the anticipated market demand for merchant acceptance of digital currency.

The conversation in the payments technology industry has shifted away from cryptocurrency acceptance, and many of those early startups that focused on merchant acceptance are gone or have changed their business plans.

While digital currencies may not supplant traditional payments, the value of blockchain to the payments industry extends beyond fiat currency replacement.

Blockchain and distributed ledger technology as a sophisticated, decentralized transmission pathway, holds promise for payments technology companies.

Ripple uses blockchain technology to send cross-border remittances at a lower cost and with fewer failures than some traditional cross-border payment methods.

For the payments industry, blockchain technology could well be an innovative tool for the future.

The Electronic Transactions Association is the leading trade association for the payments industry, representing over 500 companies worldwide involved in electronic transaction processing products and services.

The purpose of ETA is to influence, monitor and shape the payments industry by providing leadership through education, advocacy and the exchange of information.