Fifteen years after its introduction, blockchain technology promised to revolutionize payments with near-instant transactions, minimal costs, and no intermediaries. However, much of the progress in payments has come through fintech innovations, largely independent of blockchain, which have significantly enhanced speed, accessibility, and convenience. https://www.youtube.com/watch?v=WsDwnRt3L4g&t=595s
This presentation explores: 1) the structure of traditional payment systems, examining central bank versus private money, real-time gross versus batch net settlement, and bank payment “rails”; 2) the impact of recent fintech breakthroughs, spotlighting India’s Unified Payments Interface, Square’s integrated financial services, and Kenya’s M-Pesa; and 3) blockchain’s role in reshaping cross-border payments through platforms like Ripple and the emergence of stablecoins.